[JIM O]

As I understand it Reid transfered his asset with a book value of $400,000 to an entity in partnership with JAY H; BROWN.

Does anyone know what is being reported as to what assets this entity had at that time? I assume Brown must have contributed something into the entity prior to the donation by Reid. I also assume Brown must have paid for the permitting of the land that Reid previously owned.

Does anyone know if the partnership still exists and if it currently has assets. I am not an accountant but I assume it must have had preexisting assets if Reid acquired an interest equal to the value of the land and I assume this was done as a tax free exchange for both parties which would mean assets still exist.

[webboy45]

It looks as if Brown's contribution was to pressure the city council for the zoning change, something Reid couldn't personally do. Of course, Brown, in turn, used Reid's name to pressure the council. This transaction appears to be Reid's way of trying to disguise the use of his office to get gain, which is a criminal act.

[Condor51]

***As I understand it Reid transfered his asset with a book value of $400,000 to an entity in partnership with JAY H; BROWN.***

That is IMO the murky part. As I first heard it on Fox, Dingy Harry "sold" the land to Brown - period. If so, how then did he warrant ANY profit for a sale four years later on land he didn't own? But then, that 'unwritten partnership' thing came up.

But one thing is a fact, the rezoning didn't get approved on appeal until Harry's name was 'dropped'. Heard that last Sat morning on Fox. And without the rezoning, no money was to be made.

The whole thing stinks. And its more than his disclosure forms. Influence peddling with the board occurred (or maybe 'extortion' - approve it for Harry "or else").