Well, who are they? We know that John Szerdi works for them. We know that Wes Blackman does too. We know that they are buying up a lot of parcels within the City of Lake Worth one of which was the historic Gulfstream Hotel that they purchased for $7,225,000 million in May of 2014. Nothing has been done at the hotel since they bought it. They brag about how they are now one of the top taxpayers in the city. What is their goal? To buy up the city? Steven Michael has made his money from development and his Hedge Fund.
Hedge Funds are limited partnerships of investors that use high risk methods, such as investing with borrowed money, in hopes of realizing large capital gains. Could that be what's going on in Lake Worth and other cities or have they actually begun to renovate these properties?
They are spending a ton of money over the last few years. Last year they bought the Sunday House in Delray and promised all sorts of things for it and the surrounding area just like they promised here with the Gulfstream Hotel. All together, 7 acres of property, at Atlantic Avenue and Swinton Avenue, were acquired by affiliates of Hudson Holdings with Hudson spending $22 million. They have submitted plans to Delray that will change the area dramatically. In April 2015, they bought the Starks Building in Louisville for $14.25 million.
You know what Donald Trump says about Hedge Funds..."They're getting away with murder. They're paying nothing, and it's ridiculous. I want to save the middle class." said Trump. Well Hudson says its "saving our city" and wants to take over at our casino and pool to save us from ourselves even calling WPTV Channel 5 and the Palm Beach Post using them for their purpose and providing embellished and/or false information. The ITN is over so why is this guy still hanging around?
Below is a synopsis of a complaint that essentially says that Steven Michael failed to observe high standards of commercial honor and just and equitable principles of trade.
Narrative for 0212526 – MICHAEL, STEVEN ALAN **
**COMPLAINT: On October 15, 2012, NFA issued a Complaint charging Stonehenge and Michael with submitting misleading information to NFA about the status of the SD3 pool; failing to observe high standards of commercial honor and just and equitable principles of trade; using inflated figures in its promotional material; aggregating the funds of SD1’s different investment classes together in the SDMaster trading accounts thereby making the equity of participants in investment classes with higher funding levels available to margin the positions of participants in investment classes with lower funding levels; mis-allocating pool funds to pay Stonehenge and Michael’s expenses; making untimely reimbursements and redemptions; using misleading offering memorandum for SD1; and failing to supervise the overall operations of the firm.
The Complaint was filed only a few years ago and NFA charged Stonehenge with failing to obtain acknowledgements confirming that investors met the definition of a QEP. (A QEP is a sophisticated person who participates in a commodity pool or opens a managed account. The categories of persons who qualify as QEPs are listed in CFTC Regulation 4.7(a))
He failed to provide a disclosure document to individuals it solicited to invest in the SD3 pool; submitting inaccurate PQRs; failing to prepare SD1 account statements in accordance with U.S. Generally Accepted Accounting Principles; and allowing SD1 to make a loan to Stonehenge. He was charged $50,000 personally and Stonehenge was charged an additional $50,000.
Michael was charged with failing to abide by the terms of the settlement and Decision in a 2010 BCC case. What happens if he gets control of our property?
Read about it
You need to know who you are jumping in bed with and no one can really ever figure out hedge fund guys. As Donald Trump further stated, ""The hedge-fund guys didn't build this country. These are guys that shift paper around and they get lucky." We don't want them shifting around any more paper in Lake Worth (how many plans have they told us about now?) and we don't want them "getting lucky" by bulldozing down our Olympic pool and managing our property.
So before this goes any further, let's get a complete background check including five years of financials before three people on a dais can turn over the key to our casino complex.
