Capitol Fax.com - Your Illinois News Radar » Strange transaction; Plus a couple of Rezko updates
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.


* Open thread
* DHS slammed after care disrupted for "thousands" of mentally ill
* Mendoza wants emergency Deloitte contract review
* The plot thickens on Rauner's AV
* SUBSCRIBERS ONLY - Important update and a supplement to today’s edition
* Frerichs: Don't use new federal rules on 529 programs for state taxes
* "Watchdog" flatly denies getting money from Illinois Policy Institute, but group funded 98 percent of budget
* Governor promised "superstar" appointee a year ago, hasn't delivered
* Chicago survives the first cut in Amazon HQ2 sweepstakes
* Rauner to air entire Blagojevich/Pritzker audio this weekend
* Adlai III endorses Biss
* SUBSCRIBERS ONLY - Today's edition of Capitol Fax (use all CAPS in password)
* Yesterday's stories

Support CapitolFax.com
Visit our advertisers...

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

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

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

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


Loading


* Mendoza wants emergency Deloitte contract revie.....
* Illinois governor to air ad of rival, Blagojevi.....
* Gov. Rauner to air ad of JB Pritzker and Rod Bl.....
* Illinois governor to air extended ad of rival, .....
* New Rauner campaign ad includes 11-minute Pritz.....
* Gov. Rauner to air ad of JB Pritzker and Rod Bl.....
* Illinois governor to air ad of rival, Blagojevi.....
* Illinois governor to air ad of rival, Blagojevi.....
* Illinois governor to air ad of rival, Blagojevi.....


* Lawyers support man's lawsuit in wrongful murder conviction
* U of Illinois withdrew 35 job offers after background checks
* Chicago makes Amazon's finalist list for second headquarters
* Chicago man dies 4 years after suffering gunshot to head
* Man freed from prison after 23 years fails drug test
* Rockford mayor says he'll seek limits to home rule powers
* Congresswoman collecting Valentine's Day cards for veterans
* Chicago trader accused of killing friend, dumping body
* Illinois sheriff helping people find opioid antidote drug
* Judge keeping some documents secret in Hastert lawsuit

* Frerichs: Can't get tax break for using college savings plan on private K-12 tuition
* Illinois governor to air extended ad of rival, Blagojevich on wiretap
* Chicago a finalist for Amazon's second headquarters
* 2 Illinois governor candidates spend $26M in last 3 months
* 2 Illinois governor candidates spend $28M in last 3 months
* Statehouse bill would connect rural schools to high-speed internet
* Statehouse bill would connect rural schools to high speed internet
* Education officials want to double state budget for schools
* University of Illinois trustee seat has been empty a year
* Rauner campaign: 'Governor believes David Duke is a racist'

* Chicago makes first cut for Amazon HQ2
* Vending machine food that's good for you? Yes, really.
* Here's Latinicity's new sit-down restaurant
* Paul Vallas says he's 'seriously considering' running for mayor
* Poll finds Rauner way ahead of GOP challenger


* Justice man gets 10 years for manufacturing synthetic pot
* Mel Kiper Jr. has Bears taking Calvin Ridley at No. 8
* American adding shuttle flights between Chicago and New York
* Hacking campaign linked to Lebanese spy agency: researchers
* Chicago’s Sun Wah restaurant named a James Beard ‘classic’
* Developer says it’s moving forward with Keystone XL pipeline
* Senate Dems question legality of Trump work requirements
* Trump protecting medical providers who oppose abortion
* Even without El Nino last year, Earth keeps on warming
* US marshal shot, killed while serving warrant


* After nearly a decade, 'CPS Obsessed' creator retires popular blog
* Amazon HQ2 contenders down to Chicago, 19 other cities
* Trump insists views on border wall have not 'evolved,' contradicting his chief of staff
* Trump tweets create confusion for Republicans trying to avert government shutdown
* 'What am I going to do with ... scores from two years ago?' State finally releases 2016 science test results
* Dylan Farrow describes alleged Woody Allen assault in first TV interview
* Man to plead guilty today in stabbing death of DuPage teen in 1985, prosecutors say
* LINDA C. BLACK HOROSCOPES for 1/18/18
* Alderman wants to remove domestic violence, sex crimes from city problem building tally
* Morning Spin: Even after tax hike, Illinois education board wants double the money


» A Prescription For Fruits And Veggies: One Solution To Food Insecurity in Illinois
» A Call For Transparency
» 2 Illinois Governor Candidates Spend $26M In Last 3 Months
» State Board of Education: Double School Funding Now
» Lawmakers Demand Fast Internet For Rural Schools
» 2 Dreamers Discuss Helping Other Immigrants Amid Uncertainty
» Rauner Spokesman: 'Governor Believes David Duke Is A Racist'
» Rauner Signs Law To Help Women Behind Bars
» A Poor Neighborhood In Chicago Looks To Cuba To Fight Infant Mortality
» Democratic Candidates In Lockstep At Justice Forum


