TheNiche Posted January 19, 2012 Share Posted January 19, 2012 First thing's first. I am not an attorney, merely someone experienced in the development of commercial real estate. I once contemplated and researched a Chapter 11 filing, but didn't have to go through with it (thank goodness!) and since then, I've evaluated several bankruptcy situations for their investment potential. I'm no expert (and nobody should rely upon my comments for business or investment purposes), but I am an experienced professional. You are not. I shall ply myself with the equivalent of three shots of gin, then two beers and a pizza during the analysis, just to keep our debate lively and on a level playing field.The lender's claim that the land is worth $10 million is probably valid, albeit with a fairly significant margin for error. Most of the large-tract land sales that have been taking place in the northeast and east parts of the metropolitan area for the prior several years have been consumated at the courthouse steps or otherwise under duress. The volume of valid transactions is minimal. It's hard to tell what the market value is for lack of data. The appraiser was likely working from a liquidation value perspective rather than attempting to estimate a going concern value provided a reasonable and appropriate time for marketing the property...which could be several years in this instance. Without reading the appraisal, however, it is impossible for you or I to know what its scope was or what the assumptions were. The appraiser's client, the creditor, defined them in the engagement contract, and most likely in such a way as would benefit them the most.Whitestone Land's first plan for reorganization was filed in October 2011. The article was written in January 2012. Circumstances do change over a period of three to four months. If the new equity investor, possibly Contour, is able to provide a fresh infusion of capital to the venture under the provisions of the Chapter 11 reorganization plan, then debt service can be paid to creditors. All parties should like that, and if the new equity investor were to fail at some point, then the venture would re-enter bankruptcy and be disolved in the future. Presumably, future land values will be higher than present land values; so again, all parties should like that.In fact, as long as the creditors are getting paid on more than just the liquidation value ($10 million divided many ways), for any amount of time, then they should favor that outcome. That is the purpose of Chapter 11 is to maximize the return to the creditors. That said...if the creditors didn't think that there was any likelihood of a new equity investor jumping in when they filed to convert to Chapter 7, then they would be acting reasonably, within their rights, and according to the spirit of the law.To a large extent, the debate over whether a startup venture is subject to bankruptcy protections has to do with the momentum that it has going for it. This is mostly subjective, and (myself, not having reviewed case law) should hinge primarily upon the market value of goodwill established by the debtor. In accounting terms, any amount of market value that the debtor's entity has over and above the liquidation value of their tangible assets is that goodwill. And having expended as much money on marketing, political consulting, planning, etc., as they have, it is entirely likely that goodwill does exist. These concepts are...complicated and uncertain. But banks don't like complication or uncertainty, and plantiffs positively love making the worst of circumstances. It is possible that they're just trying to strongarm the debtor by leveraging a less-than-credible threat.So the bottom line is that there are more unknowns than there are knows, from our lowly perspectives as spectators. Its a ____ed up sport; the rules are too complex, too opaque, and may or may not make sense. My contribution to this thread is to point out that none of us have anything meaningful to contribute. It ain't over till the fat lady sings.I know that we've got a former bankruptcy attorney somewhere on HAIF. If he'd like to chime in and tell me how horrifyingly wrong I am, that would be appreciated. Link to comment Share on other sites More sharing options...
Mister X Posted January 19, 2012 Share Posted January 19, 2012 (edited) This was pointed out on another disreputable forum, so take it for what its worth:"According to the bankruptcy filling EMCID owns 50.95% of 'Whitestone Houston Land' - the company that owns the land." How much more does this complicate the chapter 11 if true? Isn't it possible that EMCID has control of the land already and can push the development if they so desire?No answers, only questions but Frank McCrady of the EMCID is seriously pushing this project and claims to have backup plans A,B,C,and D ready to go should Contour not pick up the pieces.Obviously I want to see this project happen, so I stay optimistic about its chances (even after 6 years of waiting), but I still see no reason to assume the project is in serious jeopardy until the EMCID is publicly ready to give up on it - and that hasn't happened by a long shot. Edited January 19, 2012 by Mister X Link to comment Share on other sites More sharing options...
TheNiche Posted January 20, 2012 Share Posted January 20, 2012 The answer to your question is that Whitestone Houston Land is a bankrupted entity, whose plan is to void the equity stake of all of the investors up to this point. If EMCID wants to inject fresh capital, then they can keep the entity going and effectively take control of the entity...but they'll still have to pay debt service, or there'll just be another bankruptcy, probably Chapter 7 on the second go-round.Frank McCrady's optimism is the rational action of an investor in an entity that is fighting a motion by creditors to convert a Chapter 11 bankruptcy (reorganization) to a Chapter 7 bankruptcy (liquidation). It may or may not be genuine. We do not know. Link to comment Share on other sites More sharing options...
Soapboxmom Posted January 25, 2012 Share Posted January 25, 2012 http://www.ourtribune.com/article.php?id=13242Finally the truth is out. I spoke to Contour and knew this was coming. I can also now share that I spoke to "Dino" Don Lessem last year and the Marlin Atlantis gang was not fulfilling their obligations to him. He is another victim in this dino disaster. I will keep watching PACER for more filings in the bankruptcy. The paper references the bankruptcy papers I have up in their original form on my site.http://www.realscam.com/f11/trey-white-fake-multi-billionaire-marlin-atlantis-earthquest-park-don-lessem-654/index4.html#post14855 Link to comment Share on other sites More sharing options...
