Following the Money Pre CONservatorship : A Research Thread

[Steel Magnolia]

42 minutes ago, RebellionSparkles said:

Reva!...you have some 'splaining to do too!

the 2014 CON accounting is sealed! (seventh account current)

Wouldn't it be outrageous if they mismanaged her POM funds from Leg #1 and had to talk her into Leg #2 just to recoup the funds?

When did Bryan and Graciella split?

According to Lamby, it was Graciella who was pushing for Britney's freedom during the Vegas years.

Key Dates:

Dec. 27, 2013 - "Britney: Piece Of Me" launches as a residency at Planet Hollywood in Las Vegas, Nevada.

Aug. 28, 2014 - Around this time, Britney breaks up with David Lucado.

Nov. 5, 2014 - Around this time, Britney starts dating Charlie Ebersol.

Sept. 10, 2015 - Britney and Planet Hollywood announce the "Piece of Me" residency will continue for two more years.

May 2, 2016 - Britney faces Lutfi across a table for four hours as she testifies for his lawsuit. By all accounts, she is cool and collected.

Sept. 7, 2016 - Lutfi settles his lawsuit against Britney and her parents, with Lutfi receiving in the low six figures.

[RebellionSparkles]

7 minutes ago, Steel Magnolia said:

Wouldn't it be outrageous if they mismanaged her POM funds from Leg #1 and had to talk her into Leg #2 just to recoup the funds?

When did Bryan and Graciella split?

According to Lamby, it was Graciella who was pushing for Britney's freedom during the Vegas years.

Key Dates:

Dec. 27, 2013 - "Britney: Piece Of Me" launches as a residency at Planet Hollywood in Las Vegas, Nevada.

Aug. 28, 2014 - Around this time, Britney breaks up with David Lucado.

Nov. 5, 2014 - Around this time, Britney starts dating Charlie Ebersol.

Sept. 10, 2015 - Britney and Planet Hollywood announce the "Piece of Me" residency will continue for two more years.

May 2, 2016 - Britney faces Lutfi across a table for four hours as she testifies for his lawsuit. By all accounts, she is cool and collected.

Sept. 7, 2016 - Lutfi settles his lawsuit against Britney and her parents, with Lutfi receiving in the low six figures.

BJS & Graciella split in 2015

https://www.the-sun.com/entertainment/3464747/britney-spears-brother-bryan-owes-child-support-conservatorship/amp/

The one thing this mortgage shows us is that Bryan was definitely involved in some capacity with Britney’s money.

[Steel Magnolia]

8 minutes ago, RebellionSparkles said:

BJS & Graciella split in 2015

https://www.the-sun.com/entertainment/3464747/britney-spears-brother-bryan-owes-child-support-conservatorship/amp/

The one thing this mortgage shows us is that Bryan was definitely involved in some capacity with Britney’s money.

Right?

Yet he wasn't a conservator, or a co-trustee of the SJB Revocable Trust by that point, either.

How would he be able to be approved for that amount on his own?

And that mortgage is still outstanding, correct?

Rosengart's forensic audit is going to be JUICY!

 

[Tar_isa]

39 minutes ago, Steel Magnolia said:

Wouldn't it be outrageous if they mismanaged her POM funds from Leg #1 and had to talk her into Leg #2 just to recoup the funds?

What about mismanaging the POM funds to the point that first Bryan had to take a huge mortgage to try and fix it, plus then had to do Leg#2? (I don't even know if it makes any sense, I'm hopeless when it comes to economics)

[RebellionSparkles]

15 minutes ago, Tar_isa said:

What about mismanaging the POM funds to the point that first Bryan had to take a huge mortgage to try and fix it, plus then had to do Leg#2? (I don't even know if it makes any sense, I'm hopeless when it comes to economics)

Yup totally possible. I’m not sure exactly what is happening but my guess is this is a strategy to gain access to Brit’s money, not covering up losses.

This seems similar to when Lynne took out the mortgage to get $75k cash by remortgaging Brit’s childhood home.

[RebellionSparkles]

1 hour ago, Steel Magnolia said:

What a find!

I'm looking at the address on Google Maps...What am I looking at? A piece of bush next to a compound that houses excavation equipment and old police cars?!

so its fair to say that the property isn't worth $50M and there is some other asset securing the $50M loan!

[Steel Magnolia]

50 minutes ago, RebellionSparkles said:

so its fair to say that the property isn't worth $50M and there is some other asset securing the $50M loan!

Here's what it looks like from the air:

Assessment: $59,609.00

Note: The Clear Springs Water Company, LLC owns the big chunk to the right. Bryan sold the upper three lots on the left, and Bryan still appears to own the bottom left lot where the blue marker is. That lot is assessed at $59,609.00.

Edited April 6, 2022 by Steel Magnolia
Adding new details.

