Oregon's vulture investor buddy in the news again (Jack Bog's Blog)

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This page contains a single entry from the blog posted on July 30, 2008 12:59 PM. The previous post in this blog was A perfect fit. The next post in this blog is Taurean Green odd man out, again. Many more can be found on the main index page or by looking through the archives.

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« A perfect fit | Main | Taurean Green odd man out, again »

Wednesday, July 30, 2008

Oregon's vulture investor buddy in the news again

The State of Oregon has more than $1 billion invested with this guy, who's now throwing a flimsy-looking life preserver to Merrill Lynch.

Posted at 12:59 PM | Permalink

Comments (3)

I'm a bit ambivalent about the vulture designation. Opportunist, yeah. They pick over distressed loans, purchase for dimes on the dollar, and profit only to the extent they pay for the investment, pay hundreds of employees, pay themselves and modify loans or foreclose and salvage asset value. I'm certain they modify a lot of the loans, complete stalled construction projects, and thereby turn many bad loans into good ones. Of course then, they must pay many more employees to service the loans. Ok, I'll settle for carrion, buzzard perhaps, but I think vulture is a bit strong.

Posted by genop | July 30, 2008 1:45 PM

By the way, in the old days they just bundled these up, re-securitized them and sold them to the investment market - those were more vulture-like days.

Posted by genop | July 30, 2008 1:50 PM

If he (or Singapore) can buy a mortgage-backed note at a steep discount from the face of the note should the obligor not also be presented with the very same offer, contemporaneously? It is little different than requiring that the price for the sale of goods that are subject to a bankruptcy be sold for the highest price possible.

I would demand that Merrill Lynch's write-down be conditional upon them delivering a IRS 1099-c (cancellation of debt) to each of the affected mortgagor's that corresponds precisely to Merrill Lynch's factual assertion of partial worthlessness of the debt to the IRS. The mortgagors could then have their reportable income raised by the amount (even if partial) of the write-off, contemporaneous with the write-off.

If Merrill Lynch remains on the hook to cover non-payment of the notes (as noted in the article) then they should not be able to claim their write-off. This is one weird arrangement they have, but is fully explainable from the invitation to claim a write-off . . . even before it is "ripe" for adjudication.

Am I wrong?

Posted by pdxnag | July 30, 2008 2:12 PM

In Vino Veritas

Charamba, Douro 2008
Horse Heaven Hills, Cabernet 2010
Lorelle, Horse Heaven Hills Pinot Grigio 2011
Avignonesi, Montepulciano 2004
Lorelle, Willamette Valley Pinot Noir 2011
Villa Antinori, Toscana 2007
Mercedes Eguren, Cabernet Sauvignon 2009
Lorelle, Columbia Valley Cabernet 2011
Purple Moon, Merlot 2011
Purple Moon, Chardonnnay 2011
Abacela, Vintner's Blend No. 12
Opula Red Blend 2010
Liberte, Pinot Noir 2010
Chateau Ste. Michelle, Indian Wells Red Blend 2010
Woodbridge, Chardonnay 2011
King Estate, Pinot Noir 2011
Famille Perrin, Cotes du Rhone Villages 2010
Columbia Crest, Les Chevaux Red 2010
14 Hands, Hot to Trot White Blend
Familia Bianchi, Malbec 2009
Terrapin Cellars, Pinot Gris 2011
Columbia Crest, Walter Clore Private Reserve 2009
Campo Viejo, Rioja, Termpranillo 2010
Ravenswood, Cabernet Sauvignon 2009
Quinta das Amoras, Vinho Tinto 2010
Waterbrook, Reserve Merlot 2009
Lorelle, Horse Heaven Hills, Pinot Grigio 2011
Tarantas, Rose
Chateau Lajarre, Bordeaux 2009
La Vielle Ferme, Rose 2011
Benvolio, Pinot Grigio 2011
Nobilo Icon, Pinot Noir 2009
Lello, Douro Tinto 2009
Quinson Fils, Cotes de Provence Rose 2011
Anindor, Pinot Gris 2010
Buenas Ondas, Syrah Rose 2010
Les Fiefs d'Anglars, Malbec 2009
14 Hands, Pinot Gris 2011
Conundrum 2012
Condes de Albarei, Albariño 2011
Columbia Crest, Walter Clore Private Reserve 2007
Penelope Sanchez, Garnacha Syrah 2010
Canoe Ridge, Merlot 2007
Atalaya do Mar, Godello 2010
Vega Montan, Mencia
Benvolio, Pinot Grigio
Nobilo Icon, Pinot Noir, Marlborough 2009
Portuga, Rose 2011
Revelation, Chardonnay, Pays d'Oc 2010
Beaulieu, Cabernet, Rutherford 2005
Monte Alto, Tinto Reserva 2005
Chateau Ste. Michelle, Cabernet, Indian Wells 2009
Espiral, Vinho Rose
Vin-Koru, Pinot Gris 2011
14 Hands, Hot to Trot Red 2009
Rodney Strong, Cabernet, Sonoma 2009
Abacela, Vintner's Blend #11
Portuga, White 2010
La Bourgeoisie, Red 2009
Januik, Red 2009
Three Rivers, River's Red 2008
Kirkland, Alexander Valley Merlot 2008
Muga, Rioja Rose 2010
Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
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Trader Joe's Pinot Gris 2009
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Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
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Laforet, Burgogne Chardonnay 2009
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Neil Young - Waging Heavy Peace
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Jack London - The House of Pride, and Other Tales of Hawaii
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Penda Diakité - I Lost My Tooth in Africa
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Oscar Hijuelos - Mr. Ives' Christmas
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Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
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Road Work

Miles run year to date: 21
At this date last year: 52
Total run in 2012: 129
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In 2008: 28
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In 2004: 204
In 2003: 269