Mister X Posted January 25, 2012 Share Posted January 25, 2012 Sounds like the EMCID has an even bigger incentive to get this park built now.This quote from the article is very encouraging..."If the original site becomes unavailable, Contour has chosen several other nearby alternative sites. “We are interested in that property, but we have also looked at other sites. Our preference is that particular piece of land but it doesn't have to be. The project is not dependent exclusively on that,” Brown said."It sounds to me as if Contour and the EMCID are determined to build EQ. They know that a park like this in an underserved metro will be a goldmine. Link to comment Share on other sites More sharing options...
Soapboxmom Posted January 25, 2012 Share Posted January 25, 2012 Realscam.com is a crackpot website. Soapboxmom has been at every internet forum that has an EarthQuest thread trying to discredit Marlin/Atlantis and Trey White. She finally found HAIF. My guess is that this is just another NIMBY troll out to try to stop the project. The latest news is that EarthQuest is still a go. The NIMBYs are getting nervous.Marlin/Atlantis owns the land EQ is to be built on. I do not believe they are funding, building, designing, or managing this project.May I just say my crystal ball is working splendidly. Trey White and John Marlin have sunk this like the Titanic. Contour might just star in the next chapter -- raising the Titanic. Link to comment Share on other sites More sharing options...
Mister X Posted January 25, 2012 Share Posted January 25, 2012 (edited) Coaster was right about one thing. Realscam.com IS a crackpot website. It's completely void of anything other than the opinion of the person who runs it. Even Hitler made the occasional right guess. Really, nothing to brag about.EQ isn't sunk by any means. It may have spotted an iceberg - hopefully in time to avoid collision. If that is the kind of info Miss Cleo's crystal ball spits out, it isn't worth much. Edited January 25, 2012 by Mister X 1 1 Link to comment Share on other sites More sharing options...
Soapboxmom Posted January 26, 2012 Share Posted January 26, 2012 I must be confused, but since when did court papers, mainstream press articles, public records and such consitute opinion? I kept in touch with folks actually involved in the project and then researched the back story on Marlin Atlantis. That is something that EMCID and Frank McCrady should have done. No guessing there. I just made sure to respect my sources privacy.Sadly, the Marlin Atlantis bunch did not fulfill their obligations to Don Lessem and now the brains, genius and real core of the project has pulled out. Originally, it was his Dino museum that started this ball rolling. He got burned very badly by this bunch from Marlin Atlantis. That is going to make it all the harder to attract investors with him out of the project.It was obvious last summer from the filings in Montgomery County deed search that this deal was in trouble. It is also obvious from the EMCID board meeting minutes that the taxpayers have been kept in the dark about what was really going on and that is inexcusable. I am glad Cynthis Calvert is really investigating. I can't wait for the next article due out on February 7th with more on the financial records.If there is honest disclosure and the public rallies behind the project that would sure make it more attractive to investors. It might be time for a new board and for Frank McCrady to resign. Link to comment Share on other sites More sharing options...
Mister X Posted January 26, 2012 Share Posted January 26, 2012 (edited) That is going to make it all the harder to attract investors with him out of the project....It might be time for a new board and for Frank McCrady to resign.Like I said...It's completely void of anything other than the opinion of the person who runs it. And yes, I believe you ARE confused.The theme park is the money maker here. Not the Institute. The park is already designed. Don Lessum is no longer needed for any reason to get the project off the ground. Don Lessum is an expert on Dinosaurs, not building theme parks. He was never more than a consultant during the design phase. Anyway, when was the last time anyone (who knows what they are talking about) referred to EQ as a 'dinosaur park'. That is what they called EQ in the beginning, but it has since evolved (YEARS AGO) into a park that is themed to 'sustaining the environment'. Check out the EQ website. It is not a 'dinosaur park' anymore.Don Lessum was involved with the project for years. His good name and reputation didn't seem to attract any investors. For years he was speaking on behalf of the park and no investors were secured. So I don't see how his absence from the project (if that is even true) is going to make things any worse or less likely to succeed.Soapboxmom is the least qualified among us to guess what will dampen the enthusiasm of investors. How many theme park investors has she talked to in order to gage the enthusiasm within unnamed POTENTIAL investors? Contour? Contour says they are even looking at nearby alternate sites on which to build this park on. I say the EMCID has more reasons now to do everything in their power to see to it that this park gets built. It is the only way they will ever get back the money that they have already spent. How's that for an incentive?Contour will get the money. Or someone else will. There is too much money to be made in an underserved market like Houston. Any theme park built in Houston will be a gold mine - warm climate, 6 million people within an hour away - That is why the EMCID has no intentions of giving up on this project.I shouldn't have to remind people that the slow economy was definitely a factor in rounding up money to break ground. Look at all the projects announced in the last few years that just went away. EQ has not gone away. That alone should be encouraging. As the national economy improves and Houston's economy remains strong with thousands more moving into the area, the chances of this project finding a backer will no doubt improve. The EMCID and Contour sound more committed than ever before. Until they give up, I will remain optimistic that EQ will be built the way it has been planned. Edited January 26, 2012 by Mister X Link to comment Share on other sites More sharing options...
