Sunday, January 17, 2010

Is Durham Selling Off Assets?

Last week, I wrote about Tim Durham's partner at Fair Finance, Jim Cochran, liquidating his belongings at his Naples, Florida home. I speculated that Durham could do the same thing.

I think he is.

Let me give you a disclaimer. I don't know the VIN numbers of the vehicles you're about to see, so I could be wrong. But look at the car over Durham's right shoulder here:









That's a 1908 Cadillac. Now look at this auto listed with RM Auctions in Phoenix, Arizona for sale on January 21, 2010:










"Oh, Chris, that could be a coincidence," you say. Sure it could. After all, there were 2,377 of these made in 1908, and I'm sure all 2,377 are in immaculate shape, just like in these photos, I respond sarcastically.

Did I mention that Durham has had at least four of his cars refurbished by RM, which featured Durham (p. 40) in its magazine?

There are a couple other vehicles fitting descriptions of Durham's collection, and they're all selling under "no reserve," which means whatever the high bid is, that's what the seller takes.

You know who sells with "no reserve?" People who do not care about their properties or people who are desperate.

From the RM article:

"Sales from [Durham's] collection have led to regret in the past, likely another reason Tim does not sell his cars easily."

Sounds like he seldom parts with a car, so I'll select door two. How more desperate can you be than having the FBI browsing through your file cabinets while you're being sued and put on the front page of the paper almost daily?

I cherish our bedrock principle that every man is innocent until proven guilty, but, unfortunately for Tim, I can also add. This will not end well for the investors. My heart goes out to them because they're about to see hundreds of thousands of dollars (and probably their best source for recovering funds) transferred to several prestigious law firms in the form of retainers.

Think of the tragic irony. A man can use ill-gotten gains to afford the best legal talent necessary to prove they weren't. Sigh. This country has two systems of justice. One for people who rob you with a knife for $20, and one for people who rob you for millions with misleading contracts and bogus spreadsheets.

In my mind, though, a "white collar" criminal is just a man who knows not only that the pen is mightier than the sword, but also that it usually comes with fewer years.


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10 comments:

Athena said...
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Athena said...
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Justice4All said...

Probably not a coincidence and yes, it's far more effective to steal via a briefcase rather than a gun.

Let's make a deal said...

Steal? You mean helping yourself to no less than $197 Million of your clients money is stealing? Tim Durham claims he "borrowed" the money and that those monies are "loans."

At least that is what I think the Fair Finance comments to Ohio were...in fairness to Tim, none of us have heard a peep out of him with the exception of when he told the WSJ that he was shocked over the FBI raid and that he was "hanging Christmas lights" when the FBI came a'knocking.

Now then, I don't believe he was hanging Christmas lights himself because that would require work! And we all know Tim had no problem handing out $100 bills to strangers (Indianapolis Monthly "Outrageous Fortune" which was featured on Tim's website,) so does anyone really believe Tim wasn't having workers hang XMAS lights all this time and that suddenly he is donning a ladder and doing the work himself

Or, how about the FACT that Durham let all his Fair Finance employees off for a week of vacation on Friday before the 11/24/2009 raid--when in the entire history of Fair the offices had never been closed for that entire week? You don't think he might have been tipped off to the raid do you? You don't think one of his adopted sons from his marriage to Joanie works in the Indiana attorney general's cybercrime office which happens to be located right in the Indianapolis FBI office and that could be a premise under which a leak could have occurred, do you?

And, it's probably also a coincidence that a 1908 mint condition buggy-style Cadillac is for sale through RM Auctions, the very company mentioned in the Tim Morrison asset freeze motion, is identical to the 1908 mint condition buggy-style Cadillac that was parked in Tim's garage, at least it was in the garage previous to the alleged 10pm semi hauling vintage cars away from his residence last week.

Just saying is all!

Erich said...

Thanks, a fascinating addition to this saga.

Erich said...

Got a note from the auction company stating these are NOT owned by Tim.

Scottie Rothstein said...

The auction company just admitted the cars WERE owned by Tim's but that he recently "sold" them to the "new buyer" who is immediately turning around and having RM sell them, isn't that special!

Erich said...

That would not be a surprise.

Anonymous said...

Loop Net has 107-117 N. East Street for sale for $1.25M. The rep says the building is empty except for storage for its "out of state owner who lives in California."

But, Diamond Auto Sales, the dealership located at 117 N. East Street and owned by Tim Durham allegedly to avoid sales tax, begs differently. According to Indiana's DMV, Diamond Auto Sales is an active car lot, license # 407747 DIAMOND AUTO SALES 117 N EAST ST.

Does anyone believe Tim really runs an active car lot at 117 N. East Street?

LMAO!!!!

Anonymous said...

There is a moving truck in front of his house on 113th street today