Wednesday, May 30, 2007

Worthless Debt

Bloomberg has an alarming article on a new wave of financial industry hiring; bankruptcy advisers. While the report is European oriented the warning signs of a massive credit implosion are everywhere. The trend that struck me was the leveraged debt ratios used for buyouts. In 2003 LBOs carried debt equal to 4.8 times EBITA, 2004 5.1 times, Q1 2007 6.2 times. The basic theme here is "I'll give you too much for your company if you agree to take a worthless IOU." Big company, small real estate investor; it's all the same.

66 comments:

aaron said...

first

aaron said...

that's right folks numero uno!!!

Mort said...

Mursted again!

Serin is as Serin does... said...

MOIST!

Skip E Damann said...

This article really makes me miss Nigel....


Mortgage Brokers - Friends or Foes?

Anonymous said...

A little of topic, but I think you guys keep mmissing the bigger picture.

Anytime Casey does antyhing crazy, stupid or whatever it is, I ask my self:

- Will he profit from it?
- Will his family "name" be protect?
- Will his Wife look as the innocent good soul, Christian wife who stood by her man and did not know a single bad thing was happening?

Every time I read Casey's posts, even this talk shows like last Friday, I have to put a "CHECK - YES" mark on all of them.

Even with Steve Serin on last week talk show, I have to put a BIG CHECK "YES" on all of these.

Now, I don't know if Steve Serin was planted or not, maybe Casey lured Steve into this, but that Steve Serin talk sure put the family into such a wonderful and shinning light with Galina in front leading the pack.

Oh, did I forget to mention how many more HITS Casey got with his last talk show?

You guys are so gulliable, it's nausiating at times.

Casey, Galine AND Family (most) are all frausters. They enable Casey.

michael said...

"Big company, small real estate investor; it's all the same."

BINGO!!!

the greater fool theory that was used with residential real estate is alive and well in corporate america.

FMW said...

Global Debt Bubble.
We live in interesting times.
Got Credit?

Anonymous said...

For those of you who are going to come quickly to the defense of Galina (like Miguel), please understand:

The problem with being a con-person, or being associated with one, is that winning the trust back is a LOT harder than losing it in the first place.

To this day, Galina has accepted and enjoy her husband illegal activities. Galina and Casey are now on vacation with the fradulant money they recently received. They are laughing all the way to the bank.

Galina has had ample time to come clean, but she stays hidden. She WILL take the money, but not the blame. That, folks, is dishoesty as best.

Rob Dawg said...

Sorry, Anon 9:34. You are waaay late to this party. You got all the indicators and associations and who prompted Steve and everything else absolutely wrong and his hits plummeted at the time of the talkcast. You do recieve a consolation prise. "Lamest Troll of the Week Award." Don't let the door hit you on the way out pleather boi.

king friday the 13th said...

so, does that mean scumbags like LossMitPro are going to be in high demand?

NotAnOptimist said...

@anon 9:54am

She WILL take the money, but not the blame.

Of course! That is rationality at its "best". As far as she can tell, it is NOT in her best interest to confess. Casey, on the other hand, should lay himself upon the mercy of... whoever. He has been making a complete fool out of himself. If there was any proof that his online persona is all an act, I'd have a whole lot more respect for him; as it is, there is evidence (from past blogs) that shows that Casey's the "real deal".

Anonymous said...

How do we know that LossMit isn't actually Nigel? Both have the same fence sitting belief that Casey maybe guilty but in the end he's special and has something to offer (gag).

Rob Dawg said...

king friday the 13th said...
so, does that mean scumbags like LossMitPro are going to be in high demand?


People in loss mitigation and foreclosure avoidance, etc. are going to be in great demandI'm not real impressed with what they actually can do but I'm not their target demographic by a long shot.

LossMit Pro is not Nigel. Nigel is neither bright, nor well spoken.

Property Flopper said...

FMW (9:04) - Almost in Haiku form, adjust the syllables a little...

Rob Dawg:

> LossMit Pro is not Nigel. Nigel
> is neither bright, nor well spoken.

