Following the Money Pre CONservatorship : A Research Thread

[LikeShatteredGlass]

15 minutes ago, Steel Magnolia said:

Is Britney related to...

Brian Reed Covington or Kimberly Covington?

We've got another $50-million MIM occurring there in 2010.

So far a search of "Reg Covington" (b. November 5, 1943) comes back clean.

Did a quick search of them both and I don't see anything linking them back to the Spears or Watson families or anyone we know of from the Covington side. But feel free to poke around. I've had good luck with accuracy on this site in the past: Brian Kimberly

I started poking around at some of the addresses on the map and linked two of them to "businesses." 797 Mcknight Rd 5073 Highway 63  

[Steel Magnolia]

8 minutes ago, LikeShatteredGlass said:

I started poking around at some of the addresses on the map and linked two of them to "businesses." 797 Mcknight Rd 5073 Highway 63  

We have maps of the McKnight Road properties pasted in another research thread.

But do you think I can find them right now so I can cross-reference them here? 

This is why we should be careful which threads we're posting in...It's a lot easier to find information when we post our research into the appropriate threads.

[Steel Magnolia]

$50-million...

I wonder if that's just the "maximum amount" you can borrow on an MIM (aka "line of credit") in Louisiana?

I just searched "Sanchez" (for Graciella Sanchez) and "Fluker" (for "Fluker Transportation") and noticed that both the Sanchez and Fluker families have taken out $50-million mortgages as well, going back decades. There appears to be no connection between these families' borrowing patterns and the CON.

[RebellionSparkles]

40 minutes ago, Steel Magnolia said:

Is Britney related to...

Brian Reed Covington or Kimberly Covington?

We've got another $50-million MIM occurring there in 2010.

So far a search of "Reg Covington" (b. November 5, 1943) comes back clean.

My guess would be that Regi would specifically NOT have a loan in his name. That would be a red flag for the bank bc he was a director…but other Covingtons, that is totally possible.

lol, we are about to map out the whole dam Spears/Bridges/Covington family tree

[LikeShatteredGlass]

15 minutes ago, Steel Magnolia said:

We have maps of the McKnight Road properties pasted in another research thread.

But do you think I can find them right now so I can cross-reference them here? 

This is why we should be careful which threads we're posting in...It's a lot easier to find information when we post our research into the appropriate threads.

The best I can find is that if you're borrowing against a mortgage, you can borrow 2.5 times your annual income. But it's hard to find stuff specific to MIM and weird that everyone is maxing out at $50mil. I did find an unrelated MIM where someone borrowed $360mil, which makes me wonder if $50mil is the most you can borrow without raising red flags. 

I started looking at MIMs and money laundering, again no specific mention of MIM, but I found a study that looks into ways people can generally launder money through remortgaging and STRAW BUYERS. Wasn't there a straw buyer mention here somewhere? 

A borrower in a mortgage loan fraud for profit scheme who is acting as a straw buyer typically claims an intention to live in the house as a primary residence but rarely moves in or even looks at the property. A so-called investor may coordinate multiple purchases with multiple straw buyers with the intention of flipping each property to a new straw buyer within a year. The motivation for mortgage loan fraud for profit is money, which may be shared by the investor, the mortgage broker who arranges for financing through a lender, the title agent who processes the title transfer and loan disbursement, the appraiser, and the straw buyer who effectively sells the use of his name and credit to acquire the loan.

So Reg profits in this instance too?

[Steel Magnolia]

26 minutes ago, RebellionSparkles said:

My guess would be that Regi would specifically NOT have a loan in his name. That would be a red flag for the bank bc he was a director…but other Covingtons, that is totally possible.

lol, we are about to map out the whole dam Spears/Bridges/Covington family tree

 

5 minutes ago, LikeShatteredGlass said:

So Reg profits in this instance too?

I'm not seeing a connection to Reginald Covington in any of these $50-million transactions.

In fact...

I'm not seeing a connection to real estate.

Sure, they're using their existing properties (both houses and bush lots) to secure huge lines of credit, but we have no idea what they're spending the credit on once its issued.

Is that an accurate assessment of this situation?

[LikeShatteredGlass]

13 minutes ago, Steel Magnolia said:

 

I'm not seeing a connection to Reginald Covington in any of these $50-million transactions.

In fact...

I'm not seeing a connection to real estate.

Sure, they're using their existing properties (both houses and bush lots) to secure huge lines of credit, but we have no idea what they're spending the credit on once its issued.

Is that an accurate assessment of this situation?

Yup, throwing a lot of ideas out to see what sticks but so far the only facts we have are that the Spears/Watson clan has a history of buying cheap properties and securing MIMs on them for unknown reasons.

