Cohn had been employed in the enforcement branch of the SEC when he is alleged to have illegally accessed confidential investigative data on GPB Capital Holdings. The company had been tasked with auditing one of the GPB private placement funds, Armada Waste Management. Enter your email address to follow this blog and receive notifications of new posts by email along with 7129 other subscribers. Highline Management Inc. is a taxpayer registed with Texas Comptroller of Public Accounts. The current unrealized loss is $92,725,188.00. BZ WELDING Farm Equipment Auction Results. Overview of operations of GPB Capital and Highline Since the appointment of the Monitor on February . Ascendant Capital then became a registered branch office of Gentile and Schneiders new broker-dealer. Published By Shepherd Smith Edwards & Kantas, LLP, NorthStar Financial Services (Bermuda) - Learn More Here. Our attorneys are available as public service to review your investment accounts and counsel you, and answer your questions at no charge. He then allegedly shared the information with GPB executives. If you invested in any of the following funds. Did the discussion include your overall investment strategy and where these particular investments fit within that strategy? GPB Capital Holdings LLC, which faces federal fraud charges, announced this week that its GPB Cold Storage LP fund had completed its disposition of the parcel, which it assembled over several years starting in 2016. . The same is true of a valuation. GPB Capital Holdings LLC said its assets have grown to more than $1.21 billion following sales of automotive and health companies, potentially stirring hope for roughly 17,000 investors who. (Exact name of registrant as specified in its charter) Delaware 000-56285 35-2484347 (State or other . The the undisclosed and self-serving relationships between GPB Capital, Ascendant Capital, and Ascendant Alternative Strategies is certainly an example of self-dealing with deliberate intent to defraud investor. Inglesino, Webster, Wyciskala & Taylor, LLC served as GPB. Has your financial advisor contacted you to review the investment holdings and discuss the status after this additionally reported decrease in value (as reported by the sponsor) or to share with you that the National Financial Services and other custodian providers are removing GPB Funds from their platform? According to InvestmentNews, Highline Management Inc., which was set up earlier this year, is now overseeing the firm's business affairs. Highline Capital Management, L.P. operates as an investment management firm. U.S. Attorney's Office, Eastern District of New York, The Defendants Allegedly Misrepresented GPBs Performance and Paid Distributions with Investor Funds, Securities, Commodities, & Investment Fraud, GPB Capital Founder and CEO Among Three Individuals Indicted in Private Equity Investment Fraud, Nigerian National Pleads Guilty to Multi-Million Dollar Fraud Schemes and Money Laundering, Sanctions Evasion and Money Laundering Charges Unsealed Against Specially Designated Global Terrorist Mohammad Bazzi and Talal Chahine, Ozy Media and Its Founder Carlos Watson Indicted in a Years-Long Multi-Million Dollar Fraud Scheme, GPB Capital Founder and CEO Among Three Individuals Indicted In Private Equity Investment Fraud. This comes right after FINRA fined two broker-dealers for GPB Capital Holdings Sales this week. }}
In June 2019, National Financial Services, one of the largest clearing firms in the United States, reportedly removed GPB from its platform and gave clients only 90 days to move those investments to another custodian firm. Like the other non-Scientology lawyers who work in the Scientology orbit, some of Michael Emanuels work will consist of lining up deck chairs on the Titanic; which is to say David Gentile hired the best lawyer he could find given GPBs present state of chaos.

