Mulvaney Hastily Transfers Assets Out of His Name

Was he Feeling Guilty?

Okay - so I guess you've read the Edenmoor post on this Blog.  And if you have, you know, that Mulvaney made a lot of promises to Lancaster County to get them to approve those $30 Million in bonds so he could flip the property to LM Sandler & Sons and pocket his Multi-Million-Dollar Profit.

And surely if you've read that, you also know what Mulvaney has to say for himself:  "Come on fellas!  I sold that property!  Washed my hands of it!  I'm out . . . . . . (and so what if I made a multi-million-dollar profit by breaking my promises to Lancaster County and so what if I mislead the County about remaining a partner in the development). . . . I was GONE!  I'm not responsible!  It's just business. . . .  Stop being so jealous of my millions!  . . . . Ugh!"

Some people!  Yep - Mulvaney knew he was innocent!  Got his big buddy on County Council to point out that these bonds aren't paid back through property taxes, so there's no harm no foul!  Other people will lose millions because of the bond default, but not us!  At least .  . . hopefully not us. . . . Hopefully the bond purchasers won't sue Lancaster County for listening to their House Rep, Mick Mulvaney instead of doing their due diligence and making sure LM Sandler & Sons could actually repay these bonds.  And hopefully, the default on these bonds won't affect the County's bond rating . . . . oooh - did I just go there?  I did.

Back to Mulvaney's innocence . . .  and to the month of June, 2008, when over $2 Million in mechanics liens were filed against LM Sandler & Sons because they weren't paying their contractors.  Well, just after those mechanics liens were filed -- on June 28, 2008 -- Apparently Afraid of Being Sued, Mick Mulvaney conveyed all of his interest in their home to his wife, Pam.  This was apparently done quite hastily and without the approval of the Mortgage Lender.

At this point, Mulvaney has very little in his name that he could lose if he were successfully sued.  He's structured his assets so that he's what you might call "judgment proof." 

Innocent, Mr. Mulvaney?  Come on now . . . .


No comments: