who is Gemstone, Gallagher and their relationship to Paradigm and Jon Latorella.
Gemstone is owned by Pamela Massad, resident of Westborough MA, real estate lawyer at Fletcher, Tilton & Whipple in Worcester MA and daughter of David Massad, President and CEO of Commerce bank & Trust of Worcester MA. They are both being sued in federal court under RICO laws, accused of loan sharking.
Public records shows a contract where Gemstone lends 1.5 million to LocatePlus, secured by Jon Latorella 5 million shares in the same company. In 2002 Gemstone attachs 750 thousand of this loan, as a second mortgage, to a property in Georgetown, MA currently town acessed at $518K. This property was tranferred in May/2007 for $270K to another Pamela Massad corp named "104 kings drive LLC". In 2003 public records shows a second $750K loan to LocatePlus secured on the same property, for a total of the original agreement of 1.5 million. I should add this property was his official address in 1997, as stated in the Child Support Enforcement Division lien in 1997 later paid and released in 2000. The lien was for the total amount of $2658.
In 2006 Gemstone brings suit against Jon Latorella attaching all of his real estate holdings in South Essex County to a 1.6 million claim.
In 2008 Gemstone foreclosed on all of Jon Latorella LocatePlus shares total 2.6 million shares.
In 2005 a second lawsuit attaching Jon Latorella real estate properties is filed and granted to Jonh Gallagher and Susan Gilmore of Manchester, MA. The lawsuit value is $600K. Preliminary DD appears to show this individual to be a real estate developer. His wife Susan has since died in 2/28/2008 from cancer. She was the president and co-founder with her husband John of East-West Mortgage of Peabody Mass.
In 2006 Jon Latorella received title in a Marblehead house for, as public record states, $1. In the same day he takes a 960K loan on this property. The record on this property it is not clear and requires further DD. It was initially owned by a reality trust that had a mortgage on it. There's a foreclosure request record in April/2008 followed by a discharge in August by a different bank on a mortgage by the initial trust. The property currently does not show on any foreclosure websites.
As you said, Gemstone failed to attach Paradigm stock to her lawsuit (I have no personal knowledge of that), but the same maybe not be true to the second by Gallagher. The 6 month cancer his wife suffered probably delayed the process. Maybe you can do DD on this lawsuit. It is filed on the Essex superior court.
Jon Latorella, given his past dealings, is a liability to Paradigm. He exposed his holdings to the failed LocatePlus project, that he now is only an advisor.
I'm suspicious Paradigm is being used to clean Latorella finances. This could be good or bad. Good if the goal is to build a business where profits give him enough cashflow to clear his name. Bad if his finances are being cleared at the expense of unsuspected investors, the same as saying me and you. The word is still out. As it seems, he's on for about 1 million. Lets hope it is not our money.
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