* Frerichs: Can't get tax break for using college savings plan on private K-12 tuition
* Illinois governor to air extended ad of rival, Blagojevich on wiretap
* Chicago a finalist for Amazon's second headquarters
* 2 Illinois governor candidates spend $26M in last 3 months
* Our View: Focus on cost-cutting, then turn to taxes
* 2 Illinois governor candidates spend $28M in last 3 months
* Statehouse bill would connect rural schools to high-speed internet
* Education officials want to double state budget for schools
* University of Illinois trustee seat has been empty a year
* Rauner campaign: 'Governor believes David Duke is a racist'


* Moore? Noe? Finke? Bevy of options for Player of Year
* Likas' Ballot Breakdown: SJ-O, Milford boys enter discussion
* Amanda's picks: 6 things to do this weekend
* Big story: At Joe's, 50 years of haircuts and life lessons
* Food fare: McLean County restaurant inspections Dec. 1-15
* IDOT displays plans for Chain of Rocks Bridge replacement during meeting
* Most agree Chain of Rocks bridge needs replaced, but right now there’s no money
* Bulldogs easily pin Hilltoppers in dual meet
* Suspect arrested in connection with rural Fayette County killing
* Public salaries: Look up how much government workers are paid


* Prosecutors: Sex offender to plead guilty to 1985 slaying of Kristy Wesselman
* Stars turn out for swansong of Louis Vuitton designer
* Bill Snyder's 22-year-old grandson found dead in Manhattan
* Olympic win in view from Korean unity at Pyeongchang Games
* Chicago makes top 20 for Amazon HQ 2

* Subcommittee on Financial Institutions and...
* Lawmakers back renaming Warrenville post o...
* Teacher raised in Yorkville running agains...
* Tioga State Bank president and CEO address...
* Kane County assessor: No guarantee your ta...
* Dissident artist Ai Weiwei and US Rep. Ran...
* Suburban Democrats line up to challenge Ro...
* Hultgren joins fellow lawmakers fighting t...
* This RSS feed URL is deprecated
* Letter: Talk to tax preparer about GOP tax...

* This RSS feed URL is deprecated...
* Senator Durbin: “It doesn't bother me one ......

* This RSS feed URL is deprecated...
* WHIP COUNT: Senate vote on shutdown looks ......

* Chicago's ‘clusters’ of unsolved strangling deaths near Washington Park and Garfield Park, and other news
* From the archive: Remembering radio storyteller Joe Frank
* City Announces Start Date (2019) And Staging Area (Parking Lot) For Complete Rebuild of the Lawrence Red Line Station
* CBS Chicago: Englewood school plan still a tough sell
* Michael Wolff’s Fire and Fury, and the question of when we get to say the hell with the rules
* Kalak is a vodka that drinks like whiskey
* City Council Approves Cappleman-Sponsored Program To House Homeless
* Life In Chicago: Grant Fraud, Boot Bribery & Unnecessary OT
* Can The Winter Olympics Save The World?
* Gutierrez offers Kelly an apology, and all it took was the White House chief of staff implying Donald Trump, misspoke


* Illinois Awarded Funds to Offer Advanced Training on Detecting Impaired Driving
* Illinois EPA Announces Upcoming Household Hazardous Waste Collection Events
* IEMA Highlights Emergency Preparedness for People with Access and Functional Needs in May - Ready Illinois website offers preparedness tips for people, caregivers
* First Lady Launches Illinois Family Connects
* Governor and Lt. Governor Unveil 2016 Journal of Local Government Shared Service Best Practices

  
* AT&T, Verizon, and T-Mobile Tout Boosted Cellular Capacity Across Twin Cities in Anticipation of Super Bowl LII
* HMD confirms date and time for MWC 2018 launch of ‘awesome’ new Nokia phones
* Google Fi’s new Bill Protection feature brings savings and “unlimited” data
* Switch to Cricket Wireless, and get a free new Alcatel Verso or old LG Fortune
* These are the Xiaomi devices that will get the MIUI 9 update
* Newly published Samsung patent imagines phones with ‘hole areas’ rather than a notch
* 18% off travel adapter compatible in 150+ countries

* Collins ranked MLB's No. 9 catching prospect
* With maturity comes lofty expectations for Eloy
* Pirates rebuild not met with enthusiasm
* Moncada guiding Robert during mini-camp
* White Sox announce player development staff
* Robert at ease during Sox hitters mini-camp
* Moncada guiding Robert during mini-camp


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

Archives
January 2018
December 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
April 2017
March 2017
February 2017
January 2017
December 2016
November 2016
October 2016
September 2016
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




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