Interesting
>So what’s the scoop here with a Mr Blum?
I am digging. Just saw the tweet a bit ago. Seems like there is something there…
Not fully related to Vegas but seems like hubby of DiFi got a sweetheart deal on the hugely expensive and money losing high speed rail system. Money Laundering?
The Blum Connection: Mr. Blum is the chairman of the board and a controlling shareholder of CB Richard Ellis. He is a member of the board of directors of the hotel chain Fairmont Raffles Holdings International, owned by Colony Capital. He is also an investor in a Colony Capital acquisition fund.
The Deal: In 2007, Colony Capital partnered with the Fertitta family in a $5.7 billion leveraged buyout (taking the public company private). Colony partly financed the deal with Colony Capital VIII. U.S. Securities and Exchange Commission records show that as the deal was being negotiated, Station Casinos hired CB Richard Ellis to evaluate the Fertitta-Colony offering to Station Casino's public shareholders. CB Richard Ellis was charged with determining if the offering was fairly priced. Mr. Blum's firm told Station Casino shareholders that the deal was a solid investment.
UC's Investment: While Mr. Blum served on the regents' investment committee, UC invested $16.6 million in the Colony Capital fund (Colony Capital VIII) which bought Station Casinos in a deal that was partly overseen by CB Richard Ellis, a company Regent Blum controls. The deal benefited Colony Capital, a firm to which Mr. Blum is deeply connected through investments and a board directorship.
Fallout: Not long after it was privatized, Station Casinos declared bankruptcy due to the combined effects of the recession and the $1.6 billion operating debt that its new owners had imposed on the company via the buyout. Former shareholders of Station Casinos claimed that the deal was not in their best interest, as CB Richard Ellis had claimed. The Colony Capital fund that financed the Station Casinos buyout (Colony Capital VIII) has lost more than half its value due to the soured deal, enraging institutional investors. As of December 2009, the value of UC's investment in Colony Capital VIII had decreased by $6.3 million."
In addition to the Station Casinos information, Bryne outlines a number of questionable deals directed by UC Regent Blum.
https://myemail.constantcontact.com/Feinstein-Hubby-Blum-makes–1-BILLION-off-Station-Casinos.html?soid=1102324248697&aid=FpABU8B6D1U
Richard Blum, DiFi husband invested in China heavily. Owns/owned shares in Chinese steel company.
"In 1996, Blum reportedly invested $23 million into a steel company owned by the Chinese government. His firms also acquired assets in companies that produce soybean milk and candy, according to the LA Times report. "