The Meruelo story .....
the Meruelo family is pretty interesting ...
mom, dad, alex (google him for a nice story), richard ... and it all started in Cuba
richard's story is he's about 46 yrs old now ... USC grad (fight on!) .... anyways .. and that mom had a lil dress shop in downtown Los Angeles .... and from there grew the tree that blossomed ...
the family is Hispanic, the CA legislature is controlled by Hispanics .. Villaragoisa was in the CA State Assembly ... he's now Mayor of LA ... Richard Polanco (a hispanic) former CA State Senate majority leader sits on MMPI BOD ...
so here's my short view ...
CALPERS had a (slush) fund called an URBAN RENEWAL FUND .... and somehow they picked a hispanic named Richard Meruelo and gave him an unlimited line of credit to buy URBAN properties .... so he went on a nice buying spree ... to RENEW the downtown LA area ...
got control of the properties, contributed the properties in exchange for 38% of equity, filed for an IPO, took $426 million from the public including $30 million from Richard (all borrowed from KeyBanc in FL), paid back CALPERS, ran out of cash, and filed for BK .... i believe he still owes Keybanc 1/2 of the $30
now he's way upside down and needs to squeeze the remaining public equity holders and has filed a plan with the BK court and may just gitt her done...
now before you think im biased ..... im not ...im hispanic, an 'SC grad, just a few years older than Richard ... and very proud ...
just wishing my mom would've owned a lil dress shop in downtown Los Angeles when i was growing up ...
Well allright now ..... then what's another hispanic guy like me gunna do ... well ....
here's my plan .... call in the army ...
we need an army of accountants and lawyers and so that's my plan ...
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