Propaganda War part two

Much has been made of the facts behind Riveroak's bid to become a CPO partner and a lot of misinformation has been put out into the public domain. Some I dealt with in the previous blog "Propaganda War" You can read that here.

To continue the theme of misinformation:

They have Billions, They not into building houses.

Strange then that this is the combined balance sheet they sent TDC when they were asked to provide financial information.

Assets include the property included in each of the 3 funds currently in force and amounts to $221948000 ($222M). So pretty asset rich, however their cash in bank is $1.6M which isn't a huge amount of money.
Their liabilities (money owed to others) shows RO owe $157706291 ($158M) to mortgage companies with a further $67M owed to Investor funds and retained earnings.
Overall they have most of their funds tied up in property with little available for the current project. This asset mix is overstated due to them not removing an item subject to an ongoing court case. Hardly a prudent thing to do.

This last also shows that they are into building seeing as this was an empty building plot with extant planning permission that went pear-shaped because they undermined the foundations of the next door property.

So if, as the pro supporters would have you believe, they aren't into property why does is say Commercial Real Estate?

They ran Dallas Fort Worth Airport:
Really?

They have a AAA+ rating
Do they really? Hardly as I pointed out the A rating paid for because they use the "Better Busines Bureau" which is as a Real Estate company. There is also some muddying of the waters because Orix Aviation has a Moody's rating but this is nothing to do with Riveroak despite a lot of effort in tying the two companies together in the same breath.

Tony Freudmann has been involved in running airports for many years.
This is his bio from Riveroak's website:

However what the bio ignores is the failure at every airport and the shattered lives he left behind during his stripping of their assets during which he managed to pay himself handsomely.
What it also ignores his his ignominious end to his career of Leader of Shropshire Council, Part time judge and a lawyer because he admitted to 27 counts of misappropriation of clients money.

Riveroak have stuck to their guns despite the actions by TDC

Interesting comment this seeing as my last post shows their potential for being profitable is razor thin at best however when you look at Freudmann's prior history and his approach to TDC planners at the end of 2013 as MD of Annax Aviation (He asked them if they would encourage his plans to build 1000 homes on the Northern grass) it seems maybe an airport isn't what he wants. Riveroak state on their website:

So simple mathematics 1000 houses at an average £250K equals £250M now thats much more profitable so why cannot Freudmann be a tad more honest. No wonder the pro supporters would like these points suppressed.