Soapboxmom Posted January 30, 2012 Share Posted January 30, 2012 Growing governments: How 'special districts' spread across Texas with limited oversight and accountability -- but with plenty of power to tax | Texas WatchdogThe lack of accountability has led multiple sources, including the Handbook of Texas Online, to refer to the special districts as the state’s “invisible governments.”The small districts “are subject to little or no supervision by the state, leading to administrative, personnel, and financial practices that are inefficient and sometimes ethically and morally questionable,” the LBJ School group’s paper continued.Though the money may be coming in, information doesn't always go out. Of 3,000-plus special districts in the state, less than 10 have been tapped for the state comptroller’s transparency “leadership circle,” reflecting that they meet certain standards for publishing financial and other information about themselves on the Internet.Comments:Cruiser 1144Thursday, 02/17/2011 - 01:11PMMr. John Otto a house representative for District 18 needs to be reminded that a tax is a tax is a tax. He seems to think that the voters in a small portion of Dist 18 in East Montgomery County don't mind if he is in bed with the improvement district. Mr. Otto you are a RHINO. Shame on you for HB-737 and your special gate tax for East Montgomery County.Cynthia Calvert wrote:Director Linda Floyd “recommended that the travel by the EarthQuest consultants “be restricted or eliminated.”There is no mention of why Floyd was so concerned about the traveling expenses of the EarthQuest consultants. But from financial records obtained by The Tribune it is obvious that EMCID has paid for extensive travel and other accommodations for the EarthQuest consultants.We tax payers deserve some transparency and accountability!Soapboxmom Link to comment Share on other sites More sharing options...
TheNiche Posted January 30, 2012 Share Posted January 30, 2012 We tax payers deserve some transparency and accountability!SoapboxmomIn my experience, MUDs are usually operated reasonably well. There are lots of them, most of them are very similar and easy to manage or audit, and their powers to spend are very limited by state statutes. And after all, infrastructure has to be paid for by one mechanism or another. To make it so that the people who use a discrete and separate infrastructure system from that of a larger community are the ones that finance and pay for it (and only it) was actually pretty novel when the idea was first devised. That way, a municipality or county doesn't have to subsidize newcomers; the newcomers pay their own way.But...if you're looking for something to jump on and investigate, soapbox, management districts are where the controversies get taken to a whole new level. They can do whatever MUDs can do, but also a great deal more. They can effectively replace nearly all of the government services that incorporated municipalities have traditionally provided, circumvent some of the requirements that incorporated municipalities are held to, and do so with dangerously little transparency. Link to comment Share on other sites More sharing options...
Soapboxmom Posted January 31, 2012 Share Posted January 31, 2012 Here are new documents from the EarthQuest / Whitestone bankrupcty:http://www.realscam.com/f11/trey-white-fake-multi-billionaire-marlin-atlantis-earthquest-park-don-lessem-654/index4.html#post15389The land should be sold in the near future and permits are being handed over to EMCID.Soapboxmom Link to comment Share on other sites More sharing options...
TheNiche Posted January 31, 2012 Share Posted January 31, 2012 $10k to keep it Chapter 11 is a pretty low hurdle. Link to comment Share on other sites More sharing options...
Soapboxmom Posted February 7, 2012 Share Posted February 7, 2012 An awesome and well researched update from Cynthia Calvert which includes excerpts from the court docs I posted! Kudos to Ms. Calvert!!!http://ourtribune.com/article.php?id=13295 Link to comment Share on other sites More sharing options...
Soapboxmom Posted February 14, 2012 Share Posted February 14, 2012 http://www.yourhoustonnews.com/east_montgomery/news/wakeboard-park-shooting-range-coming-to-east-montgomery-county/article_bff7b91f-6abb-51ef-bc0c-b0f79f9014cf.html?mode=storyFor the love of mud. Allen, TX got the wake board park from this group and it didn't cost the public a dime. Why on earth is Frank McCrady throwing taxpayer money at this stuff?http://hydrouswakeparks.info/wp-content/uploads/DMN-Allen-Cable-park-City-Council-Workshop.pdfhttp://www.realscam.com/f11/trey-white-fake-multi-billionaire-marlin-atlantis-earthquest-park-don-lessem-654/index4.html#post15827http://www.pahrumpnv.org/images/uploads/downloads/Backup_111011.pdfAnd, it should be no surprise to learn that Don Holbrook is also likely involved in the shooting range nonsense. He met up with that bunch in Pahrump, NV and probably introduced them to EMC. It is just too much of a coincidence that the shooting range bunch is now soliciting EMC. Hasn't Don Holbrook made enough money off of us? He was paid 144 grand in 2009 for working 15 hours a week for the EarthQuest Institute alone.What in the world is Frank McCrady doing paying for this stuff? He will do anything to divert attention from the dino adventure park fiasco it looks like to me. Link to comment Share on other sites More sharing options...
Mister X Posted February 14, 2012 Share Posted February 14, 2012 (edited) Hey that looks like fun! East Montgomery county is going to be a lot of fun to visit in a few years. Frank McCrady and Don Holbrook "probably" deserve a raise for "likely" turning East Montgomery County into a place worth visiting and spending Garland, TX tourist dollars in the future. Edited February 14, 2012 by Mister X Link to comment Share on other sites More sharing options...
Houston19514 Posted February 15, 2012 Share Posted February 15, 2012 (edited) http://www.yourhoustonnews.com/east_montgomery/news/wakeboard-park-shooting-range-coming-to-east-montgomery-county/article_bff7b91f-6abb-51ef-bc0c-b0f79f9014cf.html?mode=storyFor the love of mud. Allen, TX got the wake board park from this group and it didn't cost the public a dime. .... other than the fact that the Allen wake board park is located in a city park Edited February 15, 2012 by Houston19514 Link to comment Share on other sites More sharing options...
The Pragmatist Posted February 16, 2012 Share Posted February 16, 2012 Here's an article on the EQ bankruptcy in the Chronicle:http://www.chron.com/news/houston-texas/article/Proposed-Disney-like-theme-park-faces-uncertain-3334594.php#photo-2507057 Link to comment Share on other sites More sharing options...