SMACK! Nice shot - simple, elegant and squarely on target.

Anonymous said...

Dawg - Good point.

KC said...

Its hard to tell who lmp is because he mumbles on the phone. Sounded like he was talking in the closet.

Steeliekid said...

Yes, the vultures and distressed debt guys are waiting for the ax to fall (and have been waiting for several years). The effects of hedge funds and increasing leverage in the capital markets has prolonged the current bull. Depending on what scenario you have for the US economy (hard vs. soft landing) default rates for high yield debt issueres are forecasted to range between 8 to 18%. The work out specialist may be twiddleing their thumbs now, but they will be very, very busy sooner than later.

lawnmower man said...

How do we know that LossMit isn't actually Nigel?

Because LossMitPro actually seems to know what he's talking about, while Nigel simply parrots whatever lines the NAR are spinning that week?

Wonder if we're going to hear Nigel on Foreclosure Fridays any time soon? Steve was a hard act to follow; Casey must be wondering how to keep the drama going.

Both have the same fence sitting belief that Casey maybe guilty but in the end he's special and has something to offer (gag).

I'm not sure LossMitPro sees Casey as special; but he's probably still in the Duane LeGate honeymoon phase of believing that Casey is redeemable. "He can change; he just needs the love of a good mentor."

Anonymous said...

I just finished my second year of Law, and an overwhelming ammount of my fellow students have switched their studies to Bankruptcy/Finance law. Firms cant hire fast enough.

Unfortunately, they only see the short term. There will be a boom for a couple years, then there will be no demand for their services (sound familiar)?

Now Criminal law, always a demand there!

Anonymous said...

"He can change; he just needs the love of a good mentor."

I just puked in my mouth a little.

I say we keep poking Casey with a pointed stick, it's more fun to watch him get all pissy.

If I were'nt boycotting IAFF I'd post over tehre constantly and drop Duane's name constantly.

Anonymous said...

I'd say Nigel is a tard but that would be an insult to mentally handicapped individuals.

Dolph said...

The contents of that man purse screams one thing about Casey: He loves material things but has no idea that life does not revolve around wealth. Wealth takes hard work and most of the rich people I know (net worth: 1 mil +) all have a sense of humility and do not rub their money in other people's faces.

He's an elitist except he isn't very elite, educated or distinguished.

Anonymous said...

This is one frucking funny picture of Nigel:

http://www.youtube.com/watch?v=1RE8_xJj2_Y

Casey Serin said...

CONGRATULATIONS!!!!!!!

You've just been trolled!

Peripheral Visionary said...

You know we live in strange times when the Chinese market drops by 6.5% and the other markets hardly even react. Itsallgood(tm)!

The debt levels in the economy are absolutely unprecedented, but it is the leverage that will prove to be the deciding factor. The markets have proven to be extremely resilient in surviving various waves of bad news, but that doesn't make the bad news simply go away. The panic won't hit when when everyone figures out that not all debts will be paid (we're already there); it will hit when they realize that not all derivative obligations will be met. For a bondholder, a loan default is not that big of a deal when you have credit default insurance; it is a very big deal when you realize that the people on the other end of the swap have no intention of paying.

aaron said...

at what point in the podcast does his brother call in?

lawnmower man said...

@Dolph: that's true, but I think there's also deeper meaning to Casey's stuff.

It's the whole trappings-of-success stuff. Casey's a little boy playing at being a grown-up business man. The tools bolster his self-image. In his mind, if he's walking the walk and talking the talk -- "leverage is a beautiful thing" etc -- then success must surely follow.

Arthur Wankspittle said...

You know we live in strange times when the Chinese market drops by 6.5% and the other markets hardly even react.
That's explainable in that IIRC the Chinese market is limited to its citizens and outsiders can't invest directly in local shares.
For a bondholder, a loan default is not that big of a deal when you have credit default insurance;
Anyone checked that there isn't a Lloyds situation here? i.e. what happens when the credit default insurer can't pay out due to large numbers of claims or you find out the insurer is re-insured in a close loop of insurers.

aaron said...

