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Volume 2 - Number 5 | May 9, 2006
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Top Story: Industry Mobilizes in Face of Congressional Budget Scare
By Michelle Napoli
Last week was a rollercoaster ride of sorts--and an alarming one at that--for the TIC industry. It began Tuesday after a proposal was floated in the behind-closed-doors Congressional budget reconciliation process that, if adopted, could have a devastating impact on the market and its participants.
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Industry Update: Amendment to Utah’s SB64 In Effect
By Michelle Napoli
Amendments to Utah’s real estate laws, including a change to SB64, which when passed in March 2005 essentially excluded tenant-in-common transactions from the state’s definition of securities, were signed by Gov. Jon M. Huntsman Jr. recently. The new regulations went into effect on May 1.
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INSIDER: BGK Group’s Edward M. Gilbert
By Michelle Napoli
At 83, investor Edward M. Gilbert has just about done it all. A school chum and friend of the legendary author and beat writer Jack Kerouac, a World War II veteran honored with the Purple Heart and Bronze Star, dubbed by some a “Wall Street wizard,” Gilbert has made three fortunes and lost two of them. Now, the firm he founded in 1991 is looking to enter the TIC sector.
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SPONSOR UPCLOSE: The Geneva Organization
By Michelle Napoli
Perhaps the most notable factor that sets apart the Geneva Organization from virtually all other tenant-in-common investment sponsors is that it is only one of two to request and receive a favorable private letter ruling on its program from the Internal Revenue Service since Rev. Proc. 2002-22 was issued.
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