Sandpearl Resort is Soneet's latest target

Bankruptcy trustee Soneet Kapila has made another move to recover money he says belongs in the Lou Pearlman bankruptcy estate. The latest salvo: this suit against The Residences at Sandpearl Resort LLC, developers of a swanky complex on Clearwater Beach; Title Security II and Richard Lowry, an Illinois investor. Here's how the tale unfolds:

Lowry, who is executive vice president of the Great Lakes Dredge and Dock Corp. in Oakbrook, IL., entered a lottery two years ago for the right to purchase a condo, storage unit and two parking spaces at Sandpearl. When he won, he basically sold his purchase right to Pearlman for $50,000 through an option agreement. Kapila said this manuever was to avoid restrictions in the contract preventing buyers from assigning their rights to someone else without the seller's consent. Pearlman then made $610,000 in deposits to the title company toward the $3.1-million purchase price.

Kapila says he's asked for the money back but has been turned down. In fact, he says Lowry is demanding the money Pearlman paid as deposits. In the suit, Kapila says the Sandpearl project wasn't properly registered with the Department of Housing and Urban Development and purchasers did not get paperwork the law requires. Kapila also says the payments amount to fraudulent transfers under the bankruptcy law.

Sandpearl Residences is a condo development next door to the Sandpearl Resort hotel. JMC Communities, the developer behind Sandpearl, declined to comment. Lowry did not respond to an email.

Comments

[wilfred & depweg]

i can not under or believe how this
went this long with out being discovered sure changed our life and
retirement wilfred&delma

Is Julian M. Benscher a US citizen?

Scott B was the one who brought Greg McDonald into the TRANSCON FAMILY and many other LOW LIFES. WHEN WILL THE BIG PICTURE BE SEEN!!!!!!!!!!!!!!!!!!!!
Julian is a that big ugly bird that preys on dead or dying!!!!!!

[Iamjks]

Does anyone have any information on the status of the lawsuit filed against Transcon agents Steven Brian Rodd and William Porter Kress of Churchill Financial, Inc.? This lawsuit was filed by investor Plaintiff Monty Montgomery on Jan 30, 2007.

In addition, the status of the lawsuit against Golden Security, Inc and Transcon agent Charlotte Bredal Oliver? This lawsuit was also filed on Jan 30, 2007 by investor Plaintiff Sherwood D. Uhrmacher.

Both were filed in the Sixth Judicial Circuit Court in Pinellas County.

We all need to remember that these agents lied to us, share responsibility for our losses and need to answer for their crimes.

The feds need to check out these boys...NOW!!!!!!!!!!!!!!!!!!!!!

[white guy]

Helen,
I just saw this article about Julian Benscher trying to buy Trans World Entertainment for a huge sum. Scott Bennett, Pearlman's former public relations representative, is now performing the same function for Benscher. Is Kapila looking at these guys? Benscher is the one who said he knew Pearlman was a fraud in 1998 but told nobody, after having reached a settlement agreement with LP. You'll notice in the article Benscher and Bennet's company is based in Switzerland with interests in the British Virgin Islands.

http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/11-29-2007/0004714039&EDATE=

Julian M. Benscher
Authorized Signatory
Sherwood Investments Overseas Limited
For additional information regarding this press release, please
contact: Scott Bennett, Public Relations Representative, Sherwood
Investments Overseas Ltd., Tel. (352) 429-2101.

[TiredofCrooks]

Greg Mcdonald is laughing at all of you!!!! He is sitting on over $13 million of your cash. It is a going to be a great Christmas for him.. I think his kids are getting new cars!!!

Apparently they are above the law.

Complain call the AG .. do something!!!

No criminal charges have been filed against the sales agents and many are still working, just under a different business name. As for filing criminal charges against Pearlman regarding the investors loss the State of Florida wants to hide that stink as long as possible, if not forever. As far as they are concerned Pearlman is already taken care of.

[Cousin]

To Tammie Hilton: Please ask LP if he has any regret or if he feels the pain he is putting his cousins in and others. Ask him if he is a sociopath. Please make sure you tell him how we the people that trusted him are in deep pain and are suffering because of his actions.

[tanker]

Helen, Are any of the victims making progress in their lawsuits against the people who lost their money? I thought the state would at least suspend their insurance licenses for selling unregistered securities but that hasn't happened. It just seems like a lot of money was made by others besides Lou Pearlman, are those monies just pocketed, there's millions floating around out there in real estate, cars, bank accounts I'd think, the more time that goes by there is less chance of a recovery.

As a victim, I'm sure it's tough to wait. Be assured that the prosecutors are doing a thorough job, and want to build the strongest case possible.

You wouldn't want them going off half-cocked and getting the case thrown out, or giving Lou room for an appeal.

I believe that the bank Fraud was simply the quickest indictment they could get to secure Lou behind bars while they build the rest of their case.

Helen: While they take their sweet time, we're in the poor- house! This is not fair!!!!!

[Helen Huntley]

Prosecutors already have said that they plan to bring additional charges with a superseding indictment. They are not in any rush because Pearlman is in jail and isn't going anywhere.

I don't get why Pearlman has not been charged for his EISA crime. Do they think the victims will just go away? Could someone out there tell me why?