Cordillera’s $95 Million Lawsuit and the D.E.A.

by Trump, Bernanke and Clayton Moore

A reasonable Eagle County, Colorado resident – might ask him/herself how the massive Cordillera Lawsuit announced last week “affects me”.

The ECT will show you.

1 – A quick check of a local Real Estate site this past weekend currently lists 171 Cordillera Single Family homes for sale and 80 Cordillera Condos and Townhomes currently on the local market.  (Click Here)  How will this effect local Realtors formerly 700+ strong?  If your buyer needs a mortgage for his Cordillera purchase that lender will legally need to be notified that any purchased property is automatically a member of the Cordillera Property Owners Association – and that Association is now named as a Defendant in that lawsuit.  (Click Here)

2 – Now consider the local folks that work in Title Companies, some local lawyers that make their living writing Real Estate contracts and again local Mortgage Brokers.  Sales haven’t gotten any easier – in an already tight market, now have they?  How many jobs are needed at the Vail Board of Realtors – if VBR’s membership numbers continue to drop from their high of 700+ ?

3 – The Plaintiff in the lawsuit announced last week that 3 out of the 4 Cordillera Golf Courses won’t open this Golf season.  As a result Eagle County just lost ~40 Golf Course jobs, at a time when our County’s economy can’t afford to lose any jobs.  What of local landlords and mortgage companies whose ~40 tenants just got fired?  Eagle County just past 200 total home foreclosures (211 actually) last week (Click Here)

4 – Local Alpine Bank has on their books, a currently performing Note of $12.7 Million that was issued to the lawsuits Plaintiff – Alpine recently announced they want to sell that Note at Auction next month.  (Click Here)  That $12.7 Million dollar Note is secured (in part) by the value of the meticulously maintained – 4 Cordillera Golf Courses.  How does said Plaintiff intend to maintain the value of 4 Golf Courses – when ~40 Golf Course Maintenance people no longer work there?  Dandelions indeed.  Going forward, will Alpine’s (now tainted?) $12.7 Million auction happen as scheduled next month?  At what discount off the $12.7 Million?  Do you have a job at Alpine?  How much more “red-ink” can Alpine’s balance sheet (Click Here) handle in today’s market?

5 – Now add in all the local stores, bar and restaurant owners…etc…that depend on business from folks directly affected by what’s happened (above) and you can easily conclude Eagle County’s economy is going to take ‘a hit’ for sometime.

As to the ECT’s reference to the DEA?  Yeah, we call it – Diminished Economic Activity and we’re willing to bet it’s well into the Millions…spread across our Eagle County, Colorado.  But don’t worry – if our elected Eagle County Commissioners can just spend a few more million dollars of your tax money on Open Space purchases – everything will be just fine, right Commissioners?

What is our elected County Commissioners response to the overall condition of Eagle County’s economy?

Well for the Commissioners it seems D.E.A. – stands for – Don’t Even Ask…

9 responses

  1. An excellent piece of reporting but please learn the distincition between, “effect” and, “affect”.

    • Corrected. Thanks JW.
      Now you’ve learned something about the ECT.
      Now you know why the ECT comes out Sunday nite (for the edit team) before our blast email on Monday morning.
      Thanks for reading, thanks for you help with the ECT’s Sunday nite edit team!

  2. Yes, we love your reporting (and I could care less about speling)

    And we said it would get worse….

    This spectacularly bad news got lost in the
    recent shuffle of sensation stories.

    In the 1990s and 2000s, the US economy was
    driven by housing sales to keep itself afloat

    Now the market is not only significantly down,
    but recent numbers show things are getting worse
    not better.

    If housing and the consumer is the driver of the
    US economy what’s going to happen when that
    market doesn’t come back?

    No one is asking this question. Prudent people
    might give it some though.


    – Brasscheck

    P.S. Please share Brasscheck TV e-mails and
    videos with friends and colleagues.

