CALIFORNIA | LOCAL
February 4, 1991 |
A decision is expected in the next few weeks on whether to indict a Thousand Oaks real-estate financier in what officials call the biggest fraud scheme in Ventura County history, a law enforcement source has told The Times. The Ventura County grand jury has begun hearing testimony on the business affairs of Olen B. Phillips and is expected to decide whether to hand down an indictment as soon as deliberations are completed, the source said.
October 9, 2010 |
Maybe the name "Sonny" gives you a clue. It's the nickname Hassan Astani chose from a favored singer, Sonny Bono, a scrappy underdog if ever there was one. Astani's dream downtown condo project, Concerto, has gone dissonant. The bank backing the project failed, the FDIC stepped in and the hedge fund Starwood Capital Group won the bidding on the bank's portfolio, including Astani's nearly finished $260-million project. Starwood now shares ownership with the feds, and Astani wants control of his project back.
September 6, 1998 |
One of Wall Street's oldest maxims is simply, "Don't fight the tape." It means that, when a massive wave of emotion--be it panic or euphoria--hits the stock market, there's no use going against the trend, because it is certain to sweep up everything in its path. Amid the worst U.S.
CALIFORNIA | LOCAL
September 15, 1998 |
A principal in one of the San Fernando Valley's largest real estate Ponzi schemes on record was sentenced Monday to four years in prison for defrauding investors out of nearly $37 million, the district attorney's office said. Stanley Glickman, 59, who faced up to 10 years in prison for his role in the scheme, was also ordered to pay $36,957,800 restitution to his victims. From 1970 to 1991, Glickman and his father-in-law, Elliot Fine, ran Property Mortgage Co. in Sherman Oaks.
October 30, 1990 |
If the stock market were an elevator, Orange County's half-dozen publicly traded building and real estate finance companies would be in the basement. J.M. Peters Co., the Newport Beach builder of posh move-up homes for the upscale Southland buyer, is a case in point. Peters' stock plummeted 27% Monday for no apparent reason other than investor skittishness. It has lost 84.5% of its value so far this year, falling to an all-time low of $1.63 a share from a high of $10.
December 9, 1993 |
With a little suspension of disbelief, a basic bout of amnesia or 42 beers, the Channel Islands Harbor becomes the Channel Islands Bayou. Forty-two beers is still probably cheaper than a flight to Louisiana for some authentic Cajun music, but even more affordable is a free Acadiana gig tonight at the Lobster Trap Restaurant.
May 24, 1992 |
The '80s aren't just over; they're finished. Donald Trump, Leona Helmsley, Michael Milken; one by one, the icons of the Age of Greed have trooped offstage: broke, dis credited, jailed. Now the buildings are going bankrupt. The Canadian bankruptcy filing of Olympia & York, the world's largest and, until recently, supposedly its richest property developer, is plunging an already troubled commercial real-estate market into chaos.
CALIFORNIA | LOCAL
April 30, 1995 |
Cradled by rolling hills in the north county community whose name it bears, the Agua Dulce Air Park has been controversial for much of its 36 years. Many of Agua Dulce's 2,100 residents consider the site a noise nuisance at the very least. At worst, they say, noting the elementary school a mile away, it is an aviation tragedy waiting to happen.
March 14, 2009 |
The Obama administration's budget threatens to cut a benefit many Americans view as practically a right -- the mortgage interest tax deduction -- and powerful real estate interests are fighting back. The move would affect only households earning $250,000 or more, but opponents say it could prolong the housing crisis by slowing already torpid home sales and deal another blow to home values ravaged by the market crash.
March 6, 1989 |
Mary Beth Whitehead-Gould, four months pregnant with her fifth child, throws up in the bathroom as the sun goes down. "Morning sickness, day and night, with all my babies," she says when she's finished. "It's a cross I have to bear." Her fourth child, 9-month-old Austin, crawls on the kitchen floor with the Shetland sheep dogs. Her first child, 14-year-old Ryan, skateboards in the street outside.