Ok I found the link to where his brother Steve called in. Steve ripped him a new one. Called him out on so many things. I can see why Steve is pissed. I think after listening to that we can say that his family isn't involved in his 'business'. At least not steve or his other brothers.

Peripheral Visionary said...

@Arthur: "Anyone checked that there isn't a Lloyds situation here? i.e. what happens when the credit default insurer can't pay out due to large numbers of claims or you find out the insurer is re-insured in a close loop of insurers."

They aren't supposed to have closed-loop insurance, there are regulations for that--for insurance. Credit default swaps, who knows, as that's all in the murky world of derivatives finance, where many, if not most, the positions are held by hedge funds and the trading desks of large investment banks, who don't disclose their positions.

This market is currently in Bad News Ignore Mode(tm), but the flipside of that is, a market ignoring news and fundamentals on the way up is going to ignore both on the way down. We're dangerously close to the capitulation point, where even the most pessimistic investors give in and close out their short positions--at that point, things will get interesting, as there won't be any buyers left. But my guess is we're still a month or two, maybe three, away from the big market breakdown.

Anonymous said...

hmmmmm,,

maybe one of those characters would like to buy my domain

www.iamfacingbankruptcy.com

Anonymous said...

I was reading the text version of the Duana and Casey talk show and this caught my eye:

"DUANE: Hey, Casey. First things first. When you say you never got back to me, you did get back to me. You said to me that you were not going to sell it at the same time you're putting a post on the blog about how you hadn't decided whether to sell it or not. I'm tired of the troll posts. You play everybody for a fool. That's just it. The thing is, you and I talk about this a million times also. You get so mad at the Haterz™, and then you do everything that you can to thumb your nose at them. You thumb your nose."

Pretty much my obvservation of Casey from day 1.

mejustme said...

So, any bets as to where Casey is?

I notice the only entry this week was posted around midday on Tuesday, and it probably was not written by Casey.

Sounds to me like the money was burning a hole in his pocket so he went down to NRU to use a few more of his 20 days instruction that he "paid" for, and posted that stupid attempt at comic relief during the lunch break.

I wonder if there's a way to find out. Call NRU and have him paged? Unfortunately I can't do that from work. Anybody?

$$$$ said...

#
140. Casey Serin
May 30th, 2007 at 2:37 pm

Some crazy things have been happening. I wish I could say more.

Thanks to everybody for your comments. I read them but don’t have time to respond to every single one. I will make my responses as I can either in comments or in future posts or on the next Foreclosure Fridays show.

As for posting frequency, I never said I will post every single day. My goal has been one post in 24-48 hours and I have been pretty good about sticking to it these past 9 months. There has only been a couple of extended absenses and there was always a good reason behind it.

I’m busy taking care of some very serious and urgent issues…

I’m also going through and cleaning up mentions of you know who… I want to show respect so I’m gonna be very ruthless in deleting those comments. Its not my style (as I like to keep it organic) but I have to take extreme measures. This will be the last thing you will hear about this particular issue from me unless things change.

It’s all (mostly) good.

$$$$ said...

WTF????

mejustme said...

Whoa, he doesn't sound his usual "itsallgood" self.

Anonymous said...

I would'nt dwell on much, it's just his weekly drama post to generate chatter.

It will go unresolved, trust me.

We've been down this road before, he dangles some juicy bit of gossip or drama, so everyone will go to his site, or call into his pathetic little show.

@$$$$

I know you're still climbing the learning curve, but trust me, the anger and emotions you post are wasted energy - we all go through it, it's predictable. Treat the whole thing like a tv show, because that's pretty much what it is. Casey is a known liar who admitted he trolls for eyeballs, don't fall for it.

Rob Dawg said...

I've never heard him use serious and urgent in the same sentence. Ghostwritten or bad sh!t 'bout ta' happen.

"It’s all (mostly) good."