[RebellionSparkles]

more sus land activity from Mr. & Mrs. Watson

Jamie P Watson III sells a parcel of land (Section: 47 Township: 7 Range: 7) to himself (Fluker Transport to JP3 Investments) for $37,000 and then on the same day gets a $50,000,000 mortgage (line of credit) on the same land parcel.

[Steel Magnolia]

1 hour ago, RebellionSparkles said:

so its fair to say that the property isn't worth $50M and there is some other asset securing the $50M loan!

 

1 hour ago, Steel Magnolia said:

Here's what it looks like from the air:

Assessment: $59,609.00

Note: The Clear Springs Water Company, LLC owns the big chunk to the right. Bryan sold the upper three lots on the left, and Bryan still appears to own the bottom left lot where the blue marker is. That lot is assessed at $59,609.00.

Upon further investigation...

This property was given to Bryan in 1994 by Lexie T. Pierce...Who is his grandmother!

EDIT:

As of April 6, 2011, Bryan owed $2,265 to a construction company and there was a lien against this property...So he's going from a $2,265 debt to a $50-million mortgage on the same property in the space of three years?!

Edited April 6, 2022 by Steel Magnolia
Adding new details.

[LikeShatteredGlass]

23 minutes ago, Steel Magnolia said:

 

Upon further investigation...

This property was given to Bryan in 1994 by Lexie T. Pierce...Who is his grandmother!

EDIT:

As of April 6, 2011, Bryan owed $2,265 to a construction company and there was a lien against this property...So he's going from a $2,265 debt to a $50-million mortgage on the same property in the space of three years?!

Just browsed the mortgage docs posted and had to ask myself what a multiple indebtedness mortgage is... In Louisiana you can take out this type of mortgage, used to cover debts, without actually incurring said debts yet. So, the land is nowhere near worth what it is remortgaged for, but $50mil can be borrowed against it to use for future debts that may pop up. Sounds like Bryan mortgaged the hell out of this parcel to prepare for something. This also makes me wonder about some of the parcels of land Britney bought back in the day and sold at a loss during the con. 

 

Real estate mortgages in Louisiana are subject to the “Mortgage” articles of the Louisiana Civil Code (La. Civ. Code arts. 3278, et seq.). There are three different forms of contractual or “conventional” real estate mortgages recognized in Louisiana:

• ordinary conventional real estate mortgages;
• collateral real estate mortgages; and
• multiple indebtedness mortgages.

Louisiana does not recognize deeds of trust.  

Multiple indebtedness mortgages (a “MIM”) serve the same purpose as collateral real estate mortgages. However, unlike a collateral mortgage, a MIM may secure multiple extensions of credit on a cross-collateralization basis. A MIM may also secure multiple loan advances under a secured revolving line of credit (La. Civ. Code art. 3298). A MIM differs from a collateral mortgage in that there is no need for a collateral mortgage note or for a collateral pledge agreement. In otherwords, a MIM may be recorded in Louisiana prior to a debt actually coming into existance. A MIM directly secures multiple extensions of credit or multiple loan advances on a line of credit basis. MIMs are widely used in Louisiana, even in connection with single one-time extensions of credit when it may otherwise be appropriate to use an ordinary conventional real estate mortgage.

[RebellionSparkles]

2 minutes ago, LikeShatteredGlass said:

Just browsed the mortgage docs posted and had to ask myself what a multiple indebtedness mortgage is... In Louisiana you can take out this type of mortgage, used to cover debts, without actually incurring said debts yet. So, the land is nowhere near worth what it is remortgaged for, but $50mil can be borrowed against it to use for future debts that may pop up. Sounds like Bryan mortgaged the hell out of this parcel to prepare for something. This also makes me wonder about some of the parcels of land Britney bought back in the day and sold at a loss during the con. 

 

Real estate mortgages in Louisiana are subject to the “Mortgage” articles of the Louisiana Civil Code (La. Civ. Code arts. 3278, et seq.). There are three different forms of contractual or “conventional” real estate mortgages recognized in Louisiana:

• ordinary conventional real estate mortgages;
• collateral real estate mortgages; and
• multiple indebtedness mortgages.

Louisiana does not recognize deeds of trust.  

Multiple indebtedness mortgages (a “MIM”) serve the same purpose as collateral real estate mortgages. However, unlike a collateral mortgage, a MIM may secure multiple extensions of credit on a cross-collateralization basis. A MIM may also secure multiple loan advances under a secured revolving line of credit (La. Civ. Code art. 3298). A MIM differs from a collateral mortgage in that there is no need for a collateral mortgage note or for a collateral pledge agreement. In otherwords, a MIM may be recorded in Louisiana prior to a debt actually coming into existance. A MIM directly secures multiple extensions of credit or multiple loan advances on a line of credit basis. MIMs are widely used in Louisiana, even in connection with single one-time extensions of credit when it may otherwise be appropriate to use an ordinary conventional real estate mortgage.

