I believe that Castle Grande property (perhaps I’m thinking of another) started out at something like $45 thousand dollars and was flipped enough times to make it’s final paper worth about $1.5 million. It was only worth the original $45 thou or so.
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Standard procesure in kiting an insolvent s&l ,, trade property and non-public securities back and forth between 2 shaky institutions ... WHO WAS THE PARTNER THAT ENABLED THE VALUATION SCAM TO GO ON?