Pleak Posted February 16, 2012 Share Posted February 16, 2012 Here are a few unused rides they could probably pick up for cheap.http://www.chron.com/news/article/6-Flags-redevelopment-committee-narrows-field-3111234.php Link to comment Share on other sites More sharing options...
Soapboxmom Posted February 21, 2012 Share Posted February 21, 2012 Two more awesome articles from Cynthia Calvert:www.ourtribune.com/article.php?id=13351www.ourtribune.com/article.php?id=13341Frank "Bonus" McCrady has the taxpayers on the hook for over $21,000,000.00 on Earthquest whether it is built or not. There is nothing like some sobering math!Soapboxmom Link to comment Share on other sites More sharing options...
Mister X Posted February 21, 2012 Share Posted February 21, 2012 from the article - "So who will pay if EarthQuest isn’t built? You will." - Calvert (opinion)As someone who wants to see this park built (whatever it takes), I couldn't be happier that there is this great new incentive. Seems like it just might be the perfect missing ingredient to get this park built. Don't build it and the taxpayers get screwed. Build it and add jobs, taxable revenue and tourism. By all means - spread the word.Yes. Whatever it takes. I would sacrifice Soapboxmom's first born to Jesus H. Christ to get this park built if I thought it would help. Frank McCrady deserves another bonus for keeping this project on track. So far, he and Tilman Fertitta are my new heros. They are trying to create a tourism industry in the Houston area. That is a good thing. Soapmom and calvert can go jump in lake EarthQuest after it's built. That would also be a good thing and I'm looking forward to it. 1 Link to comment Share on other sites More sharing options...
TheNiche Posted February 21, 2012 Share Posted February 21, 2012 Mister X, you're really really into theme parks aren't you? Link to comment Share on other sites More sharing options...
Soapboxmom Posted February 21, 2012 Share Posted February 21, 2012 Mr. X, would you care to elaborate on just what McCrady has done to keep this project on track?? If he had checked out the developer, Don Holbrook et all in the first place we might not be in this quagmire at all. If there isn't a $10,000,000.00 dollar bid on the property in 13 days it automatically goes into foreclosure and back to the bank that has $21,000,000.00 in the property. Frank McCrady's absolute desperation is not going to fund this project. I spoke personally with Chris Brown CEO of Contour and though he is totally committed to the project and very excited to be involved, he conceded that raising the money is going to be challenging. Perhaps you know something about the potential funding the rest of us don't??? Link to comment Share on other sites More sharing options...
Mister X Posted February 21, 2012 Share Posted February 21, 2012 Mister X, you're really really into theme parks aren't you? Hm? I wonder what ever gave you that idea? Yes I am. But no more than you are really, really into posting on EVERY thread at HAIF all day long. ...or no more than soapboxmom is really, really into bringing down Frank McCrady and the EarthQuest project. My God, she has an entire website dedicated to it. I must admit it is a challenge being the ying to her yang - especially when there is so much uncertainty currently surrounding the project. But I like to stay positive. Link to comment Share on other sites More sharing options...
Mister X Posted February 21, 2012 Share Posted February 21, 2012 Mr. X, would you care to elaborate on just what McCrady has done to keep this project on track?? If he had checked out the developer, Don Holbrook et all in the first place we might not be in this quagmire at all. If there isn't a $10,000,000.00 dollar bid on the property in 13 days it automatically goes into foreclosure and back to the bank that has $21,000,000.00 in the property. Frank McCrady's absolute desperation is not going to fund this project. I spoke personally with Chris Brown CEO of Contour and though he is totally committed to the project and very excited to be involved, he conceded that raising the money is going to be challenging. Perhaps you know something about the potential funding the rest of us don't???Despite the harsh realities that a slow economy has brought us, bankruptcy, and the scandal you are trying to invent, Frank McCrady hasn't lost faith in the project and seems to be making every effort to not let people like you derail it. Maybe a weaker person could be bullied into abandoning the project by now. He seems to be pushing for it harder than anyone - at least publicly. Frank McCrady works for an entity that is designed to bring jobs and businesses into his county and that is exactly what he is trying to do. I like that that he doesn't give name calling, time wasting, self-serving muck rakers the time of day. You should be thankful I am giving you a moment of my time.Also, the only chance any new theme park has of being built is with the blessings and incentives that a local govt authority is willing to give. The ECMID is for the project. Not every community would welcome the changes that EQ could bring to the area.... and since I AM really REALLY into theme parks with no appologies, I applaud McCrady's effort. I couldn't care less how much it cost to build or who pays for it. They can double your taxes for all I care. The resort could be a real game changer for the area, bring in jobs, ect. and make the Houston area that much better to live. Which I am highly in favor of.If EQ isn't built - I'll get over it and hope the next proposal has better luck. 2 Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 2, 2012 Share Posted March 2, 2012 Mr. X, the project is in worse shape than anyone imgained. Here is your chance to step up and help make this happen. Folks who want to save this project need to attend the EMCID board meeting on Thursday March 8th at 5:30. Just under 1 million dollars was donated to the charity, the Earthquest Insitute, and I have been trying to access the documents that by law must be publicly available and am still waiting for them. It is time for honest disclosure and transparency. The charity, The Earthquest Insitutute, and EMCID office share the same address and the docs should have been there available for public inspection and copying all along. Everyone involved with the charity has left the project (except for a single EMCID board member who can't handle it alone), so it is up to the local taxpayers to step up to the plate and volunteer. Why was it not disclosed the charity had no one left running it for over a year? I have spoken to or had e-mail correspondence with everyone that was ever associated with the charity in my search for the elusive documents that the IRS and Texas Non-profit Corporation Act specify must be public. I think we have a right to know where the $996,667.00 dollars donated went and why the promised educational activities of the charity are not taking place. Why was Frank McCrady not on top of that and working to keep it alive and run properly?Why did Frank McCrady hide the bankruptcy on the property for five months? It is only thanks to Cynthia Calvert and her excellent reporting that we learned of this crucial development. This project could be fantastic if we had better leadership. Frank McCrady needs to be replaced with someone that can step in and get this back on track. The local residents should be at that meeting asking lots of questions and holding McCrady's feet to the fire. The project would be getting a lot more support if the public was getting information and things were being handled. Link to comment Share on other sites More sharing options...