Mostly? This is a guy who could toss off "It’s all good" when foreclosed 6 times over and $160k in additional debt. I'd have thought a meteor strike would be necessary to wipe that ignorant sunshine smile off his puss. Must be baaaaad.

Anonymous said...

I dunno Dawg, I been burned already by the little dink, I'm not going down that road without verifiable proof.

Unless, theoretically of course, you know something and can't share.

In which case you could, oh, I don't know, clear your throat or something, to indicate theoretically you know more than you're posting.

Theoretically of course.

Miguel said...

For those of you who are going to come quickly to the defense of Galina (like Miguel), please understand:

[Sigh] I'm not leaping to the defense of Galina so much as leaping to the defense of the principle of not accusing named individuals of criminal activity in a public forum without rock-solid evidence to back it up.

There is no doubt about Casey's guilt, as there are several confessions to point to. But the jury is still out about Galina and the rest of the Serin clan - as it has to be, as there is no firm evidence pointing in either direction.

The problem with being a con-person, or being associated with one, is that winning the trust back is a LOT harder than losing it in the first place.

True, and this certainly applies to Casey. But despite repeated requests, you have yet to produce a shred of evidence that proves beyond any doubt that Galina is guilty of intentional criminal activity. There's a lot of guesswork, a lot of reading between the lines and even more blatantly wishful thinking, but next to no actual evidence.

To this day, Galina has accepted and enjoy her husband illegal activities.

True, but this is not in itself evidence of culpability - a prosecutor will have to demonstrate criminal intent. Otherwise we'd routinely convict the spouses of fraudsters - and we don't, as a general rule.

Galina and Casey are now on vacation with the fradulant money they recently received.

Now? As in Wednesday May 30? How long have they been on vacation? Where are they taking this vacation? Did you just make that up, or do you have information that you're not sharing with us? And if the latter, why are you withholding it?

They are laughing all the way to the bank.

Again, you haven't produced a shred of evidence to support this, and there's some pretty compelling evidence that suggests the exact opposite. Like pretty much everyone here, I don't think Casey has been punished anything like enough, but I do think his whines about how much he's suffering at the moment aren't entirely invented.

Galina has had ample time to come clean, but she stays hidden. She WILL take the money, but not the blame. That, folks, is dishoesty as best.

Isn't it equally dishonest to make stuff up about people (stuff that you cannot possibly know unless you're far more intimately acquainted with the Serins than you're letting on) and present it as undisputed fact?

(Answer: yes)

flailing forward said...

Is it just me, or did he also kill the inbound links and his Sitemeter tracker?

flailing forward said...

How the hell am I supposed to slip in fake Galina headlines from offsite if he turns the inbound links off??

WHAT A FREAKING JERK.

:(

Rob Dawg said...

Sorry, two clarifications. First I know absolutely nothing new about any Caseytroublez™. He's got so many of his tinybits hanging out in the breeze if he isn't pure trolling it could be anything in the alphabet. You know; FTB DOJ IRS etc.

Second I didn't make it clear that I was "playing along." It's Wednesday that means it is Foreclosure Friday broadcast tease time. If it is "serious and urgent" we won't hear about on Friday that's for sure. He'll either not get it resolved and therfor "cannot talk about it" or something bad happens and he'll erase it from caseyworld the way he's been going back and erasing all references on his blog to his w***.

Anonymous said...

It's cool Dawg, i was just playing, you know, try and sow some seeds of doubt in Young Casey's infertile brain. Paranioa is a powerful tool. :)

I'm with you 100%, it's a sblatant troll to get people to pay attention to him.

I figure a month of a total boycott, we'll get those nude Galina pics.

Anonymous said...

One of the "cleanings" he is doing is to remove all "bad" (or as we called them, truthful) references to Robert Kiyosaki from his web site.

http://www.caseypedia.com/wiki/Robert_Kiyosaki

king friday the 13th said...

Someone notified CashCall that Casey came into $2500. And Cash Call now has the contact info for his advertisers.

The person at Cashcall was really, really interested. So we shall see...

king friday the 13th said...

