Jan 15, 2010
Is Coach Homeless?
As we have documented before, Coach brokered a deal with former YTB Board Member John Simmons for the River House. Simmons agreed to sell it to Tomer for YTB stock provided that it was trading above $3/share at some point. However, when Simmons discovered that Tomer had violated City Codes, had encumbered the property with additional mortgages, and has a lien filed against it, he began proceedings to reclaim the house.
Well, we hear the River House is now going back to Simmons. Seems that Coach failed to pay taxes, subdivision association dues and other items. Simmons was set to file another lawsuit alleging "waste" but instead, agreed to return his YTB stock and take the house back.
Coach is reportedly moving to Naples, FL and buying a house from Clay Winfield - using YTB stock for the purchase. Winfield resigned from the YTB Board on April 30, 2009 and required a very thorough indemnity agreement.
Winfield is an insider and has been involved in almost every real estate transaction YTB has entered. It is surprising that he would enter into a stock deal for real property knowing what he does and seeing what happened to Simmons. But perhaps he has the ability to attach a lien on the K-Mart and other property to secure his investment.
No matter what, it seems Coach is one smooth talker and somehow finds ways to live in the lap of luxury at others expense. The River house, now this place in Naples, and oh yes, let's not forget about little trick where he got a Church to make major repairs to his house based on using it as a Parish House only to terminate the lease when the repairs were done..
Posted by John at 9:48 AM