Mister X Posted March 2, 2012 Share Posted March 2, 2012 I hope after the next EMCID meeting everyone will have their questions answered and that they maintain that the project is still on course. But I'm only interested in seeing the park built. I don't care how they do it. I have little interest in holding McGrady's feet to the fire because I don't see how that will help get the park built. I'm not following this project for the pure enjoyment of watching people burn like some people are. Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 5, 2012 Share Posted March 5, 2012 Filed & Entered: 01/23/2012 Chapter 11 Confirmation Hearing 36 Filed & Entered: 01/23/2012 Order on Motion for Relief from Automatic Stay 37 Filed & Entered: 01/24/2012 Operating Report 38 Filed: 01/25/2012 Entered: 01/26/2012 Certificate of Mailing 39 Filed & Entered: 01/30/2012 Order on Motion (Generic) 40 Filed: 02/01/2012 Entered: 02/02/2012 Certificate of Mailing 41 Filed & Entered: 02/20/2012 Operating Report Nothing has been filed. It appears Marlin Atlantis did not get the minimum 10 million dollar bid on the property and the bank will be foreclosing. That means Contour was not able to raise the funds. The question now becomes will they be able to come up with money later and purchase the property? Soapboxmom Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 6, 2012 Share Posted March 6, 2012 http://www.ourtribune.com/article.php?id=13409http://www.ourtribune.com/article.php?id=13408Frank McCrady has a lot of explaining to do. Talk about being wined and dined on the taxpayers' dime!!!Soapboxmom Link to comment Share on other sites More sharing options...
Mister X Posted March 6, 2012 Share Posted March 6, 2012 (edited) "To date, The Tribune has not received any information."- Now THAT I believe. Those articles read more like an editorial than a report. A nice little history report, but no new news. Contour or the latest public EMCID meetings were not even mentioned. I didn't see anything alarming or illegal. It looks like the typical boring stuff that goes on for EVERY major project while it is in the planning phase.Give McCrady a raise for keeping EarthQuest ALIVE. I wish somehow they could find a way to tax the people of Garland, Texas for this whole project. Edited March 6, 2012 by Mister X Link to comment Share on other sites More sharing options...
Mister X Posted March 7, 2012 Share Posted March 7, 2012 (edited) Wow. Frank McCrady had a second cup of coffee at Denny's. EarthQuest is dooooooooomed! I wish you would just start another thread for all your Frank McCrady non-sense. This thread is supposed to be about EarthQuest, not a personal hate web page dedicated to Frank McCrady. Edited March 7, 2012 by Mister X Link to comment Share on other sites More sharing options...
attorneyguss Posted March 8, 2012 Share Posted March 8, 2012 Has anyone figured out who the entity is that is planning to build this? The last article only mentions the East Montgomery County Improvement District and that there's a bill in the State legislature waiting for the governor's signature, so it sounds like the State is putting up funds but the author leaves us guessing.... It says that this site was chosen from 64 sites around the country, so obviously this wasn't just EMCID's idea. This might spur development in New Caney. Could start gettin some them there highrise condominiums going up. Where did you get this amazing photo? Link to comment Share on other sites More sharing options...
bachanon Posted March 8, 2012 Share Posted March 8, 2012 please do not list personal information or information involving a case or investigation. if the information listed is from the links provided earlier in the discussion, it is redundant and unproductive to list everything here. please keep the conversation civil. personal or libelous attacks are not allowed. some comments have been unapproved. Link to comment Share on other sites More sharing options...