>> figure a month of a total boycott, >> we'll get those nude Galina pics.

the only reason I stick around. I bet Baptists are freaky in the sack.

oh but, wait, Miguel thinks she's innocent, so maybe not.

Anonymous said...

Compare this Bloomberg article to today's Bloomberg article on independent contractors who sold subprime in CA and contrast it with today's yellow journalism subprime article on the front page of the WSJ.

The Journal piece offers a little bit of everything...the feckless widow who took a $195k loan to install stainless steel appliances & central air despite a slowdown in her husband's assembly-line job at Ford, a dollop of racial overtones and the greedy lenders responsible for it all.

My favorite quote "In addition to putting families into homes, subprime mortgages and the brokers who peddle them are helping to take families out of homes in which they've lived for years..."

RIP Personal Responsibility, 2007

Uzbecki Durak said...

Snowflake: "I’m also going through and cleaning up mentions of you know who…"

Remember when he was going to delete all the references to EN from his blog so as cut off the sweet "Google juice"?

Do not cross Casey - his media empire will crush you!

Caseys Sex Life said...

"Some crazy things have been happening. I wish I could say more."

I discovered some fuzzy hair on my face and around my peepee. My voice is cracking, and I just realized that my wife has boobs - could it be my long awaited puberty that is causing these crazy things??
Praise Jebus!

Anonymous said...

I love the legislation that's floating that wipes out the down payment requirement by Federal law.

I also love the talk of debt relief from the Fed.

Nice to know my tax dollars are at work for responsible people.

Plus, it's almost certain taxes will go up, at the Fed and state level, to replace the missing income form all the housing activity.

LOL, I just got a spam from someone offering me a refi for...an apartment I lived in two years ago.

I wonder how much my address cost them, heh heh heh.

I LOVE getting calls from bottom feeding mortgage brokers, the ones who go "We've recieved your application and you're pre-approved for 400K!" I ask them that I want to see a faxed copy of my application, and when they ask why, I say because it's identity theft, as I've never applied for a mortgage or loan in my life, and I want the details to make sure my identity is in fact not stolen, then i inform them that i want their name, direct line, supervisor, and the name of the company, as my lawyer will be contacting them for questioning.

They hang up REAL fast.

They never call again...oddly enough...

Anonymous said...

"Someone notified CashCall that Casey came into $2500. And Cash Call now has the contact info for his advertisers."

SWEET! :-)

FlyingMonkeyWarrior said...

Property Flopper,
Wow, I AM a poet and don't know it.
Where is Benoit when needed????
te he.

dm said...

Yes, there are bad things happening in Casey Serin's life. Very bad things. Maybe he's realizing it? No, probably not. He's probably trolling for listeners on Fraudster Friday Live...

Does he actually realize that removing Galina's name from his site will thus increase rankings of EN and CaseyPedia and similar haterz™ sites out there? There goes the theory that he should be a publicist. Quality image management, there, snowflake...

Also, removing negativity from his site will also force him to remove the most helpful information: haterz comments. They're all intertwined and much of the discussion that may have taken place there will not be coherent if he starts cutting up bits and pieces.

Goodbye IAFF. It seems daddy dandelion is hacking away at your jugular with a dull butterknife as we speak...

Anonymous said...

Say, I just had a Casey Devilsh Idea (CDI tm)

What if someone happend to call CashCall and inform them of Casey adverisers (phone, address ,etc).

Wouldn't CashCall have the legal rights to garnish the payments that would normal have gotten to Casey?

In other words, could CashCall request to be paid intead of FlipTart?

It would be so sad to see Casey not get paid this week.....

BAaaaaaaaaaaaaaaaaaaaaaa hahahahhahahhaha

Anonymous said...

LoosMitPro just guest posted to IAFF

Anonymous said...

I just risked a visit over there - he's taken down teh promissary note post, and there's a new "guest post" from LossMitPro, that fucking coward. Hilarious, he's 'copywritten" his post.