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An indictment was unsealed today in federal court in Brooklyn charging three individuals affiliated with GPB Capital Holdings, LLC (GPB) with securities fraud, wire fraud and conspiracy. Lock This has serious implications. In its June 2020 ADV, GPB admitted to its inability to hire a third-party Valuation Service Provider in 2019. ) or https:// means youve safely connected to the .gov website. As to incompetence: the idea of consolidating an industry, such as a bunch of independent car dealerships and garbage companies, and cutting costs by sharing sales and back-office functions, is a standard business school term project, and it happens a lot in the real world. 2019-0071-SG). Our securities fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) have spent nearly two years investigating GPB Capital over allegations that it ran a $1.8B Ponzi scam. Enter your email address to follow this blog and receive notifications of new posts by email. Recover your GPB Holdings losses by calling us 1 800 856 3352 for a free consultation. GPB Capital paid Ascendant Alternative Strategies and Ascendant Capital millions of dollars in connection with marketing GPB Capital funds and in connection with acquisitions made by GPB Capital. In certain places, GPBs Brochure reads like a no contest document in a plea bargain agreement. Cohn was fired by GPB Capital after prosecutors charged him. The SEC has requested the appointment of an independent monitor to oversee GPB Capital Holdings amid allegations the asset management firm defrauded more than 17,000 retail investors in a "Ponzi-like" scheme. Ch. Conversely, a jury of Cohns peers particularly those who have been financially crippled by the pandemic would not look kindly upon a white collar criminal who allegedly broke the law to take a $400,000 salary. . GPB Capital Holdings is classed as an Investment Adviser. This means it has to fill out Form ADV. As detailed in the indictment and other court documents, GPB, founded by Gentile in or around 2013, was a New York-based investment advisor registered with the SEC.

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This has serious implications. On October 10, 2017, Ascendant Alternative Strategies registered as a broker-dealer in Massachusetts. What did they know, what did they recommend, and when did they recommend it to retail clients, and what exactly were those recommendations based upon?

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See auction date, current bid, equipment specs, and seller information for each lot. Recently, another auditor retained by GPB resigned. 6. GPB Capital Holdings has played incessant games with its website over the past two years. Michael Emanuels name is no longer listed on Stroocks website, but it is listed on GPB Capitals most recent ADV dated August 12, 2020: The document shows Emanuel acquired his title in August 2020. Mr. Gentile is not actively involved in the day-to-day operations of AAS.. Cohn maintains that he never disclosed such information with anyone at GPB. Page 1 of 1. If we rely upon the June 2020 ADV number of $238,637,198, GPB Capital Holdings incurred a mind-blowing ~$861 million loss in one year. As reported by Law360 last week, Mr. Cohn is presently seeking a bench trial: Law360 (August 10, 2020, 2:43 PM EDT) A former compliance examiner accused of stealing information from the U.S. Securities and Exchange Commission sought a rare criminal bench trial over prosecutors objections on Monday, saying it is the only way to hold a speedy trial during the pandemic Cohn argued that his constitutional right to a speedy trial and due process of law is impaired by the ongoing delay.. As alleged, by paying investors from an undisclosed and improper source such as investor capital, the defendants repeatedly misled investors about the health and performance of their investments, stated Acting United States Attorney DuCharme. %PDF-1.5 % For better and worse, the car guys seem to have a great deal of influence at GPB: Patrick Dibres lawsuit: Read GPBs claim and Dibres counterclaim. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American.

