July 6, 2009

This was it....




Sometime after the summer of 2008 came to a conclusion, the last of the Lakeside parties were just fond distant memories, and another setback in court, we gathered to discuss our next move.

The economy was starting to tank, and it appeared that with the election looming and the polls not in our favor things were headed for a hard landing. Fortunes were being lost daily, peoples retirement savings were being decimated, so we sat down to discuss all options.

Five hundred seventy five thousand dollars was a steal. Our original goal, our only goal, was to see that "whomever" bought the cottage paid a fair value for it. We had been stymied, bullied, lied to at every turn, and we were forced to deal with some of the most inept, incompetent and unscrupulous individuals anyone could have imagined.

We talked about how things might have been different had we had the luxury of numbers been on our side, 66% ownership vs 33% instead of 41% vs 59% ownership. Might the judge and facilitator viewed this differently? Who knows. I can't help feeling that the outcome could have been different had Stu participated and fought alongside us for a better deal. In the end he not only hurt his cause he hurt ours as well, and that is unforgivable.

So the decision was made, while going over numbers with mother regarding other issues, it became clear that now was the time to end this. The financial markets were going down fast, portfolios flush with cash two years ago were no longer, and in most cases valued 30% to 50% less as a result. The idea of having to liquidate the equivalent of 800K plus to generate 575K was no longer a prudent decision. We felt that most sane, inteligent people would walk away from that prospect.... Further more the Real Estate market had taken a hit with values down 20% to 30% with the bottom no where in sight, it was in the end an easy decision, a sad decision, but the right decision.

Our only concern was that David would somehow come to his senses and realize what the cost of this was going to be and reconsider.

As Barnum said, "there's a sucker born every minute"

So the decision to stop the madness was made, but not the motions it seemed.

More to follow......

10 comments:

Anonymous said...

What a beautiful picture. It's alot different now with the nasty furniture and the slymons nasty flag. Wish it still looked like that. Very simple.

Anonymous said...

What a glorious image! Thanks so much for posting.

Anonymous said...

"ad we had the luxury of numbers been on our side, 66% ownership vs 33% instead of 41% vs 59% ownership"

Yes, Stu made his alignment with Uncle Slymie plain to the court, and that hurt you terribly. (as well as him)

Anonymous said...

"The idea of having to liquidate the equivalent of 800K plus to generate 575K was no longer a prudent decision."

Not following this statement. Obviously the 575K was highway robbery. Slymie benefited by the economy going to crap, property values falling, etc.-- but the recession also caused him to go hat in hand to the Radke's and beg for money.

I mean, were Bonnie and Jim Lakeside regulars before all this shit happened?

Anonymous said...

But it's not OVER till the Fat Lady Sings!!

Has that Final Order been filed yet?

Joey said...

The final order has not been done. Still waiting...

Anonymous said...

I am confused.......the flag in front of Slymie's cottage should read....

"Property of the Rienhart Radke Trust"........

Slymie does not own the cottage

Joey said...

He does.. he retained his 1/3 ownership. The Radke Trust coughed up the dough for the buyout.

Anonymous said...

was your side offered to purchase the property? if so why did you not purchase it. If not why did you not bid in court?

Just your under average blogger said...

Tomorrow I will explain in my post regarding your question about bidding/buying, your not the only one asking this question. It was addressed in lesser detail some time ago.