The IRE Resource Center is a major research library containing more than 23,250 investigative stories — both print and broadcast. These stories are searchable online or by contacting the Resource Center directly (573-882-3364 or rescntr@ire.org) where a researcher can help you pinpoint what you need. Browse or search the tipsheet section of our library below. Stories are not available for download but can be easily ordered by contacting the Resource Center:
Search results for "real-estate investment trusts (REITs)" ...
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Edifice Complex: Real Estate Magnate Draws Shareholder Ire For Odd Deal Making
The Wall Street Journal looks at the business practices of Transcontinental Realty Investor's Inc., managed by Gene E. Phillips, "one of the most controversial figures in publicly traded real estate." The story reports on the charges against Phillips, including "racketeering and wire fraud as a part of an alleged scheme to pay kick-backs to corrupt pension-fund officials in exchange for investing with one of the companies he controlled." The investigation reveals that Phillips was "chiefly responsible" for the collapse of Southmark, another real-estate company, according to the report of a bankruptcy examiner. The reporter sheds light on the role of Basic Capital, a real-estate advisory company, in Phillips' questionable deals.
Tags: real-estate investment trusts (REITs); bonds and stocks; securities; housing; bankruptcy; settlement; litigation; American Realty