Ritchie Column 9 01

[Midge538]

http://www.orlandosentinel.com/news/local/lake/os-lk-lauren-ritchie-villages-bond-di20100901,0,1664810.column

[Number 6]

Meanwhile, an IRS appraiser from Palm Beach County came tocalculate the value of what the district bought from the developer with the bond money. Part of the dispute involves the IRS contention is that the developer made as much as 700 percent profit, which Servadio said would never have happened if the developer hadn't controlled the district.

One thing that she gets wrong. The residents north of 466 did not buy the hard assets (rec centers, executive courses) from the Developer. They bought the ability to collect $135 (or so) per month from the residents. The fair market value is simply the net present value of that flow of money. I guess that even the IRS does not understand that. Ms. Ritchie certinaly doesn't.

[Xavier]

http://www.orlandosentinel.com/news/local/lake/os-lk-lauren-ritchie-villages-bond-di20100901,0,1664810.column

Ouch, a little late on the news flash Midge - like maybe 14 hours. No new news there. Same old garbage. Not worth the time that it takes to read it. If anyone subscribes to the Orlando Sentinel, it's time to send a message and drop the rag.

X

[18togo]

And skirted some other issues that we have seen discussed here. As GG shows in another post, Lauren Ritchie is a member of this board, and must read the responses. This was more of a fact based article, even if you disagree with the facts. That is, I think, a direct result of what people on here have had to say. Keep up the good work TOTV! :eclipsee_gold_cup: