SUBSCRIBE to Capitol Fax      Advertise Here      Mobile Version     Exclusive Subscriber Content     Updated Posts    Contact
CapitolFax.com
To subscribe to Capitol Fax, click here.
Strange transaction; Plus a couple of Rezko updates

Thursday, May 29, 2008

* What the heck is up with this?

Jeffrey Duerwachter isn’t a player in Chicago real estate. He doesn’t even own a home. Duerwachter, 39, lives with his parents in Wilmette. He did OK last year at work, making $1,756 a week working on the set of the new Batman movie filmed in Chicago.

But he did even better investing, making a $413,000 profit by buying and immediately reselling a historic South Loop building that once housed the Chicago Defender, the city’s biggest African-American newspaper. And he did it all in one day — June 8.

Duerwachter reportedly paid $3.72 million for the building and a vacant lot, and flpped it the same day to a company owned by Matthew O’Malley.

Remember him? O’Malley’s the guy who runs the Park Grill Restaurant in Mayor Daley’s prized Millenium Park. As the Sun-Times notes, this deal became controversial “after the Chicago Sun-Times disclosed in 2005 that O’Malley and his partners won the 20-year deal with the Chicago Park District to run the restaurant while he and a top park district official, Laura Foxgrover, were romantically involved and having a child.”

* Anyway, back to the real estate flip…

O’Malley bought the property with three loans — including $1 million in city pension funds managed by DV Urban Realty Partners, a company co-owned by Mayor Daley’s nephew, Robert Vanecko, and one of Daley’s key African-American allies, Allison S. Davis. This was one of the investments Davis and Vanecko made after their newly created company was hired to manage $68 million for five pension funds for city workers, police officers, Chicago teachers and CTA workers.

Gee, I wonder if something’s hinky there.

* Meanwhile, Tony Rezko has more legal trouble

Antoin “Tony” Rezko, who is standing trial on federal corruption charges in Chicago, is wanted in Las Vegas for failing to pay $472,275 in gambling debts to Caesars Palace and Bally’s and related processing fees to the Clark County district attorney’s office. […]

At Caesars, between March 25 and July 14, 2006 Rezko cashed a $195,000 personal check that came back for insufficient funds and was given $55,000 in markers on four other occasions, according to the complaint. He also was given four markers totaling $200,000 on July 13, 2006, at Bally’s, the complaint said.

* Duffy responds

[Rezko defense attorney Joe Duffy] said Rezko had “old debt” in Nevada with two casinos that is covered by a settlement agreement. “Why they decided to issue a warrant, I do not know,” Duffy told the Tribune late Wednesday.

* And the Rezko jury is taking its own sweet time

All told, it has taken the jury of 10 women and 2 men more than two weeks to deliberate for a combined 6 1/2 days. With this week book-ended by a holiday and a day off on Friday, jurors could confer for as little as 2 1/2 days.

Rezko is facing 24 counts, so the jury has so far deliberated an average of 2.2 hours on each count.

* Somewhat related…

* NU grads say Daley too small for big day

* Expediters’ role under federal scrutiny at latest City Hall probe

* Children’s Museum lists rejected sites: Reilly noted that Children’s Museum vice president Jim Law, Daley’s former special events director, has spent the last year insisting that Grant Park was the “only location considered.'’ “Now we’re supposed to believe he wasn’t telling the truth. The museum team is running dangerously low on credibility,'’ Reilly said.

* Children’s Museum lists 37 alternate sites

* Stroger gets backing for final 4 for hospital oversight board

* Sangamon County State’s attorney candidate wants to create anti-corruption unit

* Senator’s Pension More Than Former Salary

* Jurors send mixed signal on Rezko deliberations

- Posted by Rich Miller        


13 Comments
  1. - Ghost - Thursday, May 29, 08 @ 8:55 am:

    Typo in a name, Luerwachter I beleive is Duerwatcher.

    Who sold their building to a guy with no finanicng or apparent ability to pay? This smacks big time of somthing hinkey. It looks like they used him as a straw man to hide or break the connection between the buy and the seller. He was paid well for it as well. That or they are laundering money.


  2. - Plutocrat03 - Thursday, May 29, 08 @ 8:56 am:

    How many other real estate deals like this are there? Wasn’t this called a straw man transaction?

    This may be an example of the type of deal that keeps the Mayors allies happy and tightly aligned with the interests of the Democratic party rule.

    $$$$ rule, others drool…..


  3. - Anon - Thursday, May 29, 08 @ 9:21 am:

    If Blago did not know the Ronen’s pension bump and how it would impact her and the citizens he is stealing from then he must not know the pension system. What a sad state of affairs!


  4. - Pot calling kettle - Thursday, May 29, 08 @ 9:42 am:

    Why didn’t anyone call me? I’d be happy to flip a property for half that.

    For a straw man call…(maybe I should take out an ad somewhere)


  5. - wordslinger - Thursday, May 29, 08 @ 9:53 am:

    Great story in the Sun-Times. What a cast of rogues. I’m glad Mr. Sengstacke isn’t around to witness his legacy being picked over by this crew of hustlers.

    Rezko must be one smooth talker to run up all those markers. And bouncing a $195,000 personal check? Talk about testicular virility. What a character. Can you imagine trying to keep all those deals straight in your head all the time?


  6. - OneManBlog - Thursday, May 29, 08 @ 9:58 am:

    I have no idea who my graduation speaker was. Then again December LA&S graduation at NIU (I was a CompSci major, not an English major obviously) wasn’t exactly a hot ticket.

    I think the kid should be happy he got a degree from NU and should not be getting his briefs in a bunch over the speaker.


  7. - A Citizen - Thursday, May 29, 08 @ 10:33 am:

    Was Chris Kelly with Rezko in Nevada when he ran up those gambling debts? Sounds like Tony used the Kelly theory of gambling - or perhaps money laundering?


  8. - GofGlenview - Thursday, May 29, 08 @ 11:06 am:

    Rezko. Wow.


  9. - Vote Quimby! - Thursday, May 29, 08 @ 11:13 am:

    Broadway Bank comes up again…..and Alexi is the “change” candidate?


  10. - The Doc - Thursday, May 29, 08 @ 11:36 am:

    Quimby, good and often overlooked point about Broadway Bank. Alexi isn’t a rags-to-riches story, and his resume certainly does not reflect that of a reformer, primarily because he’s new to the game. He has the Obama good luck charm, a nice jump shot, and youthful exuberance, whatever that means.

    Not saying he’s doing a poor job (he isn’t) or that he shouldn’t be considered for higher office at some point (he should), but all of this fawning over a 30-something family banker is a bit of a head-scratcher.

    Summary: Considering the asset size of Broadway Bank and its share of the Chicago banking market, its name does surface quite a bit, and not necessarily for the right reasons.


  11. - Chanson - Thursday, May 29, 08 @ 2:13 pm:

    Is it common practice for juries to dictate the days and hours that they will meet?


  12. - nino - Thursday, May 29, 08 @ 2:44 pm:

    chicken feed.


  13. - GofGlenview - Thursday, May 29, 08 @ 4:59 pm:

    Well, considering the Nevada info maybe those that have taken part in this poll might want to change their vote:

    http://snappoll.com/poll/272293.php


Sorry, comments for this post are now closed.


* Baked into the cake
* Dunkin becomes issue in Metro East race
* More Rauner TV
* "Child's play" to hack state database
* Elected Chicago school board discussed
* *** LIVE COVERAGE *** Pat Quinn remap press conference
* Man who threatened Rauner gets misdemeanor charge, receives probation
* Governor asked how he sleeps at night
* Munger hit on two online fronts
* SUBSCRIBERS ONLY - Supplement to today’s edition
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* *** UPDATED x1 - ILGOP slams Quinn *** On this point, I agree with Pat Quinn
* Yesterday's blog posts

Support CapitolFax.com
Visit our advertisers...

...............

...............

...............

...............

...............

...............
<


Search This Blog...

Search the 98th General Assembly By Bill Number
(example: HB0001)

Search the 98th General Assembly By Keyword

  
* Best Samsung Galaxy Note 7 cases
* This is the first Samsung Exynos chip that won’t need a separate modem
* Samsung’s next flagship to see significant camera changes
* Sources: HTC-made “Nexus” will be “Google” phones
* Wayfair snatches up Boston startup Trumpit to bring photo & video messaging to its mobile app
* Samsung’s newest processors have full network connectivity built-in
* Hello will begin selling its Sense sleep tracker at Best Buy and Target

* Adams among top prospect performers Monday
* Late HR spoils Saladino's heroics, Shields' start
* Shields ends August in promising fashion
* White Sox try to solve Norris, make up ground
* Late HR spoils Saladino's heroics, Shields' start
* Eaton shakes off HBP; Lawrie remains in limbo
* Hit in 57 games, win $5.6 million

...............


Main Menu
Home
Illinois
YouTube
Pundit rankings
Obama
Subscriber Content
Durbin
Burris
Blagojevich Trial
Advertising
Updated Posts
Polls

Archives
August 2016
July 2016
June 2016
May 2016
April 2016
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
February 2015
January 2015
December 2014
November 2014
October 2014
September 2014
August 2014
July 2014
June 2014
May 2014
April 2014
March 2014
February 2014
January 2014
December 2013
November 2013
October 2013
September 2013
August 2013
July 2013
June 2013
May 2013
April 2013
March 2013
February 2013
January 2013
December 2012
November 2012
October 2012
September 2012
August 2012
July 2012
June 2012
May 2012
April 2012
March 2012
February 2012
January 2012
December 2011
November 2011
October 2011
September 2011
August 2011
July 2011
June 2011
May 2011
April 2011
March 2011
February 2011
January 2011
December 2010
November 2010
October 2010
September 2010
August 2010
July 2010
June 2010
May 2010
April 2010
March 2010
February 2010
January 2010
December 2009
November 2009
October 2009
September 2009
August 2009
July 2009
June 2009
May 2009
April 2009
March 2009
February 2009
January 2009
December 2008
November 2008
October 2008
September 2008
August 2008
July 2008
June 2008
May 2008
April 2008
March 2008
February 2008
January 2008
December 2007
November 2007
October 2007
September 2007
August 2007
July 2007
June 2007
May 2007
April 2007
March 2007
February 2007
January 2007
December 2006
November 2006
October 2006
September 2006
August 2006
July 2006
June 2006
May 2006
April 2006
March 2006
February 2006
January 2006
December 2005
April 2005
March 2005
February 2005
January 2005
December 2004
November 2004
October 2004

Blog*Spot Archives
November 2005
October 2005
September 2005
August 2005
July 2005
June 2005
May 2005

Syndication

RSS Feed 2.0
Comments RSS 2.0
WordPress

Loading


* For Lawmakers, The Check Is On The Way – WSIU..
* Illinois Gov. Rauner appears on WGN for 1st tim.....
* Illinois Gov. Rauner appears on WGN for 1st tim.....
* Rauner talks about IL Board of Elections hack -.....
* Lawmaker Pushes to Override Rauner's Veto of Ch.....
* Rauner signs bill to discourage incarceration f.....
* Excerpts from recent editorials in newspapers i.....
* Excerpts from recent editorials in newspapers i.....


* Data: Illinois prison population decreased since 2014
* High water limits parking, closures possible at Starved Rock
* Civil rights groups want road near pipeline protest reopened
* Excerpts from recent editorials in newspapers in Illinois
* U of Illinois names first dean of new medical school
* Parents, coaches try to recognize brain injury in athletes
* EXCHANGE: Student sees benefits of 'Pokémon Go'
* Chicago mayor to unveil plan for new police oversight agency
* 3 Illinois cities receive federal grants to help police
* New U of Illinois chancellor will start work a little early

* State lawmaker proposes cracking down on Pokemon Go sites
* Ex. Illinois Gov. Quinn unveils redistricting reform plan
* Data: Illinois prison population decreased since 2014
* New law: No pensions for new county board members
* Rauner vetoes bill raising caregivers' minimum wage
* FBI warns of possible state election-system hacks; Illinois reported breach in July
* Thirty-year-old SNAP overpayments still being collected
* Despite budget warnings from Rauner, TRS board votes to lower investment estimates
* Progress on U.S. 67 sputters due to lack of funds
* New law makes insurance companies find, pay beneficiaries

* Speed traders in talks to build Chicago-to-Japan microwave link
* A new shop for ethically sourced and lab-grown diamonds
* The next M&A targets? Alzheimer’s, Parkinson’s drugs
* The next M&A targets? Alzheimer's, Parkinson's drugs


* Ex-Blaine principal, a fierce Rahm critic, resigns
* Wednesday Letters: Rage and praise for a protesting quarterback
* SEIU local, in turmoil, to march on Rahm’s office
* Starved Rock/Matthiessen: Labor Day weekend parking/use alerts
* Jazz legend Candido Camero among Chicago Jazz Festival highlights
* Opinion: Charter school greed no worse than regular school greed
* Law clerk allowed to act like judge has been fired
* Chicago laundromat customers to get soaked by Emanuel water tax
* USDA closes offices in 5 states after threats
* Podcast: Three unanswered questions facing Bears


* Illinois emergency room visits increased after Obamacare, study says
* Chicago gangs no longer know or fear the police, and bodies pile up
* EU orders Apple to pay up to $14.5 billion in back taxes
* U. of I. dethroned as top party school
* Law clerk accused of pretending to be judge is fired
* Rousseff fails to sway Senate in trial for political life
* Benghazi emails involving Clinton recovered by FBI, State Department says
* Joe Walsh and Illinois director of Trump campaign to speak at GOP event in Park Ridge
* EpiPen maker gave CEO more than $5 million to cover personal US tax bill
* White Sox ballpark's new name continues Hinsdale connection


The widget AQL4JYGHIY powered by Feed Informer does not exist.


* State lawmaker proposes cracking down on Pokemon Go sites
* Ex. Illinois Gov. Quinn unveils redistricting reform plan
* Data: Illinois prison population decreased since 2014
* New law: No pensions for new county board members
* Kathleen Parker: The GOP's Trumpian deflation
* Their View: Shameful abandonment of Iraqi, Afghan allies
* Rauner vetoes bill raising caregivers' minimum wage
* FBI warns of possible state election-system hacks; Illinois reported breach in July
* Thirty-year-old SNAP overpayments still being collected
* Heather Eagleton: Ending 'step therapy' puts patients first


* Why EU's tax probe of Apple and others is raising U.S. ire
* Two dead after car crash in Metropolis
* Police investigating stabbing in Harrisburg
* Bike race marred by crashes when riders hit tacks
* 5 family-owned businesses in central Illinois
* Body found after fire in Carbondale
* College of Medicine dean: 'I would drop anything to join this effort'
* Noon update: Madison Keys, river levels and Disney on Ice
* 08-30-16 Penny for Your Thoughts
* Quinn proposes new redistricting plan


* Murder charges dropped in 2015 shooting of Aurora teen
* 'Gut feeling' helps land Illini golf Pieters on Ryder Cup team
* WNBA honors Tamika Catchings with leadership award
* Forest district to return human remains to Native American group
* Sun-Times: Emanuel on suspects in Wade family shooting

* House lawmakers overcome hurdle on key tra...
* Rodney Davis talks funding with Bloomingto...
* The agency that fought Illiana gets a new ...
* Rep. Dold takes educational cruise down Ch...
* Lawmakers decry high turnover rate of VA h...
* CBD Oil, and politics
* Simon considering state Senate bid
* Killer Congressman Tom MacArthur trying to...
* Shutdown? State may not notice
* Rep. Bob Dold

* Aroma Park to get grants, loan for sewer p......
* Millions to Help Central Illinois Head Sta......
* 3 Illinois cities receive federal grants t......

* Tammy Duckworth Attacks Mark Kirk for Bein......
* Duckworth goes on the attack over free tra......

* Heartland hosts tribute to Illinois conservative patriot Elizabeth A. Clarke
* Schakowsky challenger gains Speaker Paul Ryan's endorsement
* Illinois online voter registration hack becomes national news
* Former City Official Given 10 Year Sentence In Red Light Camera Bribery Scheme
* “The Driver’s Side” – News From The Motorist’s Perspective
* When it comes to law enforcement, some things change while others do not
* An ode to Sam’s.
* Cartoon of the Day - 8/29/16 Trump Chicago shooting
* Cartoon Of The Day
* Cartoon of the Day - 8/26/16 Trump bigotry


* Statement on Redistricting Referendum
* Rauner Administration Takes Action to Help Illinoisans Find Lost Life Insurance Money
* Illinois Residents Encouraged to Register for ‘The Great ShakeOut’ Earthquake Drill - 'Drop, Cover and Hold On’ Drill Set for October 20
* Governor Takes Bill Action
* Illinois Seeking Flexibility to Improve Delivery of Behavioral Health Care




      Hosted by MCS SUBSCRIBE to Capitol Fax Advertise Here Mobile Version Contact Rich Miller