Monday, May 03, 2010

Can Brizzi Explain The Mortgage On The Elkhart Property?

An avid reader of this blog has made an interesting discovery on that building Carl Brizzi and Paul Page purchased up in Elhart and then quickly turned around and leased to the Indiana Department of Children Services in a sweetheart deal for the pair. Brizzi crony John Bales brokered the lease agreement on behalf of the state. Less than 24 hours before the FBI raided Tim Durham's offices in Indiana and Ohio as part of its investigation of an alleged Ponzi scheme deal involving Fair Finance, the company on which Brizzi briefly served as a member of its board of directors, a mortgage was recorded by L&BAB, LLC as mortgagor and BAB Equity, LLC as mortgagee on the property located at 1659 Mishawaka in Elkhart. Coincidence?

Who owns L&BAB? According to the IBJ's reporting, it is equally owned by Paul Page and Brizzi. The two purchased the building from a company owned by Craig Lockmandy, a used car dealer, for $825,000. Brizzi claims the purchase was made without a down payment, and that Huntington Bank extended a loan to cover the purchase price. The loan is secured by the new lease the new owners entered into with the state following the building's purchase. But did the money actually come from a Huntington Bank loan? That's a question this avid reader and this blog would like to have answered.

3 comments:

Leesa said...

I'm confused--if Huntington has a mortgage on the property, how can L & BAB serve as a mortgager? Normally a mortgage has to be paid off in its entirety before the collateral can be assigned to another mortgagee.

Reminds me of Durham taking all that money from Webster Bank for the floor plan on the cars that supposedly were already financed by Fair Finance, that he pretended were really his personal collection.

Advance Indiana said...

That's a question Brizzi should answer.

Pros said...

Congratulations to Terry Curry! It's time for a change in guard at the most important criminal gate keeper position in central Indiana.

It is critical, however, not to only change the guard but to also hold accountable the current and former guard (Brizzi) for his full transgressions. Carl Brizzi's personal brokerage and bank records for the period 2004-present should be made public. He should be forced to account for exactly how many shares of Cellstar and Red Rock Pictures he purchased and/or accumulated and where his source of funds came from. He did not just "guess" to buy a massive quantity of Cellstar right before Indpls-based Brightpoint, run by the brother of Tim Durham's convicted felon partner Dan Laikin, bought out Cellstar. He did not guess to accumulate what appears to be almost or about a million shares of a worthless boiler room, Red Rock Pictures, shortly before Dan Laikin was arrested for illegal manipulation of that same stock, Red Rock and National Lampoon.

And, I don't believe he just "guessed" to go run up to Elkhart and "find" a building for a newly formed partnership with Paul Page, just in time to magically ink, with the State of Indiana Child Care Services Department, a multi-year, above-market (reportedly) triple net lease of $245,000 a year on a cost basis of $825,000, with no money down! Why, it's Magic Brizzi!

Unfortunately, in fairness to Brizzi, no one has criminally charged him--yet. So, if you are reading this and are, for example, someone who is familiar with his tax returns for the last five years please forward those to this specific person:

Securities and Exchange Commission
attn: KL Gibson, Attorney
601 Walnut Street
Philadelphia, PA 19106-3314
(215) 597-3100