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If convicted, the defendants each face up to 20 years imprisonment. TORONTO, March 02, 2023 -- ( BUSINESS WIRE )--Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline . Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. David Gentiles GPB Capital Holdings website has been disabled and is non-operational at this writing. Finally, there are practical considerations as well in cases where investors are aware of losses and potential claims, but they choose to delay taking action. GPB Capital gave this number when they were at their peak and were promoting themselves as the hottest private equity fund in town as were their broker-dealers who were getting obscene commissions averaging about 8%. Cision Distribution 888-776-0942 The structural complexities of GPB Capital Holdings; its funds and sub-funds; and hundreds of bank accounts will be unraveled in due course by regulators and, hopefully, prosecutors. The statement concerning the role of Jeffry Schneider and Mark Martino of Ascendant Alternative Strategies: Regarding the Advisers response to Item 7(B)(1)(A)(28), it should be noted that Ascendant Capital, LLC a related party of ASCENDANT ALTERNATIVE STRATEGIES, LLC (Member FINRA/SIPC (CRD# 283881 / SEC# 69769)), provides services to GPB Capital Holdings, LLC and its clients and indirectly receives, and may directly receive, reimbursements or other compensation from such parties. ",
Whether or not the funds are even currently worth the value reported by the company as the sponsor remains to be seen and has not been verified as of yet by any outside auditor firms. "This transaction delivers significant value for GPB Capital's investors and gives Group 1 access to 1,800 dedicated employees and more than two dozen of the best dealerships in the Northeast,"said Rob Chmiel, CEO of GPB Capital. According to InvestmentNews, Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. GPB Capital Holdings was founded by David Gentile in 2013 and is headquartered in New York City. MSC-BD, a brokerage owned by Austin, Texas-based investment banking firm Madison Street Capital, must pay 75-year-old widow Maria Albers an award of $221,000 in compensatory damages, attorney. As an investor, you may want to begin by reviewing the basic information and records that you have in your . The point of the above paragraph is to note that it is possible that GPB paid out a lot of money in distributions, which is part of the writedown in assets. For over 3 years now, GPB Capital investors have been getting more and more bad news. Highline Management, Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the sale. We Represent GPB Investors Has your firm actually filed GPB cases? Intuit Inc. (NASDAQ: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, along with Highline Beta, a venture studio and venture capital firm, announced today the 2023 cohort of the Intuit Prosperity Accelerator: Toronto.. How much did Scientologist David Gentile put into the Church of Scientologys coffers via the IAS, Hubbard College, and its many other front groups? The SEC mandated the use of RAUM in Form ADV in 2012.

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VIDEO: Finally, Scientific Proof that Scientologys Body Thetans Cannot Exist!

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GPB and three executives were charged by the SEC with defrauding investors earlier this month. The only acquisition candidates available to GPB, therefore, were the ones the smart money had already picked over. Page 1 of 1 NEW YORK, Nov. 18, 2021 /PRNewswire/ -- GPB Capital Holdings, LLC ("GPB Capital") has finalized the sale of Prime Automotive Group to Group 1 Automotive, Inc. ("Group 1"), an. A .gov website belongs to an official government organization in the United States. Does Your Religion Pay You Commissions? Financial advisors and brokers have legal and regulatory responsibilities to adhere to the rules and regulations of the securities industry. Attorney General James seeks restitution for investors of more than $700 million defrauded, as . The allegation is that he shared that information with GPB executives and thereby acted to obstruct justice. We have substantial experience pursuing claims against brokerage firms and financial advisors on behalf of investors nationwide. That is a 45.2% plunge. The four-month program will help eight fintech startups refine and scale products designed to improve the financial . Secure .gov websites use HTTPS GPB Capital is a New York-based alternative asset management firm focusing on acquiring income-producing private companies. GPB Capital has many hundreds of bank accounts under its purview.

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(718) 254-6323. If you purchased GPB and you have realized or unrealized investment losses, you should consult an attorney.

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Publicly, GPB Capital and Ascendant Capital sought to appear as two distinct companies, but in reality, they were one-and-the-same.

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Mark Martinos Ascendant Alternative Strategies website has been disabled and is non-operational at this writing. Between August 2015 and December 2018, the defendants, together with others, allegedly engaged in a scheme to defraud investors and prospective investors in the GPB Funds through material misrepresentations and omissions. GPB Capital Holdings (?GPB?) Financial advisors and brokers recommending GPB investments to clients also had a duty to continue to monitor these investments as the information above has come to light. Manhasset, New York, John Marzulli endstream endobj 63 0 obj <. Assistant United States Attorneys Lauren Howard Elbert, Artie McConnell and Garen Marshall are in charge of the prosecution. Rosenberg sued GPB and the parties are now locked in an acrimonious lawsuit. "text": "First, be aware that there is a limited time window for an investor to recover losses. Please do not include any confidential or sensitive information in a contact form, text message, or voicemail. This is an outrage. VIDEO: Finally, Scientific Proof that Scientologys Body Thetans Cannot Exist. , Highline Management Inc., which was set up earlier this year, is now overseeing the firms business affairs. GPB Waste Management, and GPB Cold Storage, and raised and invested capital in a portfolio of private . The business address is 33 E 33rd St Rm 807, New York, NY 10016. Given the Gentile-Schneider undisclosed and bad faith architecture of paying excessively high commissions, paying themselves excessive fees at every step of the way, and failing to disclose their self-dealing and numerous conflicts of interests, we think there is a case to be made that GPB Capital was inherently fraudulent from the beginning. This Office is committed to ensuring honesty and integrity in the management of investment funds.. However, in GPBs 2018 Part 2A ADV a/k/a The Brochure the company states (emphasis ours): GPB Capital Holdings, LLC, a Delaware limited liability company (GPB or the Manager), is a New York-based middle-market acquisition and operations firm whose principals are experienced financial, management and accounting professionals with several decades of combined private investment and acquisitions experience.