[RebellionSparkles]

5 minutes ago, LikeShatteredGlass said:

Yup, throwing a lot of ideas out to see what sticks but so far the only facts we have are that the Spears/Watson clan has a history of buying cheap properties and securing MIMs on them for unknown reasons.

Facts are facts.

Also Bryan Spears got a $50M mortgage on a cheap property

[Steel Magnolia]

What do we know about James' first wife, Debbie Sanders Cross?

Is her middle name Ann?

I've found a Deborah Sanders or Debbie Ann Sanders who took out a $50-million MIM on 05/26/2005.

[LikeShatteredGlass]

23 minutes ago, Steel Magnolia said:

What do we know about James' first wife, Debbie Sanders Cross?

Is her middle name Ann?

I've found a Deborah Sanders or Debbie Ann Sanders who took out a $50-million MIM on 05/26/2005.

When you look at the March 2020 deed where Jamie Watson and Jamie Lynn do a cash purchase of just under $500K, they list the whole marriage/divorce history of one of the sellers. Seems standard to list past/current marriages on deeds. July 2007 deed for around $300K involving Deborah lists her as the wife of George Sanders and says Deborah and George were "married but once."

Edit: Found the original marriage certificate. She's Debra D. Sanders.

[RebellionSparkles]

I'm putting together a summary for people that are new to the thread...does anyone remember from which document we say the 2020 CON bond? I only have the screenshot from the accounting doc saved in my pics.

Or have we only seen 2019? the one @Ghoulia posted yesterday?

[Steel Magnolia]

2 minutes ago, RebellionSparkles said:

I'm putting together a summary for people that are new to the thread...does anyone remember from which document we say the 2020 CON bond? I only have the screenshot from the accounting doc saved in my pics.

Or have we only seen 2019? the one @Ghoulia posted yesterday?

From the Timeline thread:

Aug. 8, 2019 - James Spears pays $49,545.00 from Britney's estate to secure a bond with Bond Services of California, LLC. The bond covers the period from March 5, 2019 to March 5, 2020.

Source: Twelfth Account Current; Report of James P. Spears, Conservator of the Estate; Petition for Its Settlement and Approval Thereof, August 6, 2020, p. 33. (Case No. BP108870)

Mar. 5, 2020 - The bond issued to James P. Spears by Bond Services of California, LLC expires.

Source: Twelfth Account Current; Report of James P. Spears, Conservator of the Estate; Petition for Its Settlement and Approval Thereof, August 6, 2020, p. 33. (Case No. BP108870)

[RebellionSparkles]

22 minutes ago, Steel Magnolia said:

From the Timeline thread:

Aug. 8, 2019 - James Spears pays $49,545.00 from Britney's estate to secure a bond with Bond Services of California, LLC. The bond covers the period from March 5, 2019 to March 5, 2020.

Source: Twelfth Account Current; Report of James P. Spears, Conservator of the Estate; Petition for Its Settlement and Approval Thereof, August 6, 2020, p. 33. (Case No. BP108870)

Mar. 5, 2020 - The bond issued to James P. Spears by Bond Services of California, LLC expires.

Source: Twelfth Account Current; Report of James P. Spears, Conservator of the Estate; Petition for Its Settlement and Approval Thereof, August 6, 2020, p. 33. (Case No. BP108870)

ok - just wanted to double check that we have not in fact seen the actual 2020 bond, just the excerpt from the 12th Account Current. We have the 2019 bond which @Ghoulia sent around (and I just added to the Law Library). But we have not seen the 2020 bond.  I am going to add the 2020 bond to the "Missing Documents" thread.

There is a slight mismatch in the accounting for the 2019 CON bond. The bond itself says "Liberty Mutual Insurance Company" but in the accounting it says "Bond Services of California, LLC." Unsure if this is a material discrepancy, but its worth noting so we dont get confused in the future.

 

Excerpt from 12th Account current showing payment of the 2020 bond

 

[Steel Magnolia]

Near the middle of the thread we identified two areas pre-CON that might have been leaking like a sieve:

1. Britney Touring, Inc. (approx. five branches)
2. The Britney Spears Foundation

We also found a number of business managers overseeing various LLC's spread out over time, leading up to the CON.

Have we learned anything from the discovery of the multiple post-CON $50-million MIM's ("lines of credit") that we can apply to the management of Britney's pre-CON finances?

[LikeShatteredGlass]

1 hour ago, Steel Magnolia said:

Near the middle of the thread we identified two areas pre-CON that might have been leaking like a sieve:

1. Britney Touring, Inc. (approx. five branches)
2. The Britney Spears Foundation

We also found a number of business managers overseeing various LLC's spread out over time, leading up to the CON.

