Partner’s REIT Using “Brain Trust” from Bankrupt League

November 26th, 2013 · 3 Comments · League REIT Updates, Partner's REIT Updates

Oh God Kill Me Now for dummiesI couldn’t make this shit up even if I tried. The Chief Investment Officer – Edward Boomer and the Chief Financial Officer – Heather Routly are leaving Partner’s REIT days after Adam Gant and Emanuel Arruda have been ousted from League for losing $385 million in investors funds and losing any confidence any lender or investor may have had in them.

I Can’t Wait…

According to the marketwired article…

“We would like to thank Ed and Heather and wish them the best,” stated Patrick Miniutti, Partners REIT’s Chief Executive Officer “These departures are a result of the changing needs and available resources for the REIT. Recently the League Group, the external manager of the Partners REIT, downsized its’ own real estate activities making available professionals with a depth of experience in real estate and the management of public companies. The Manager will be consulting with the Trustees to finalize the team going forward with an announcement forthcoming shortly.”

You’re Delusional If You Think This Is OK

I wish I had some of what they were smoking over at Partner’s REIT.  League is/was a Ponzi and the BCSC and OSC investigations are ongoing. Partner’s REIT need to get hell away from any association with the complete failure of the League Group of Ponzi not hire their staff. All that “great professional staff” led to their company’s complete collapse. Who needs a piece of that?

Not to mention that as the investigation spreads it’s sure to hit Partner’s REIT as well.

Partner’s REIT is a sure sell in a race to the bottom, with the questionable  guidance of Patrick Minuitti, a guy who has been standing next to Adam “Value Destroyer” Gant and massaging his ego for over 5 years.

Current League Staff Skill Set

  • Buy buildings at sky high prices
  • Go over budget on every construction project
  • Vacancy is King! And Queen. Tenants are annoying never rent anything
  • Appraise using magic fairy dust valuations
  • Refinance at Credit Card Interest Rates
  • Resell at a huge loss

With the addition of the other people involved in the moral and business failure of the League Group of Companies, Partner’s REIT is sure to conquer the Public Markets.

Partner’s Should Even Buy Colwood “White Elephant” Corners

Why stop at recycling the staff from a failed company when you can recycle their investments too? Patrick is very familiar with the project so it’s a sure win. How could you do it?… Well you could get Oriana Resources to issue shares in the millions of dollars and it would buy Colwood, and they Partner’s could buy Oriana Resources and no one would even notice. Mr Buzbuzian could hold some kind of VIP position.

Partner’s REIT – A Bad Idea Gets Worse

photo by: dougward

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3 Comments so far ↓

  • jimbob

    According to their financials Partners has paid over $2.3 M to LAPP Global Management for their management expertise over the past 9 months.

    Is this more money for Gant and Arruda? And if so how can Gant and Arruda act on behalf of League while at the same time managing a different REIT?

    Partners financials look better than League’s but they seem to have a similar business model.

  • Jeremy

    Thanks for this article. There is humor in the truth.

  • Dennis

    This story is looking much better now.
    1) The League appointed trustees are gone replaced by McCowan appointees.
    2) McCowan is waiving acquisition fees on the 4 recent centres.
    3) internalizing should save 1 M /yr. adding to cash flow.
    4) It seems reasonable, given the new direction, that the new trustees will install new management.
    5) Buy before the new insiders get involved, especially if a well known Chairman is appointed to lead the charge.

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