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Investment fraud schemes are not only problematic for the victims they claim, but for the overall investing public who loses faith in a free-market system every time they hear of crimes like this. GPB Capital Holdings, LLC et al RSS Track this Docket Docket Report This docket was last retrieved on March 15, 2021. Seth D. DuCharme, Acting United States Attorney for the Eastern District of New York, and William F. Sweeney, Jr., Assistant Director-in-Charge, Federal Bureau of Investigation, New York Field Office (FBI), announced the charges. This closing completes the purchase of substantially all the assets, including real estate, of 27 Prime Automotive Group dealerships and three collision centers, which was announced in September 2021. The AUM vs RAUM question also speaks to the civil complaint against GPB Capital Holdings filed by the Commonwealth of Massachusetts. Note: Some sources give the value of GPBs AUM as $1.5 billion. Date of Report (Date of earliest event reported): June 30, 2022. The narrative prosecutors can present about Cohn would be damning in front of a jury. Kirkland & Ellis, LLP served as legal advisor and Houlihan Lokey Capital, Inc. served as financial advisor, respectively, to BPOC in connection with the transaction. Attorney General James specifically charges GPB Capital and the five additional defendants with violating the Martin Act and New York Executive Law 63(12), as well as breaching fiduciary duty and aiding and abetting a breach of fiduciary duty laws. Scientology Does! Many of the investments were private placements. Law360 (June 13, 2022, 8:20 PM EDT) -- The U.S. Securities and Exchange Commission on Monday asked a New York federal judge to appoint a receiver for GPB Capital Holdings amid a criminal case . I have to admit that even I, a financial industry professional, am baffled as to whats going on here. I spent several hours last night poring over the ADV and reviewing Jeffs post. The firms main owners and control persons include Gentile and Schneider. GPB serves as general partner and/or manager for various companies (each, a Company, and collectively, the Companies) which do not meet the definition of investment company and thus will not register under the Investment Company Act of 1940, as amended (the 1940 Act) and whose fund interests (Interests) are not registered under the Securities Act of 1933, as amended (the 1933 Act). You put your money in, wait 5-10 years, and then the portfolio companies are either sold or go public, and you get a much higher return than if you took distributions along the way. Investors have said that much of their returns were their capital and that GPB Capital Holdings. Three men affiliated with New York-based alternative asset management firm GPB Capital Holdings, including its founder and CEO, have been charged with securities fraud, wire fraud, and conspiracy as part of a scheme to defraud investors. Recently, another auditor retained by GPB resigned. 2020: $239 million: The RAUM as stated in the June 30, 2020 Form ADV. A large number of them have filed lawsuits (FINRA) to recover losses. GPBs statement about Highline Management, Inc: Regarding Item 7, Highline Management, Inc. (Highline) was formed in January 2020 to assume the day to day duties and responsibilities of GPB with respect to the management of the business affairs, operations and financial reporting of the various limited partnerships sponsored by GPB as well as the Portfolio Companies. Michael Emanuel replaces former GPB CCO Michael Cohn. GPB was unable to conduct valuations in third and fourth quarters of 2019 due to the lack of a third-party Valuation Service Provider. CA No. Xenu Who? The Managed Funds Associations short precis on RAUM: Categories: The Scientology Money Project, Tagged as: Aileen Doherty, Ascendant Alternative Strategies, Austin Lake Technologies, AutoNation, David Gentile, Dodd-Frank Act, GPB Capital Holdings, Highline Management, Inc., International Association of Scientologists, Jeff Lash, Jeffrey Augustine, jeffry schneider, Kevin Westfall, Kinnie Ma lawsuit, Mark Martino, Mike Frost, Regulatory Funds Under Management, Scientology, Securities and Exchange Commission, Tom Hawkins. Jeffrey Schneider, GPBs placement agent Ascendant Capital, David Gentile, and Jeffrey Lash, both executives of GPB, have been charged with wire fraud, securities fraud, and conspiracy against 17,000 investors. GPB-Capital-Holdings-Brochure-Form2A, Categories: The Scientology Money Project, Tagged as: ADV, Ascendant Alternative Strategies, Ascendant Capital, David Gentile, Evan Myrianthopoulos, GPB Capital Holdings, Highline Management, jeffry schneider, Jovan Sijan, L. Ron Hubbard, Mark Martino, Michael Cohn, Michael Emanuel, Robert Chmiel, Stroock. We find the non-operational websites to be disgraceful. Meantime, the SEC, FINRA, and the Federal Bureau of Investigation (FBI) are continuing in their ongoing investigations into GPB Capital Holdings, which is facing its share of class action securities fraud lawsuits and litigation from two ex-business partners. It all seems like smoke and mirrors. An audit can only be as accurate as the party being audited provides honest and correct information and opens its books fully. Armada Waste Management: 2Q 2019 Fair Market Value is $33.3 million, or 20.5% of the Net Capital Contributions, a decline from 4Q 2018 Fair Market Value of $53.4 million, or 32.7% of the Net Capital Contributions.

