Arizona Republic from Phoenix, Arizona • Page 66

AIL EDITIONS F2 The Arizona RopnMlc Friday, March 16, 1990 Real-estate broker uncovers Valley equity-skimming scheme fir, i properties had no investment value in a time when the value of condos and town homes is static or depreciating. To try to make money by holding on to them would be "economic suicide," according to Chichester. He said everything pointed to the possibility that the buyers were involved in an equity-skimming scheme. Chichester and Gloyer were able to quash at least 10 of the deals that fit the pattern. An additional 25 deals are in escrow, but 75 more have been closed.

Chichester said it is often eight to nine months before the lender gets around to initiating a foreclosure and the scheme comes to light. In the meantime, he said, the con artists can collect $30,000 to $40,000 a month in rent. Chichester said sellers should make sure to get up-to-date information on buyers who are assuming no-qualifying loans if they want to avoid being involved in an equity-skimming scheme. Chichester, who investigated insurance fraud before he started selling homes about 12 years ago, said he got involved in the investigation because he saw how many people are getting hurt. "The individuals who sell the homes risk their credit ratings," he said.

"You and I arc getting hurt because the loans are insured by the government, and taxpayers end up with the bill. "It also pushes real-estate values down because after a property goes through foreclosure, it ends up being sold for less than the value of the mortgage. It was just the morally right thing for me to do." iii.il E'mi I Vsrrl. i I Nevada investment corp. wants to purchase parcels of land.

1000 acre tracks and larger. Willing to pay cash! Able to act quickly on all submissions. If property is of interest will make offer within 72 hours. Land must be located in Pima Maricopa counties. Please send particulars to: 96 MD co 120 E.

Van Buren Phoenix, AZ 85004 CENTRAL PHOENIX ADDITION FHP Health Care is the latest to open a medical facility in the special Medical Center Redevelopment Area surrounding Good Samaritan Regional Medical Center. The 7,1 00-square-foot facility is at 1 4 1 0 East McDowell Road. supply measures rise 1 i iW 4 JMmZLA to a seasonally adjusted $4.0747 trillion from $4.0726 trillion. The narrowest measure of the money supply, Ml, rose to a seasonally adjusted $807 billion from $805 billion. Ml includes cash in circulation, deposits in checking accounts and non-bank traveler's checks.

M2 is Ml plus accounts such as savings deposits and money-market mutual funds. M3 Del Webb resumes dividend Pay-out halted ijn restructuring the Del Webb Corp. of Phoenix has reinstated its dividend after suspending payments three years ago. The company's directors voted at a meeting Thursday to reinstate a regular quarterly cash pay-out. The board also gave the back of its hand to a fellow director who is seeking election of his own slate to the panel.

The restored dividend initially will be 5 cents a share, with the first payment to be made April 20. Dividend payments were suspended in 1987 while the company completed a restructuring that focused its operations on the development of retirement communities. The restructuring was completed last year, and the company earned $7,597,000, or 62 cents a share, on revenues of $189.5 million for the year. That compared with a loss of $14,949,000 in 1988. Philip J.

Dion, chairman and chief executive, said, "The reinstatement of the quarterly dividend to shareholders is indicative of the strength of our business." Del Webb's directors also discussed fellow director James J. Cotter's intention to run his own slate of three directors at the May 16 annual meeting of Webb's shareholders. With Colter dissenting, the board agreed to vigorously oppose Cotter and his two nominees. Cotter heads a California company, Craig and controls about 10 percent of Del Webb's stock. The directors also will ask shareholders to approve a management proposal that would prohibit the company from bowing to so-called grecnmail or paying other special compensation to any shareholder.

Grcenmail is the buying of a large amount of a firm's stock with the expectation that the management, fearing that the buyer will gain control of the firm, will buy it back at a premium. In addition, the board adopted a policy of not reimbursing any costs or expenses incurred by a dissident shareholder in seeking to elect candidates to the board, except as required by law or approved by disinterested directors. Cotter has indicated that he may seek reimbursement from Del Webb for the expenses he incurs while trying to get himself and his two colleagues elected. Del Webb is the developer of Sun City, Sun City West and other retirement communities. KTVK parent purchasing KESZ-FM The company that owns KTVK-TV (Channel 3) in Phoenix is purchasing radio station KESZ-FM.

The purchase must be approved by the Federal Communications Commission. The price was not disclosed. The acquisition would be the second purchase of a Phoenix media company by Arizona Television Co. in recent months. The communications outfit bought Phoenix Magazine at the end of November.

"We are very excited about this acquisition," said Dclbert Lewis, president and chief executive of Arizona Television. "We arc very impressed with the job the staff at KESZ has done with the station, and we hope they will help us to continue on the same path they have set." KESZ broadcasts adult contemporary music, operating at 99.9 FM, The station has been owned and operated by Duffy II Corp. since late 1986. The station went on the air in the early 1980s and has about 20 employees. Robert Duffy of Phoenix, chief executive of the company bearing his name, would continue to be associated with the KESZ through a management-consulting agreement.

Jerry Ryan, general manager of the radio station, would continue to oversee operations. Arizona Television, which has owned KTVK since 1955, also owns Desert Video and Film, a video-production company. KTVK is ABC's affiliate in Phoenix. "BEST COMPUTER BUYS EVER!" COMPLETE SYSTEMS INCLUDE: 40MB Hafd Drive 101 Keyboard 1MB RAM Monitor 1.2 MB SV4" floppy Intel Processor 286-12 386-SX 386-20 386-25 486-25 1195 $1395 $1995 $2195 Call REAL-ESTATE, from page Fl have turned the information they uncovered over to the FBI and the Arizona office of the inspector general of the U.S. Department of Housing and Urban Development.

FDI officials were unavailable for comment, and HUD official Mel Bernard said he cannot comment on whether anything is under investigation. But Bernard said that equity-skimming schemes have been a big problem in the Valley for several years. Earlier this month, a grand jury returned the first federal indictments in Arizona involving equity skimming. The four men named in the indictments have been arrested by the FBI. The schemes that Chichester uncovered probably are not related to that case, which involved transactions from 1986 to 1988.

They are ongoing, and Chichester said it is important that the word gets out to real-estate brokers so they can protect sellers. Chichester said he got involved when some suspicious contracts crossed his desk. One involved a house he had listed, the other a house that Gloyer had listed. Another real-estate agent had sold them, both to the same party. "Before long, we came up with 25 of them," Chichester said.

The same individual was buying all of them, and Chichester said the deals "just didn't pencil" because the is M2 plus less-liquid accounts, such as certificates of deposit in minimum denominations of $100,000. In judging its monetary policy, the Fed has indicated it is monitoring the value of the dollar, commodity prices and the difference between short- and long-term interest rates. It also has shifted its attention from Ml to the two broader money-supply measures. FREE TFCH SUPPORT If MADE IN USA QUALITY SPECIALS 100 Financing Available OAC Trade-ins Accepted Call for Custom Configurations Upgrade Pricing SCOTTSDALE Coming Soon i 'At1, i 11', lI i 1 ydwi 1 Phoenix 262-S555 2346 N. Central Phocnlx-East 820-2222 1933 S.

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