I checked the case. This is messier than ever. - Posted by js-Indianapolis
Posted by js-Indianapolis on October 29, 2003 at 18:23:04:
Here’s what I found while pulling files. Hilbert’s wasn’t hard to spot. Right there in the middle of all these average new cases, that are about 5-10 pages, there’s a file over an inch thick.
Listed as defendants are Hilbert, and his entire family (was the dog named too?) personally, as well as this foundation, and that trust. In total, 16 different defendants, all associated with Hilbert.
The complaint itself is 24 pages long. It alleges a number of things, obviously, but some I was unaware of. Apparently, I was mistaken. Hilbert didn’t sign for Conseco’s loans. Instead, he took out the loans in his name, and Conseco backed him. This was the 162 Million in loans to buy stock. The complaint mentions how the stock shot up, and Hilbert just hung on, while it then sank. So now, he’s in default on the $162 Million, with $62 Million in back interest. Man, I hate it when I rack up double digit millions in fees.
The case is really pretty interesting, referring to “the mansion”, and being less than tactful on stating repeatedly things alluding to Hilbert living large, and not paying for it. It read like more of an editorial piece in places. The big thing that stood out to me is that they are alleging fraudulent transfers to his wife. I wonder how far they’re willing to push on that, to squeeze him.
So, anyhow, the mortgage he obtained was 19.4 mil, payable at 1% per month. Can that be right? I remember the 1%, and then an APY (or something) of 1.67%. Perhaps that’s his rate. You can get 1% on 19.4 mil? Well…if I would have known that…
Here’s what the place looks like on paper:
are the two parcels. There?s a couple others I found around there, with his name on them too. Why aren?t they listed in the FC? Wait a second. They’ve got one assessed at 990,000, and the other is $7,293,200. What a piece of crap! 19.7 mil my arse! Man, I was all ready to make an offer. Looks like we’re going to have to shortsale it, pretty good. I’ll see if I can get some pictures of the multiple unkept pools, or tennis courts, or maybe the Health Club. What’s that all about anyhow? Check out all the crap on the property card.
Check out the full legal description. Who’s doing his estate planning anyhow? Conseco?
Legal Description: 11/14/90 SPLIT FROM BROWNING A 11/1/91 B&P ONLY 9129288 2/11/94 FRM HILBERT 9407302 1/23/97 FR HILBERT 9702595 9/1/99 FR HILBERT TRUST 9951956 9/1/99 FR HILBERT 9951957 9/1/99 FR HILBERT 9951958 7/20/00 FR HILBERT TRUST 2000-35111 7/20/00 FR HILBERT 2000-35112 7/20/00 FR HILBERT 2000-35113 9/13/00 AFF/SUCCESSOR TRUSTEE 2000-45781
Great job of hiding it, Steve-O.
Here’s my plan for success. First, become CEO of corporation that is yoyo-ing like crazy. Then, borrow stupid huge amounts of money, when it looks like the company is going to finally sore. Marry a stripper, and transfer most of that money to her. Form a few dozen trusts for the rest of the money. Default on all of it, and tell your former company to get bent. Let’s see what I can do first…I can’t get my resume to any corporations right now…don’t have anyone backing me on a $162 Mil loan…but Brad’s Gold Club is open.
I’m getting started on my plan tonight. If I ever have enough money to be buying a complex of this nature, someone please come smack me, and put me back in a reasonable home. Amazing to what levels greed can be taken, without ending up in jail.