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This comes after the change of the CEO, an additional lawsuit by the former CEO, and the arrest of GPBs Compliance officer for obstruction of justice. GPB Capital Holdings: Court-Appointed Monitors Report on Q4 2022 Activities. "We are actively working with our independent Monitor on a plan to distribute the available proceeds from the transaction to GPB Capital's partnership investors. There is a potential statute of limitations and potential FINRA customer dispute resolution rules, including a potential six-year eligibility rule. 1. GPB served as the general partner of several investment funds, including GPB Holdings, LP (Holdings I), GPB Holdings II, LP (Holdings II), GPB Automotive Portfolio, LP (Automotive Portfolio), GPB Waste Management, LP (Waste Management) and GPB Cold Storage, LP (Cold Storage) (collectively, the GPB Funds). Nearly a year after he was charged with obstruction of justice, Michael Cohn, the former Chief Compliance Officer of GPB Capital Holdings, has pleaded guilty to the misdemeanor crime of theft of government property. GPB Capital | 3,643 followers on LinkedIn. Stone Living Trust, dated January 9, 1992, as amended May 24, 2005, Catherine Kominos, Stacy Greasor Individual Retirement Account, Gracemarie . Myrianthopoulos was previously employed as CFO at Soligenix Inc. (formerly named Dor Biopharma). Browse our inventory of new and used HIGHLINE XL-W5 For Sale near you at MarketBook.ca. Call us now for a free consultation at, GPB Capital Holdings Lawsuit | Ponzi Scheme Allegations. Does Your Religion Pay You Commissions? GPB Capital SEC Monitor Update as of November 2021 In November 2021, the Court-appointed monitor submitted its quarterly report. Highline Management, Inc. Jan 2020 - Present3 years 2 months Greater New York region Key member of the leadership team of GPB Capital's investment management subsidiary, which manages. Scientology Fair Game: Cult Leader David Miscavige Orders Attacks on Marc Headley and His Business, US Federal Prosecutor Now Investigating Retired LAPD Cop & Scientology Pal Captain Cory Palka for Corruption, Subpoena-Evader and Thug Life Scientology Leader David Miscavige Served a Subpoena by a US Federal Court on Valentines Day 2023, Scientologist David Gentile Goes Down in Flames in the Pretrial Phase of His US Federal Criminal Case. Were the representations fair and balanced in terms of risk disclosures? Finally, there are practical considerations in cases where investors are aware of losses and potential claims but choose to delay taking action. The contact form sends information by non-encrypted email, which is not secure. This site uses cookies. The defendants were arrested today, and Gentile will appear this afternoon in federal court in Boston, Massachusetts, Schneider will appear in federal court in Austin, Texas, and Lash in federal court in Fort Myers, Florida. GPBs Prime Automotive Group is headed by CEO Tom Skelton who spent 24 years at AutoNation. This business model isn't usually affected by broad stock market swings. As with any investment fraud or Ponzi scheme, it is critical to take action. Sort by manufacturer, model, year, price, location, sale date, and more. Emanuel joins a handful of other high-caliber non-Scientology lawyers who find good money working in Scientologys orbit where the invisible hand of L. Ron Hubbard guides things from the beyond through the written policies he left behind. 7. As a general matter, GPB investors should be aware that there are time limits on their ability to bring any claims. These complaints accuse the company of operating a massive, complex Ponzi scheme. July 2019: We reported on GPB Capital Holdings staggering $700 million loss across all of its funds. This is because investments like GPB are very risky. 4. It seems AutoNation alumni have an inside track at GPB Capital Holdings. 3. The new brochure describes GPB Capital Holdings excessive commissions and fees in a rather cavalier fashion as if these excessive commissions and fees are inconsequential: GPB Capital Holdings ADV: Sort by manufacturer, model, year, price, location, sale date, and more. In July, the alternative asset firm reported in its Form ADV to the SEC that its assets under management (AUM) had declined by nearly $200M between the end of 2017 and June 2019from $434M in AUM to $196.3M. Highline Management Inc., which manages the day-to-day operations of GPB Capital's sponsored partnerships, negotiated the . Here is the posted RAUM from the June 30, 2020 ADV: Where did all the money go? Just last February, GBP Capital Holdings and three individuals were charged by the Securities Exchange Commission (SEC) with fraud and running a $1.6 billion Ponzi scheme. According to. In reality, despite the defendants representations, investor capital was used to pay for a significant portion of the distributions made to investors in each of these funds. ],

