Phoenix Associates Land Syndicate (fka PBLSQ)

[Renavatio]

It's the typical corporate shell game that developers use. It's "come on Mr Lawyer who wants to sue me, I dare you to find the assets" strategy that corporate America survives on these days. Companies like GE, Berkshire etc wrote the book on the strategy. Phoenix Associates Land Syndicate, is the holding company that we know of as PBLS. PBLS owns many LLC's, Limited Liability Companies, that do just that, limit the liability to the parent "shell"/holding company in case one of the LLC's gets sued, goes bankrupt etc. What Phoenix is hopefully doing is segregating their assets into many different buckets/shells/llc's so that if one business deal goes bad it shelters the assets of the rest of the company. This simple fact is why I maintain that the Pit lawsuit isn't catestrophic if we lose, as we would simply lose the assets in that one very specific division/project. Granted that would be a claimed $300M revenue loss and possibly up to a $60M profit loss over the life of the pit, but it wouldn't be game over as some suggest. We would still have the assets from the rest of the company. In this case specific case, PBLS, LLC was set up for this marina/condo project. PBLS, LLC is owned outright by Phoenix.

See post http://www.investorshub.com/boards/read_msg.asp?message_id=16021238 for more details.