The developer of the Monarch project presently listed as P&F Management* was originally "Dornach Plainfield LLC" a shell corporation controlled by Glen Fishman who with Larry Fishman and Frank Macios among others are in various combinations partners in many enterprises including real estate development, tax lien acquisitions, real estate funds, and others. All are speculative,but because of the business structure used the financial risk is limited.
Among the many other "companies" listed on the Internet in which Fishman is mentioned as either a principle or in partnership with are:
- Maplewood Homes
- The Savoy at Rahway
- Asbury Partners LLC
- Dornoch Holdings LLC
- Dornoch Patterson
- First Jersey Real Properties (Lakewood)
- First New Jersey Real Property Management Co
- Fishman Real Estate Enterprises
- Fishman Real Estate Holdings
- Plainfield Specialty Holdings
- Plainfield Asset Management LLC, a hedge fund based in Greenwich, Conn
- Dornoch Opportunity Fund, L.P., (Morristown formed by Plainfield Holdings)
Most speculative entrepreneurs will use separate shell company for each venture, so that any financial risk is limited to that particular project. Like wise retail chains of the separately incorporate a shell company for each store lease in order that if it is not profitable the retailer can walk away from the lease without any financial risk since it is held by a shell corporation. There is nothing wrong in protecting ones assets.
However, to have your cake and eat it too is pushing the limits of respectability. Since many of the projects need approval by a political body, in this State one would look for "pay to play". I could find in 2008 only a small contribution to Stender's campaign plus equal gifts to both the Republican and the Democratic parties. The biggest was to a Congressman. However in Asbury Park, Rahway. and Patterson as well as Plainfield this developer has been able to be approved for projects that have often been delayed or undergone substantial changes since originial approval.
One can read on the Internet postingscollectd from various sources such as newspapers, blogs, promotional magazines about various individuals and/or companies. As examples I have excerpted the following material material from three out of hundreds referring to Fishman;
Tuesday, July 14, 2009 Dornoch: Savoy to begin in a month An nj.com report this week quotes Dornoch managing partner Glen Fishman claiming that work at The Savoy is expected to begin within 30 days. It’s been almost a year since steel went up at the site at the corner of Main and Monroe streets. (Rahway Rising 7/14/2009)
By Les Shaver Kara Homes founder and CEO Zuhdi Karagjozi has filed in bankruptcy court a strongly worded objection to a new reorganization plan that would oust him and place the company in the hands of Fishman Real Estate Holdings and Plainfield Specialty Holdings. BIG BUILDER News-7/20/07) Read it very interesting.
For interesting reading there is a letter in the AsburyPark regarding Dornoch's Paterson' Great Falls project warning of the developer's seeking of tax abatements Wed, 29 Mar 2006 (www.mail archive.com/asburypark@yahoogroups.../msg07419.html )
On 6/21/2007 Plainfield Today published information regarding Doroch that should be reread and considered for its validity before any decision is made by the Council.
* Clarification has to be given as to what entity originally received approval for the "Monarch project" and if transfer to another entity needed Council approval. If so when and where there alterations made in the development contract? Again I do not have the time or ability to dig through Planning Board, Zoning Board, and Council minutes or the agreement to sell the property to find this information which must be there.
Does the completed building meet the specifications presented to and approved by. I the Planning Board, the Zoning Board and the Council. What modifications from the original have been approve by the Council?
What and paid by whom are the contracted coats for the Senior Citizen's C enter and the Veterans Center. Tax payers are entitled to be advised.
There are several recent contributions that Fishman made to Assemblywoman Nellie Pou in Patterson, where Fishman/Dornach has been very active in the past several years.
ReplyDeleteDoc, speaking of pay for play, would you consider it unethical or merely the veneer of quid pro quo that Martin Hellwig donated $1,000 to Jerry Green (10/10/06) and (1/5/07), according to NJ.com's (New Jersey by the Numbers section) list of contributions to politicians?
ReplyDeleteAlso a total of $1,250 from Leslie London, the PMUA lawyer (11/17/06, 10/1/07, 10/10/07), NJ Apartment Association, a total of $6,200 (4/6/06 and 10/20/06, 9/11/07), a total of $10,000 from Realtors PAC (6/22/07 and 10/12/07).
These are just the more recent contributions. More is available on the web site. Still researching Fishman and the 12 companies that we know of. Fishman kind of reminds me of the guy who comes to the neighborhood with asphalt and tar, saying "we're doing some work in your area, and we can do your driveway cheap," and they do a shoddy job, and when you try to go after them in court, they are no longer operating under that name, but have a new business name and you are out of luck.
How can politicians who take money from interested parties expect us to believe that they don't use their political influence to favor those parties?
Doc,
ReplyDeleteYou have a fairly large and faithful readership who might be interested enough to have you publish, without unnecessary comment, the entire search results of politician X's recent campaign contributors.
I know that anyone could do this if they wanted, but most won't bother, but they might read it if every week or so you were to publish a new list as one of your daily posts.
I think you're the best outlet. Dan's too overtly anti-whomever, Bernice is too non-partisan, and Maria's got too many irons in the fire as it is.
It could have interesting results and might spur others to look deeper and make more connections.
And because we're all for fair and balanced, don't forget to include the Republicans.