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Friday, September 5, 2008

09/05/08 You Wont Read This Greenwich Time Website This Morning

Here is today's "Hedge Fund Guy Sucking Wind" story.....

Foreclosure Auction Set On Lauer's Greenwich Mansion

By Kenneth R. Gosselin at kgosselin@courant.com.

A former hedge fund manager's mansion in Greenwich is headed for an Internal Revenue Service foreclosure auction.

It's yet another problem for the owner, Michael Lauer.Six months ago, securities regulators and law enforcement officials indicted Lauer and four associates of the now-defunct Lancer Group of hedge funds, alleging that they defrauded investors of more than $200 million between 1999 and 2003.

If Lauer is still living in the 7,300-square-foot, contemporary estate at 7 Dwight Lane — and that couldn't be determined Thursday — he had better get ready for some visitors: The IRS is holding two open houses for bidders, today and Sept. 25.

The open houses could draw those curious to see how the other half lives in addition to possible bidders. But the scheduled Sept. 26 auction will require some serious cash: Bidding starts at $2.5 million.

...Real estate records show that Lauer, who once reportedly worked as a New York City cabby, bought the estate for $2.3 million in 1999.

Lauer's Lancer Group was linked to a scandal in 2003 involving the investment of state of Connecticut pension funds that lost millions in value....

Full StoryAvailable On The Hartford Courant Website
Here is another story that's not on the Greenwich Time Website this morning.....

The Associated Press

GREENWICH, Conn.—Greenwich police have charged a 75-year-old man with murder in the shooting and stabbing death of a woman in a back yard of a home.

Gerardo Lombardi was arrested Thursday after police responded to a call of gunshots at a home on Nicholas Avenue.

Police say they found Lombardo in the back yard of the home next to his and found the victim, a white woman in her 40s, dead.

The victim's identity has not been released. A police spokesman says police recovered weapons at the scene.

Lombardi is being held by the Greenwich Police Department on a $2 million cash bond and is to appear in Stamford Superior Court Friday.
Here is some Greenwich Business News that you won't find on the poorly maintained Greenwich Time website.....
Kiplinger Online

In the 30 years since they founded Sound Shore Management in Greenwich, Conn., Harry Burn and Gibbs Kane have seen all kinds of markets.

Boeing, machinists return to talks to avert strike

Asbury Park Press Online

... which all but makes certain a strike in the next 48 hours - unless Boeing caves big- time," Peter Arment, a Greenwich, Conn.-based analyst with American Technology Research, wrote in a note Thursday. A walkout would threaten to prevent the 787, ...

Manchester Journal

Snow Valley, LLC, a corporation located in Old Greenwich, Conn., is seeking an Act 250 permit to proceed with a project costing in excess of $8.5 million to revitalize the Snow Valley ski area.

ABC Newspapers

... Convention in St. Paul. She is one of three anchors on the show, Fox and Friends. Carlson, who now lives in Greenwich, Conn., still calls Minnesota her home. Fox News television personality Gretchen Carlson of the Fox and Friends morning show came ...
Added At 12:03 PM
An Alert Greenwich Roundup reader has alerted us that Greenwich Roundup and The Hartford Courant are also behind the times.
Apparently, this piece of Greenwich Real Estate news was already opned on by Chris Fountain and the For What It's Worth blog last Sunday.
For What It's Worth Link:
7 Dwight Lane
Here's the house on Dwight Lane that's being sold via court judgment later this month. If you enlarge the first photo you'll notice that the house, built in 1986, has suffered from malign neglect. The original builder was on site and the auctioneer says that the man will "fix everything" for $100,000. Considering that that would involve, at a minimum, new siding, new decks, new electrical, new pool and God knows what else, that sum sounds suspiciously optimistic to me.
As did the auctioneer himself, who told me that his only problem was that he "only has one of these to sell". I questioned him on that and he assured me that $2.5 million was only going to be the starting bid and that he already had numerous buyers chomping at the bit. If he does, they almost certainly aren't from Greenwich because I can't believe anyone familiar with our town and this street's location would share the auctioneer's fevered enthusiasm.
Of course, he could have been shucking and jiving me - you think?
The grounds are nice, though. By the way, I forgot what else needs replacement: the tennis court.

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