[mickey100]

Originally Posted by Advogado

The December issue of the POA Bulletin has an update: http://www.poa4us.org/bulletins_file...etin201212.pdf

Thanks Advogado. That issue of the POA also has info about the Parades being cancelled and the POA's actions trying to determine the reasons for the cancellations; and also the bond payoff interest refund update.

[EdV]

Originally Posted by Advogado

A correction, or maybe clarification of the above: Neither the Morses nor the Developer (the Morse's corporation) is a party to the IRS proceeding. The defense attorneys are representing the two Center Disticts (which own our amenities). The fees of those attorneys are being paid, in essence, by those Center Districts out of our amenity fees.

That’s not correct. Not all of the amenities are owned by the two special districts. Some are still owned by Morse’s myriad companies and his management companies charge the district for their services. And although he has sold some of the amenities to those districts, his companies still own the majority of the remaining property in those districts, so he appoints the board members, has full control of those two districts, and is very much a party to these procedings.

In fact, it’s this “single point of control” that is at the heart of the latest “technical advice” finding issued by the IRS Chief Counsel.

Furthermore the National Association of Bond Lawyers (“NABL”) has responded with serious concerns about the potential for this latest twist to undermine the market for Special District bonds issued here in Florida and elsewhere in the country, both past and present.

[graciegirl]

Originally Posted by EdV

That’s not correct. Not all of the amenities are owned by the two special districts. Some are still owned by Morse’s myriad companies and his management companies charge the district for their services. And although he has sold some of the amenities to those districts, his companies still own the majority of the remaining property in those districts, so he appoints the board members, has full control of those two districts, and is very much a party to these procedings.

In fact, it’s this “single point of control” that is at the heart of the latest “technical advice” finding issued by the IRS Chief Counsel.

Furthermore the National Association of Bond Lawyers (“NABL”) has responded with serious concerns about the potential for this latest twist to undermine the market for Special District bonds issued here in Florida and elsewhere in the country, both past and present.

Ed...why the change of name?

[mickey100]

Originally Posted by EdV

That’s not correct. Not all of the amenities are owned by the two special districts. Some are still owned by Morse’s myriad companies and his management companies charge the district for their services. And although he has sold some of the amenities to those districts, his companies still own the majority of the remaining property in those districts, so he appoints the board members, has full control of those two districts, and is very much a party to these procedings.

In fact, it’s this “single point of control” that is at the heart of the latest “technical advice” finding issued by the IRS Chief Counsel.

Furthermore the National Association of Bond Lawyers (“NABL”) has responded with serious concerns about the potential for this latest twist to undermine the market for Special District bonds issued here in Florida and elsewhere in the country, both past and present.

I can see why the IRS would take issue with this. That doesn't seem to be the original intent of the law.

[EdV]

Originally Posted by graciegirl

Ed...why the change of name?

Because I no longer live in Massachusetts so I thought I'd keep it simple.