“Our former CEO paid $2.9m and from what's being reported Harvey Vechery has made over $4.1m, with that sell....” and “that was the real meat of this meal.”
Words have meaning. Let’s see if I have this train of thought clear in my mind. Halpern was forced to leave his first “mansion” by the couple who owned the house as he was leasing it and they wanted it back. Even though he claimed to be the owner to anyone who would listen. Greg Halpern wanted another mansion, but he had no money. He borrowed the downpayment money from Harvey Vechery and, since he did not have the necessary credit to buy the house, he asked Harvey to line him up with acquaintances who owned a lending company. They arranged the high interest loan for him based, in part, on questionable information provided by Halpern. In the financial docs He stopped making payments, so the lender foreclosed on the note. This is all in the public domain.
One reason Halpern filed for bankruptcy protection so he would not lose the house. Harvey had the second position lien on the house and did not want to lose the money he had already invested in the house. In the bankruptcy, Harvey paid off the house loan to the lender in full. He had to negotiate a six-figure penalty and fee assessment from the lender, and then pay it, along with bailing out Halpern by paying all his personal bills as well. Not to mention settle the Google lien, as they also had a position on the house as well due to the personal lien on Halpern. That’s when Vechery learned the truth about Halpern and how he had been played, lied to, and manipulated. As the true homeowner, Harvey laid claim on the property and had Halpern evicted.
This poster is saying the MAXD takeover was a Machiavellian plot by Vechery so he could get the “real meat of this meal” house back from Halpern? A house that he didn’t want or need? A house that he would have to sell at a personal loss due to the changing market and expenses associated withthe house?. A house that he had $4.6 million dollars in cash invested. “Harvey Vechery has made over $4.1m, with that sell…?” What kind of voodoo economics is that?
The house may have been valued at $2.9 when Halpern was living there, but as the downpayment and all monthly payments made came from direct or indirect loans from Harvey Vechery, claiming “our former CEO PAID $2.9m” is outlandish. He did not own the house outright. He paid a deposit and started making payments. That does not mean he paid cash for the house. The value of the house was on paper only.
Beyond that, Vechery supposedly had $4.6m in cash invested in the house, by the time he paid off the lender and all his additional fees. He also paid the back taxes, HOA fees, repair and maintenance, upkeep and utilities until the house sold. Then there were the 6% realtor fees involved that had to be paid. Therefore, suggesting that Vechery “MADE over $4.1m” is not only inaccurate, but also ludicrous. Simple math would indicate he lost money on those numbers alone. The board poster may want to climb down from this particular hill and rethink the future path he wants to take.
By the way, as I stated in my “8-K ANALYSIS” that I posted on the Yahoo board, any money Halpern claims to have “lost” was Harvey Vechery’s money anyway, as the only money Halpern had was from loans Vechery made to MAXD, which inevitably ended up in Halpern’s pocket, or loans to Halpern personally. MAXD had no revenue deals, unless you count Tip and Form 4, which were both funded with Vechery’s money. In other words, all of Halpern’s “income” that he paid mortgage payments with originated in the form of loans from Harvey Vechery. Therefore, one could say that Halpern had been playing with Vechery’s HOUSE money all along. in more ways than one.
AI