Have we learned anything from the discovery of the multiple post-CON $50-million MIM's ("lines of credit") that we can apply to the management of Britney's pre-CON finances?

More dead ends. 

Tax lien on Britney Brands Inc (which I believe you had as part of Britney Touring) in 2009 for the second, third, and forth quarters of 2008 and first quarter of 2009, but it’s only a few hundreds dollars, so nothing to raise eyebrows. Nothing in there for Britney Touring or The Britney Spears Foundation. Couple of deeds, an easement, and lease linked to Bridgmore Timber but all during the con and for fairly small amounts of cash. Searched the other related brands but nothing there.

Name change in 2005 for something called Develop & Design Build Inc. to Spears Management Inc.

Develop & Design was incorporated in 2000 by Jamie Spears, had a couple of small tax liens. Have we heard of Develop & Design before? 

[Steel Magnolia]

35 minutes ago, LikeShatteredGlass said:

More dead ends. 

Tax lien on Britney Brands Inc (which I believe you had as part of Britney Touring) in 2009 for the second, third, and forth quarters of 2008 and first quarter of 2009, but it’s only a few hundreds dollars, so nothing to raise eyebrows. Nothing in there for Britney Touring or The Britney Spears Foundation. Couple of deeds, an easement, and lease linked to Bridgmore Timber but all during the con and for fairly small amounts of cash. Searched the other related brands but nothing there.

Name change in 2005 for something called Develop & Design Build Inc. to Spears Management Inc.

Develop & Design was incorporated in 2000 by Jamie Spears, had a couple of small tax liens. Have we heard of Develop & Design before? 

What a great find!

I had a different date in the Timeline...I'll have to dig up my source to see why I had it marked down as 2006. 

Key Date:

Dec. 11, 2006 - Spears Management, Inc. is incorporated in California with a mailing address listed in Kentwood, LA.

[Steel Magnolia]

We now have this little run of events...

Key Dates:

Aug. 21, 2004 - James P. Spears is released from a rehab facility in Malibu after being treated for alcohol addiction.

Oct. 6, 2004 - Britney legally marries Kevin Federline after both parties hash out a pre-nuptial agreement.

Oct. 6, 2004 - Britney fires manager Larry Rudolph.

Nov. 2004 - James P. Spears buys a smoothie shop named "JJ Chill" in Venice with investor Joseph Nejman.

Jan. 6, 2005 - Gossip blogs report that Britney hires Dan Dymtrow, a former apprentice of Larry Rudolph at ReignDeer Entertainment, to manage her career. 

Jan. 15, 2005 - Billboard reports that Dan Dymtrow is not managing Britney, but remains part of her "team" while working in the same capacity as he did prior to Larry Rudolph's departure.

Jan. 18, 2005 - James P. Spears changes the name of his company "Develop & Design Build, Inc." to "Spears Management, Inc." James is the President and sole shareholder. The documents are signed in Venice, California.

[Steel Magnolia]

Note that back in the Year 2000, the address of "Develop & Design Build, Inc." is...

210 1st Street, Kentwood, LA 704444

That's the same address as the piece of land that Bryan Spears took out the $50-million mortgage for.

 

[Steel Magnolia]

On 5/26/2019 at 10:32 PM, Meaner03 said:

In Peter Falk's conservatorship mess of a case, the attorney Troy L. Martin involved is the same attorney "Troy Martin" who worked hand in hand with Samuel Ingham on Casey Kasem's case that lead to his death 

 

Also the company "Spears Management Inc" he uses to make payment for the Las Vegas residency along Atara Tours Inc as claimed on the court paper when he asked for a raise, is not and was never a Britney company, it was one of his old company he used when he worked in the building, it was called DEVELOP & DESIGN BUILD, INC and he changed the name in 2005; look at him now using his old building company on Britney's business so he doesn't have to use one of her old one...

 It also seems that his company White Transport LLC has been used to rent/buy/sell cars at Britney's expenses of course, i hope i will find more about this very soon .

Meaner mentioned "Develop & Design Build, Inc." back in May of 2019.

[Steel Magnolia]

Does the theory that the various managers hired the various business managers still hold?

Who were Britney's managers over the years?

Jan. 1999 to Feb. 2003 - Johnny Wright
July 2003 to Oct. 2004 - Larry Rudolph
Jan. 2005 - Unknown - Dan Dymtrow
Jan. 2006 - Apr. 2007 - Larry Rudolph
Oct. 2007 - Feb. 2008 - Sam Lutfi
Mar. 2008 - July 2021 - Larry Rudolph

Can we roughly match those with the following business managers?

Stacy Smith
Burt Paddell
Todd Gelfand
Richard Feldstein
Howard Grossman
Lou M. Taylor
Michael Kane

Is there anyone I'm missing?