Quote:
Originally Posted by Taj44
The Morse's interpretation of CDD may have given us a nice lifestyle, but if it is an illegal interpretation, as determined by the courts, it doesn't do us much good. What good is a castle if it is built on quicksand?
It just appears to me that the Morse's tweaked the interpretation of the CDD definitions to benefit themselves financially. Not a problem - this is what business people do. But if it is deemed illegal at some point in the future, I just hope the residents aren't left holding the bag. Bike42 thinks the Morse's will settle up so the residents aren't harmed. I have a feeling that if it involves handing over millions of dollars, the Morse's won't pony up. It was to their advantage when the tornado went thru - they were in the business of selling homes and they wanted things to look good for prospective buyers. When its time to settle up with the IRS, the development will most likely be finished and I'm guessing the Morse's will have sold out and moved on to their next business venture. Call me jaded, but I think whenever large sums of money are involved, not so good things happen.
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“I have a feeling that if it involves handing over millions of dollars, the Morse's won't pony up.”
I have known a few millionaires in my day none as successful as the Morse’s however. They all had one thing in common; none had large sums of money laying around. Millionaires do not put money in the bank to collect a half percent interest. They tend to reinvest money back into what made them money in the first place. If a business man can make an investment of one million by putting down $100,000 and borrowing $900,000 at 6% interest to make a 200% profit he will.
Two points Morse does not have the money to give to the IRS. His money is invested in what he knows best, and Team Tutt is the IRS target.
Bank accounts are insured to $250,000.