Mister X Posted March 9, 2012 Share Posted March 9, 2012 Reposted from houstondinopark.comVery interesting comments by Don Holbrook - Economic Development Representative of EarthQuestComment by: Don Holbrook on Mar. 9th, 2012With regard to all the rumors and unjust comments about EMCID and Frank McCrady, I can truly say this about the entire situation: Just because John Marlin as the original developer failed to perform does not mean he did so with malicious intent. I believe we experienced and most Americans still are experiencing one of the worst global financial crisis in most of our lifetimes. He simply was trying to do this and did not know the economy would tank and thus his investors ran for cover as did thousands of other projects across the globe... Almost every city, town and region has faced this same scenario. Many with no hope of turning their plight around. But not EMCID, led by Mr. McCrady. EMCID looked at it strategically and said if we are to improve our local economy we have to focus on being a destination in our region. They diversified and began working on more than just EarthQuest to build visitor draw and ancillary and complimentary tourism projects that employ people, fill hotel rooms, buy gas, food and other things. These efforts diversified their risk and made them not so dependent on just the success of EarthQuest. Those actions are now bearing fruit... Wake Boarding is hugely popular and will attract residents from all over Houston to EMCID territory to spend money and guess what employ people. Then they attract the worlds #1 Firearms Training Institute to build their new $25M plus state of the art world headquarters to EMCID besting out San Antonio for the project, which attracts over 25,000 trainees from around the world on NV and they expect to do over 60,000 in Texas. Those create nearly 300,000 room nights, consume food & beverages and buy gas and other retail items while in EMCID territory. Not a bad outcome considering the great economic transition we are in. But I'm not skipping EarthQuest. EMCID once Marlin made them award he couldn't perform began making plans for how to mitigate Marlins lack of performance. They did not sulk or stick their head in the sand. They asked Chris Brown, one of the worlds foremost theme park designers to consider becoming the developer. He accepted the challenge and began planning the mitigation. He began by updating the business model so it would be valid in the post 2008 economic meltdown. Then he started building an astute board of advisors from the theme park industry and raising capital so that he could do the most important first step, regain site control once the Bankruptcy Court and the Bank were willing to allow such actions. This was controlled not by EMCID or Chris Brown but our judicial system. Meanwhile EMCID strategically made all the right moves to protect the project so it could move forward. They positioned their interest in the land at no additional cost so they could provide Brown the new developer with an option to purchase the land from the BK proceedings. They clawed back all intellectual rights to the project and wrote a new and much stronger new development agreement requiring the new developer to license the Intellectual Property for a fee that would be enough to pay off the public investment in the project. Most important they remembered that Marlins failure did not mean the project was not viable. Three different world renowned theme park experts all agreed Houston is the best market in the central time zone for a major Theme Park. So EMCID made sure the project would continue to move towards successful opening even if the developer failed. In my opinion EMCID and McCrady did their job excellent and because of their actions, someday soon Greater Houston will have one of the greatest theme park attractions in America. EMCID's strategic vision and perseverance will prove to have been strategically well executed and produce exceptional economic outcomes for their constituents. I feel so sad that these good people have endure such horrible abuse from some in the general public while doing their peers such a great outcome. Now that the Marlin scenario is beginning to settle out EMCID is moving forward just as it appears the economy is beginning to invest again. I know they will do excellent. I also believe Chris Brown deserves our full support as he works hard to get a great project back on track. 1 Link to comment Share on other sites More sharing options...
Mister X Posted March 9, 2012 Share Posted March 9, 2012 More very interesting comments by Don Holbrook - Economic Development Representative of EarthQuestReposted from houstondinopark.comComment by: Don Holbrook on Mar. 9th, 2012Slander and defammation are easy to do and show the lack of intelligence of those that smear others with no regard for facts. Factual analysis that is not jaded requires intellect. I have found these comments to be wildly unfactual. Here are some facts. Since you all enjoy googling so much. Find one failed project, one customer complaint, or any factual misconduct that is not just bloggers or hyperbole. You can't. They don't exist because I have done excellent projects, well over 100 and those projects have employed over 50,000 hard working Americans. These outcomes led my International Association of peers the international economic development council, made up of over 5,000 professionals to award me their highest honor of Fellow Member in 2008, for excellence in the profession and lifetime achievement. Less than 1% of my peers will ever win this award. Furthermore, projects of great magnitude take time to unfold and often face set backs, but they work through them and eventually succeed. Then everyone cheers how wonderful, and they claim they always supported it. Truth is great projects take vision, perseverance and thick skin to tolerate all those that lack such qualities. Almost forgot most people also overlook that I am the #1 author in my industry worldwide, #1 keynote public speaker world wide in economic development and one of the most sought out public policy consultants on economic development in the world. Communities seek me out I don't sell myself through marketing and advertisements but through word of mouth testimonials and references from satisfied clients... That is how I make a living, advising my clients on the best course of action to achieve the problem or opportunity they have asked me for advice on. 1 Link to comment Share on other sites More sharing options...
asubrt Posted March 9, 2012 Share Posted March 9, 2012 Well that's reassuring. Did he makes those comments directly towards soapboxmom, or does it just sound that way? I'm sure she'll find some way to spin his words to benefit her agenda and try to trick us into going to her site and write all her numbers out in full form with all the zeros and .00 cents to make them seem larger. Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 20, 2012 Share Posted March 20, 2012 More very interesting comments by Don Holbrook - Economic Development Representative of EarthQuestReposted from houstondinopark.comComment by: Don Holbrook on Mar. 9th, 2012Slander and defammation are easy to do and show the lack of intelligence of those that smear others with no regard for facts. Factual analysis that is not jaded requires intellect. I have found these comments to be wildly unfactual.Here are some facts. Since you all enjoy googling so much. Find one failed project, one customer complaint, or any factual misconduct that is not just bloggers or hyperbole. You can't. They don't exist because I have done excellent projects, well over 100 and those projects have employed over 50,000 hard working Americans. These outcomes led my International Association of peers the international economic development council, made up of over 5,000 professionals to award me their highest honor of Fellow Member in 2008, for excellence in the profession and lifetime achievement. Less than 1% of my peers will ever win this award. Furthermore, projects of great magnitude take time to unfold and often face set backs, but they work through them and eventually succeed. Then everyone cheers how wonderful, and they claim they always supported it. Truth is great projects take vision, perseverance and thick skin to tolerate all those that lack such qualities. Almost forgot most people also overlook that I am the #1 author in my industry worldwide, #1 keynote public speaker world wide in economic development and one of the most sought out public policy consultants on economic development in the world. Communities seek me out I don't sell myself through marketing and advertisements but through word of mouth testimonials and references from satisfied clients... That is how I make a living, advising my clients on the best course of action to achieve the problem or opportunity they have asked me for advice on.Don Holbrook after numerous requests has not named a single completed project out of those 100+ he claims. And, unfortunately, the many thoroughly researched news articles coming out are contradicting what he and Frank McCrady are saying. It might be time to stick a fork in it. For those who do enjoy comedic gold, the articles about Don Holbrook and his proposed prooject in Pahrump are very interesting reading. My thanks to Cynthis Calvert for keeping us up to date on what is really happening with Earthquest!http://ourtribune.com/apdf/tn.pdf Link to comment Share on other sites More sharing options...
