This is how David Blatt of Capstack Partners condu...
This is how David Blatt of Capstack Partners conducts his distressed property scheme Mr Blatt used the corporate vehicle BRIDGE SFR LOANS, LLC and his victims were a group of Australian pensioners unfortunate enough to invest in US real estate.
As can be seen, Mr Blatt took no steps to ascertain whether the real estate in question was 'distressed' (it wasn't) and foreclosed and sold the properties before the investors were aware of what had happened. How Mr Blatt was able to identify this vulnerable overseas group is not yet known. Perhaps this is the secret sauce of the Blatt method.
The investors commenced a proceeding against Bridge SFR to recover their losses but Mr Blatt promptly liquidated the company in the Delaware Bankruptcy Court when they refused to accept a small fraction of the sum claimed. Court documents available.