  3. this tells us that this “double-dip recession” really depression is starting to hit the rich, and when this happens it means its going to get worse for the rest of us….

    hint hint

    WAKE UP MIDDLE CLASS your about to get fleeced

    you better get out of the markets (they are rigged according to maydoff) and get into physical holdings of gold and silver.

    As usual, Max Keiser worth watching.

    As if you needed any more evidence that the gap between the top 1% and the rest of us is getting wider and more critical, with no hope of a slow down, here is an article.

  4. I like you Go Ron Paul GO.

    “keep on keepin’ on” …. you are educating the huddled masses right along with ECT.

  5. Today’s Headline: “More Amercans think the Economy will Never Recover”.

    Tomorrow’s Headline: “Americans who voted for this administration and this man who never ran anything, or even balanced his own check book, are starting to realize, that he knows nothing about an economy, and has no appreciation for how hard it is to start a business, create a product that people want, hire people, fire the bad ones (can’t do that if they are union), and make a profit.”

    We are in serious trouble, but if you get your news from you knew that 6+ years ago and got prepared for it. You got rid of your car payments and bought used. You got out of the markets and bought gold and silver, you bought storable food, you downsized and got out of debt, you sold “toys” and 2nd homes or even sold your home.

    More Americans Think Economy Will Never Recover

    On Friday June 3, 2011, 4:25 pm EDT

    The mixed signals regarding the economy’s health are taking a toll.

    Americans are growing increasingly doubtful about direction of the US economy, according to the latest survey from business-advisory firm AlixPartners.

    In fact, an increasing number, some 61 percent, say they don’t expect to return to their respective pre-recession lifestyles until the spring of 2014, if ever.

    What’s worse, a full 10 percent said they expect they will never return to pre-recession spending.

    That’s a more pessimistic view than last year, when those surveyed expected that they could be back to pre-recession spending levels by the middle of 2013.

    “Americans continue to push their expectations for return to a pre-recession ‘normal’ further and further into the future-close enough for comfort, but far enough away to seem realistic,” said Fred Crawford, CEO of AlixPartners. “But as that happens, more and more it seems normal is actually where we are right now.”

    The latest employment report, which showed that U.S. employers hired far few workers than expected in May, only serves to reinforce these attitudes.

    “It’s a vicious cycle,” Crawford said. “Americans need to see a significant decrease in unemployment to feel confident in the economic recovery, but companies are waiting to see increased demand for their products and services before they begin hiring and making job-creating capital expenditures.”

    In the latest survey, some 63 percent of Americans said they feel “not good” or “bad” about the state of the US economy, representing a significant increase from May 2010 when only about 49 percent of those polled felt this gloomy.

    The survey also found that Americans overwhelmingly expect to delay by at least 12 months major purchases and expenditures such as spending on new cars, home repairs and vacations.

    There have already been signs of this in the latest retail sales reports that came out earlier this week from a handful of major retailers.

    Overall, sales at stores open at least a year rose 5.0 percent in May, which is below the 5.4 percent increase that Wall Street expected, according to Thomson Reuters data.

    While some analysts used a number of excuses, including high gasoline prices, poor weather, and lackluster merchandise, to explain away the disappointing results, the findings of the survey may suggest that consumers are hunkering down amid the uncertainty.

    The view was expressed Thursday by Target CEO Gregg Steinhafel, who said that traffic at Target stores slowed in the second half of the month.

    “Our guests continue to shop cautiously in light of higher energy costs and inflationary pressures on their household budgets,” Steinhafel said, in the company’s monthly sales press release.

    AlixPartners is by no means the first organization to recognize this growing pessimism.

    Goldman Sachs economist Jan Hatzius said the number of consumers who believe they have a chance to bring home more money one year from now is at its lowest level in 25 years, based on his analysis of the University of Michigan and Thomson Reuters consumer sentiment poll.

  6. Nice to read your news.

    Note for next time that “effect” is the noun, while “affect” is the verb.


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