Mister X Posted March 20, 2012 Share Posted March 20, 2012 (edited) The EMCID and Contour Entertainment have NOT abandoned the project. The articles you keep creating links for admit they don't have the full story. You keep basing opinions on INCOMPLETE data. Not smart. Edited April 6, 2012 by editor Removed personal attack Link to comment Share on other sites More sharing options...
lockmat Posted March 20, 2012 Share Posted March 20, 2012 (edited) I have barely been paying attention to anyone's comments in there, just scanning them really. But hasn't soapbox mom been right on a lot of this stuff or am I just dreaming? Edited April 6, 2012 by editor Continuity 1 Link to comment Share on other sites More sharing options...
Mister X Posted March 20, 2012 Share Posted March 20, 2012 I have barely been paying attention to anyone's comments in there, just scanning them really. But hasn't soapbox mom been right on a lot of this stuff or am I just dreaming?I've been following the project closely since the beginning and I have never seen a soapmom posting on any website that has been based on anything other than opinion. She doesn't have all the information of what has been going on behind the scenes, yet that has not stopped her from making accusations about members of the EMCID board and the project's developers. This is why there are a lot less soapboxmom postings at haif than there used to be.By no means am I saying that this project may or may not be cancelled at some point. But as of now the EMCID and Contour Entertainment are still working to develop it. This is all we KNOW about the project at this time. Anything else is opinion.If soapmom is ready to stick in a fork in it - let her. That doesn't mean EQ is done by a long shot. The project is still alive. They are having a town hall meeting about it on Thursday. 1 Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 20, 2012 Share Posted March 20, 2012 (edited) I've been following the project closely since the beginning and I have never seen a soapmom posting on any website that has been based on anything other than opinion. She doesn't have all the information of what has been going on behind the scenes, yet that has not stopped her from making accusations about members of the EMCID board and the project's developers. This is why there are a lot less soapboxmom postings at haif than there used to be.By no means am I saying that this project may or may not be cancelled at some point. But as of now the EMCID and Contour Entertainment are still working to develop it. This is all we KNOW about the project at this time. Anything else is opinion.If soapmom is ready to stick in a fork in it - let her. That doesn't mean EQ is done by a long shot. The project is still alive. They are having a town hall meeting about it on Thursday.Sorry to disappoint you, but I have talked to almost everyone involved with the project and work closely with those reporting on this debacle. I have posted all the pertinent papers from the bankruptcy in their original form, numerous corporate filings, the EQ charity's 990 forms and am scouring the financial records The Tribune is sharing. Those are certainly not in any way opinion. Leon Cubillas stated that Contour has declined to come to the last several EMCID board meetings and update them. I spoke with Chris Brown on thephone in January. They did not have the funding seceured, though he said they were working hard to get it. As they don't want to come to the meetings I think that tells us where they stand.I note that Don Holbrook, who has corresponded with me, has not named one successful project out of over a hundred he claims that allegedly created 50,000 jobs and had billions of dollars in them. Watch the news coverage coming and I think you will see Holbrook shown the door by several more towns and districts he has tried to peddle his projects to. His self proclaimed expertise in financing these projects has done nothing for Earthquest to be sure.The public will never have all the information, but what is available suggests that there are serious concerns that need to be addressed. It does, at this point, look like the project is completely defunct with no way to recover any money. Read the summary of the bankruptcy filings and see the financials posted by The Tribune.http://www.ourtribun...le.php?id=13430http://www.ourtribun...le.php?id=13431http://www.ourtribun..._2006-07-08.pdfhttp://www.ourtribun...08-09-10-11.pdfhttp://www.ourtribun..._2008-09-10.pdfhttp://www.ourtribun...ard_2010-11.pdf Edited March 20, 2012 by Soapboxmom Link to comment Share on other sites More sharing options...
Mister X Posted March 20, 2012 Share Posted March 20, 2012 (edited) Sorry Soapbox, you are still jumping to conclusions. You haven't PROVEN a thing. All those links are full of more questions than answers. You keep posting the same links to the same old articles that don't say ANYTHING conclusive about the future of EarthQuest. You can post those same stale links 500 more times and they still won't be any more convincing.Other than Marlin/Atlantis filing for bankruptcy, everything else is based on assumptions, misinformation and conjecture. Just because Contour has not gone to meetings in Montgomery County doesn't prove anything - least of all that they are hiding anything from the public or are in trouble. It's totally possible they are waiting until they secure an investor before making any announcements in Montgomery County. It could be anything and you might even be correct. But you don't KNOW ANYTHING. So stop acting like you do.Words like 'suggest' and 'it looks like' hold very little credibility. You can jump to any conclusions you want. It doesn't mean you know anything relevant to what is going on behind the scenes of the development.Soapbox, stick in a fork in it and move on. When the EMCID and Contour give up on the project then maybe I will too. But you have less credibility than ANY of the people you come here to bash (Frank McCrady and Don Holbrook), so I certainly wouldn't bet the house on any wild guesses that you bring to the conversation. Edited April 6, 2012 by editor Removed personal attack 1 Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 20, 2012 Share Posted March 20, 2012 Those articles were published today, which hardly makes them old. Link to comment Share on other sites More sharing options...