Or this could have also have been used as collateral for the CON bond

[RebellionSparkles]

There is definitely something odd happening with these $50M mortgages. I’m not sure why a bank would approve a $50M line of credit for a parcel of land that was valued at $37,000 that same day. Some form of Britney’s assets must have been backing the transaction. None of these people have $50M…Brit does

[LikeShatteredGlass]

On 4/5/2022 at 12:41 PM, RebellionSparkles said:

As long as Jamie’s name is on even one of Brit’s houses or the Love Shack Trust itself the scheme I described is possible in perpetuity. So the help would have been very passive or even one time. It’s even possible Brit asked this to happen! But banks usually do a good job of making sure the house owner is fully aware of how far reaching the financial implications can be of adding a second “owner” to you house.

it’s hard to gauge if Reggie did anything wrong bc this was pre financial crisis, before there was any oversight on the mortgage/remortgage process; this might have been normal activity; 

If we can figure out some of the terms of the Love Shack Trust we can find out if this is accurate. I'm on a trust for someone's benefit and sold their home that was a trust asset. My name is on the deed, but I can't take any of that money because technically the trust owns the house, I'm just moving things around. 

If James is on a property deed as a trustee of Love Shack Trust, the properties are likely trust assets and not his own assets, meaning he should not profit from a sale.

If Jamie is on the deeds as himself with no ties to the Love Shack Trust (in other words, James and Love Shack jointly owned a property), then I believe he could claim some of the proceeds. 

Did we find any of the deeds?

[LikeShatteredGlass]

6 minutes ago, RebellionSparkles said:

Or this could have also have been used as collateral for the CON bond

Like when Wallet left and they needed a new bond? 

[RebellionSparkles]

30 minutes ago, LikeShatteredGlass said:

My name is on the deed, but I can't take any of that money because technically the trust owns the house, I'm just moving things around. 

Interesting...I didnt know that

This is from a sale in 2012...the house was under Jamie and the Love Shack. So even though his name is on the deed, he might not have access to the money?

https://money.cnn.com/galleries/2012/real_estate/1203/gallery.britney-spears-home-for-sale/6.html#:~:text=6 of 6-,The Beverly Hills home is listed as a trust sale. It is under the name of the singer's father%2C James Spears%2C and the Love Shack Trust,-%2C a trust Britney

[RebellionSparkles]

40 minutes ago, LikeShatteredGlass said:

If we can figure out some of the terms of the Love Shack Trust we can find out if this is accurate. I'm on a trust for someone's benefit and sold their home that was a trust asset. My name is on the deed, but I can't take any of that money because technically the trust owns the house, I'm just moving things around. 

If James is on a property deed as a trustee of Love Shack Trust, the properties are likely trust assets and not his own assets, meaning he should not profit from a sale.

If Jamie is on the deeds as himself with no ties to the Love Shack Trust (in other words, James and Love Shack jointly owned a property), then I believe he could claim some of the proceeds. 

Did we find any of the deeds?

https://www.youtube.com/watch?v=HOghbBqRrxU

this is BJS SWAT Team explanation of the Love Shack Trust

[Onyx1Boss]

Wasn't the  March 4  Michael Pines filing warning about financial improprieties in real estate? Maybe clues there ?

(even if everyone totally tossed it away, there must be a reason he went to all that trouble, or maybe not).

 

Spoiler

 

Spoiler

 

 

[RebellionSparkles]

54 minutes ago, Onyx1Boss said:

Wasn't the  March 4  Michael Pines filing warning about financial improprieties in real estate? Maybe clues there ?

(even if everyone totally tossed it away, there must be a reason he went to all that trouble, or maybe not).

 

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Unfortunately it seems like Michael Pines is problematic as a reliable resource.

But what the spears clan is doing here with these mortgages etc are realllly old timey tricks. The new regulations after the financial crisis were designed to stop these behaviors, but obvs the CONs found a way around the regulations.

[Tar_isa]

Did these 50M mortgages happen in close to any relevant events in the timeline? Wallet left in 2019, but Bryan and J.Watson took their mortgages way before that... The J.Watson one is especially puzzling to me.

[Steel Magnolia]

4 hours ago, Tar_isa said:

Did these 50M mortgages happen in close to any relevant events in the timeline? Wallet left in 2019, but Bryan and J.Watson took their mortgages way before that... The J.Watson one is especially puzzling to me.

2014 and 2017

I haven't dug into the J. Watson mortgage yet...But the 2014 mortgage by Bryan doesn't seem to jive with any key dates.

That's what makes it all the more puzzling!

Also...

Bryan and JL's husband...Why these two? Why are they being involved in particular, especially when Bryan removed himself as co-trustee of the SJB Revocable Trust back in 2009?