I hate to inform him, you cannot copyright material to an e-mail, you HAVE to state a legal name the material is attached to. A judge would laugh any claims out of court - and YES, I dealt with this on a project in the music industry.

However, before anyone posts the thing here, be forewarned that he's set up a honet trap - he wants you to post it here, so he can issue a DCMA on Rob and play legal games.

Don't fall for it.

It's really nothing to get worked up about anyway - the key is, LossMitPro is a liar, he came here to do damage control, and he's a fucking coward because he will STILL not reveal his real name and company.

There, LossMitCoward. Right back atcha.

Property Flopper said...

Miguel -

Galina is on the deed to at least three of the properties (I believe more, but three are verified), including the CA properties.

The mortgage needs ALL deeded owners signatures. The mortgage documents are not available - I guess you could call it speculation to say she is on them... except legally she has to be.

That puts it beyond reasonable doubt. Beyond ALL doubt? Well, we'd need to see the documents - theoretically they could have found a way to not have her sign or her sig could have been forged, etc... that gets into speculation.

She has commited mortgage fraud along with Casey. I think she is more a passive participant with Casey being the driver, but guilty none the less.

BelowTheCrowd said...

Anonymous,

the copyright appears to be to "Q.A.S." not to an email address. The email address is a contact point for copyright requests. I'm pretty sure that's legal, so long as "Q.A.S." is a real business name.

Of course, I can't find any such name out on google that appears to be related to his business. But not knowing where he's from or what he really does, I can't say for sure.

That said, I do think it's a DCMA trap.

-btc

Anonymous said...

@Property Flopper

Thanks, that is what I have been sayins for several days now. Miguel keeps asking for proof.

I understand the not wanting to smear innocent people, I am one of those, but this is wayyyyyyyyy beyond that point.

Look Miguel, Galina HAS been involved in RE Fraud. To what extent, we don't know.

What I do know is that as of today, she has not come clean with the proper authorities (unless it's in the works as we type).

This much we know. Period.

Anything, I agree is speculation, but she is GUILTY.

Anonymous said...

@Anon @ 4:40

Are you talking about this promissory note post?

http://iamfacingforeclosure.com/130/50000-promissory-note-to-makeup-the-difference-on-a-short-sale

Anonymous said...

If he wants to play DMCA games with Rob, he will have to expose himself and his company into the public eye. Rob would get a cease and desist. The attorney serving it would have to disclose who the complaint is from.

Since it's not Copyrighted to Casey, it most likely would have to be Marc's company.

Anonymous said...

@ "I bet Baptists are freaky in the sack."

Okay, as a reformed Baptist, I can get away with sharing this very old joke:

"Know why Baptists can't make love standing up?"

"No?"

"Because it is too much like dancing."

Orson Buggy said...

Jews don't recognize Jesus Christ as the messiah.

Protestants don't recognize the authority of the Pope.

Baptists don't recognize each other at the liquor store.

dsw said...

My RSS reader kindly highlighted the differences in the entries Casey revised today:

In "Foreclosed, Hated and Down", deleted:
Speaking of traffic and exposure (and haters)… my wife wants me to shut the blog down. She has had enough and she has very valid points. So I have a very hard decision to make. I will save that for another post.

In "Most Hated Blogger", deleted:
As for other updates… Galina and I went to see a marriage counselor for the first time in our 3 crazy years of being married. That was a good but painful visit and forced us to address some deep issues.
Galina and I did a lot of talking and came to a very serious decision (challenge). To be posted soon.


In "Not Baiting Haters, Just Keeping It Real" (deletions in italics):
But that’s not the norm! My wife and I are I am living with her
sister
family (renting two rooms for $550) to save on expenses. We rarely go out to
Starbucks and Jamba Juice. (Yes, there was that Macaroni grill thing once, but that was a
special occasion.) We have only over-drafted our account 2-3 times in the last few months. And
even though I don’t currently have a full-time job I HAVE been making money there and here.
(Though it hasn’t been super stable that’s why my wife Galina has had enough and I need to do
something about it quick.)