Friday, June 12, 2009

Mortgagee Sale in Portsmouth

Now you may wonder why I'd be interested in this lovely waterfront multi-million $ home in Portsmouth. Or maybe not. This particular one is up for mortgagee sale as it's owner, Doylestown Partners, has defaulted on their loan (NDN- Thurs.). Yeah, you say, not exactly earth-shattering news.

Ah, Doylestown Partners. Now it gets interesting. They filed for Ch. 11 more than a yr. ago. It's listed in the R.I. Corporate data base as a real estate investment foreign corporation with Daniel Patrick Reilly as Secretary & sis, Shannon (4 companies at her address) as Prez. Ah, Dan Reilly. He ran for State Rep. against Rep. Amy Rice. Age 19? or maybe it's 20 now. He & his family keep writing those anti-Rice letters to the local paper.

Doylestown Partners owns 105 Heidi Dr. which is the home of said Dan Reilly, now going bye-bye. Uh-oh.

Can't daddy William J. Reilly (lawyer & with 14 companies at his Boca Raton address) who along with his wife currently owe the State of Rhode Island more than one million dollars in back taxes help out (Hey, didn't they promise to "take care" of this before the last election? NDN)? Just a slight mistake.

BTW, I was the first with the scofflaw story. Love that Google.

So where's poor Dan going to live? Maybe his bro., Christopher, who lives in Middletown & is V. Pres. of Shamrock Equity with an address of the same Heidi Dr. could help out. Daddy also owns this company. Shamrock lent Dan's campaign thousand of $ with Dan listing himself as an employee of same. Daddy couldn't directly lend it under his own or the company name because of campaign limits. Understandable since Dan has yet to hold a full-time job while studying at Bryant- Shamrock employment notwithstanding. Of course, he did hold a summer job at the Dept. of Environment. No, I'm quite sure that the guv had nothing to do with this. These jobs are so easy to get.

The house was refinanced in 2007 after being purchased in 2000 from- the Reilly's. One other former partner/owner was the former owner of- Doylestown Partners. Following all this? So why would you want to pay back all that equity that you pulled-out? Heck, maybe one of your other companies can buy it for less $ than is owed on it & then refinance again. Sounds like a plan to me.

Oops, maybe no help from daddy after all. It seems that he's current under an SEC frauds indictment. Forming a shell company with no assets & no income, but not exactly revealing this when it goes public, turns out to be not a good thing after all. And him a N.Y. lawyer who "... presently serves with the rank of Commander in the United States Naval Reserve, Judge Advocate General's Corps..." (source) That S.E.C., sometimes it actually takes a dim view of cheating investors. Who knew?

Poor Dan. No home, no money, no tuition. I'll bet poor Portsmouth, too. It's difficult paying local property taxes when you're not making your mortgage payments. But don't worry, Dan. There's a strong social services net out there to help you & your family fostered by your favorite guy, our guv- NOT! Or Plan B- maybe Rep. Rice can bid on the house & rent you a room. Of course, she may not be too keen on this after the dirty tricks you pulled off during the last election.

Kinda young to already be an officer of a bankrupt co., not to mention losing your home address. Let's see. Amy Rice owns a business & a home, pays her taxes, and has a full-time job. She & her family still live here and haven't formed dummy corporations or bankrupted any of them, I'm guessing. They also don't write vicious letters to the local rag about Dan, and I'll bet not one of them has ever been indicted by the feds. Guess they're just not living right.

And you wanted to be my Rep.

Do you think R.I. will collect it's mil in back taxes? Do you think you'll win the next Power Ball? Yeah, I figure the odds are about the same.
Post a Comment