Mister X Posted March 21, 2012 Share Posted March 21, 2012 (edited) Old? One of those links is dated 2008! That is hardly news. McCrady has already stated that some of the expenses that appear on those old documents were used on other ventures besides EarthQuest. That is what they do - spend taxpayer money on behalf of Mongomery county to entice businesses to come there and increase the tax base. EarthQuest is only ONE of the businesses they are pursuing. Duh.As for the new articles, what difference do they make? They are no less relevant in that they are based on incomplete data and assumptions. Every article you have ever created links for are based on somebody's (mostly yours) unprofessional interpretation and no intelligent person would ever take this stuff too seriously - which is probably why McCrady and Holbrook don't waste a second of their time responding to your dribble.This is what I suspect is Soapmom's real gripe. Nobody takes her or her lame website very seriously. Soapmom has too much baggage. That scam website she runs made targets out of Marlin/Atlantis LONG before the EQ project ever started having problems. Anyone who ever killed two seconds of their time visiting that joke of a website could figure that out in a millisecond. Sorry, but it's hard to take that website very seriously when Soapboxmom, who is the admin (also the creator of 99% of all the postings there) uses that 'forum' as a nothing more than a personal blog - then proceeds to create links on other more legitimate forums to get people to go there - which they don't. Your frustration is obvious.With a single statement the EMCID could discredit every word that appears in any of those links and any posting in your anemic website. Edited March 21, 2012 by Mister X 1 Link to comment Share on other sites More sharing options...
Pumapayam Posted March 21, 2012 Share Posted March 21, 2012 I think Soapboxmom's only purpose for joining HAIF was to promote her website and generate traffic.I do appreciate the passion she has, but it does get tired quickly. 4 Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 21, 2012 Share Posted March 21, 2012 Sorry to disappoint you but the website I admin for does not generate any income whatsoever. My work online is strictly volunteer. I do not profit from it in any way. The Earthquest Insitute charity took in around $996,000.00 for the 3 years it was active (2008-2010). Don Holbrook was paid a ridiculous $185.00 an hour. $328,955 was paid to Holbrook for 2008-2010 when the charity was active. That is 33% of the donations right into his hands. Deborah Thomas received $217,343.00. She was paid $134.84 an hour for her job as Chief Financial Officer as calculated from her 2009 earnings. Plus tens of thousands more was spent on professional services. Almost nothing went to the actual purpose of the 501 c 3. Now, the documents have vanished into thin air and no one is in charge of the charity. Everyone bailed when the gravy train dried up. So much for doing charitable work because one believes in the cause and believes in serving one's fellow man. Link to comment Share on other sites More sharing options...
Mister X Posted March 21, 2012 Share Posted March 21, 2012 (edited) Again this thread is supposed to be about the EarthQuest project. Not how much money Holbrook or Thomas or anyone else were paid for their services back in 2008. You don't know what they did for the project back in 2008. Just because the Institute has not materialized yet doesn't mean that the contributions that people made (either with donations OR with paid services) won't be utilized whenever or if ever the project gets off the ground.BTW, the word "ridiculous" is just more opinion. You are continuing to base your arguments on incomplete data and making judgment calls about how much people should have been paid for their services, which is not your place and has no place on this forum IMO. Edited March 21, 2012 by Mister X Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 22, 2012 Share Posted March 22, 2012 http://www.chron.com/CDA/archives/archive.mpl/2007_4467685/east-montgomery-county-improvement-district-direct.htmlEast Montgomery County Improvement District directors approved contracts for services to the district.These ranged from site surveying to retaining consulting services in connection with the Earth Quest theme park project at a special directors meeting Nov. 7.The directors will retain Don Holbrook and the Vercitas Group for consulting services in connection with the for-profit theme park portion of the Earth Quest project.Under the terms of the $25,000 contract, Holbrook will provide the district with outside consulting services connected with securing financing and investors, said Frank McCrady, EMCID president and CEO."We want to make sure he stays with the project and makes the presentations," said McCrady.Holbrook has already been working with the project's promoters, founders and the district and was actively involved in the process that selected the site of the Earth Quest venture.The district has five potential financing sources for the for-profit portion of the project, he said.That is from November 2007. Don Holbrook hasn't lined up any financing. There isn't even the paltry 11 some odd million to buy the property at this point. Link to comment Share on other sites More sharing options...
Soapboxmom Posted March 22, 2012 Share Posted March 22, 2012 Don't forget the EQ town meeting tonight at 7:00 at the EMCID building. Without financing and a change in leadership there will be no project! Link to comment Share on other sites More sharing options...
bachanon Posted March 23, 2012 Share Posted March 23, 2012 just a suggestion: if someone wanted to start a thread about alleged corruption of this or that in the anything goes category; go for it! it seems wicked to continually pounce on people who are excited about a project, regardless of the back-story. some of us aren't interested in the back-story of projects, which causes me to wonder why.....someone....doesn't start their own thread where no one will be annoyed if someone wanted to, say, get on their soap box. ...........just thinkin' out loud. with that said, i'm not interested in this thread and i'm tired of having to come back to it because people can't be civil. please play nice. if you don't like the scene, start your own scene (thread) for like minded individuals........elsewhere. the alternative is removing every comment that is finger-pointy, he said she said they did ca ca. dinosaurs are so 1990. 3 Link to comment Share on other sites More sharing options...
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