Page 1 of 1.

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4B. Scroll down to see GPB Capital Holdings ADV and Brochure Part 2 of August 12, 2020. LinkedIn shows Wally Bishop, a long-time exec at Deutsche Bank, serving on the Board of Directors and the Audit Committee at Highline Management: LinkedIn also shows Tom Hawkins serving on the Board of Directors of Highline Management: On his LinkedIn page, Hawkins represents that GPB Capital Holdings (though he does not use the GPB name) has $1.5 billion in investments. Last month the SEC ordered GPB Capital Holdings into receivership to help return investors funds. Fax Line: 718-254-7508. Pa. 18-cv-01826. Industries Financial Services Company size 11-50 employees Headquarters New York, NY Type Privately Held Founded 2020 Locations. At Haselhorn and Thibaut, our attorneys specialize in helping investors recover losses in GPB Holdings. Gentile and Schneider worked closely together on the founding, development, operation and marketing of the GPB Funds. Did that discussion include or address the decline in value? It has been reported that the Securities and Exchange Commission (SEC) launched an investigation. GPB Capital Holdings LLC - Company Profile and News - Bloomberg Markets Bloomberg Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and. That is a 45.2% plunge. Page 1 of 1. Suddenly, however, David Gentile apparently needs to pay two outside companies in order to help him get out of bed in the morning. GPB Capital Holdings and Oestreicher Properties Inc. are partners in the 211 Schermerhorn Street project on Boerum Hill in Brooklyn. Given the above statement, we must ask if the $239 million RAUM is a meaningful number at all.