The lead Ramsey Town Center story in Pioneer Press, "From Dreams to Desolation," is still online, here, and it stated in a sub-headline and in the body of text:
From dreams to desolation
Questionable financing. Swiss bank accounts. Creditors out millions. Welcome to Ramsey Town Center. What was supposed to be a $1.3 billion gem now sits mostly vacant, the legacy of a dead developer.
[...] Nedegaard's reported wealth faded away with little explanation. Creditors searching for the money discovered deposits into Swiss banks and a trail of empty promises. As Nedegaard's health was failing, he hit up friends for hundreds of thousands of dollars with stories of can't-miss deals. Many never saw that money again.
[...] Nedegaard often told friends that his investment in a European pipeline was on the verge of coming through. Some say he told them the deal concerned oil in Bulgaria; others say diamond mines and natural gas via Swiss investors.
Creditors later discovered Nedegaard transferred $600,000 to Swiss bank accounts in two transactions, according to bankruptcy fillings. Why he did so remains unclear.
More recently, Pioneer Press reported (and in the most recent item about Jim Deal emerging as a potential purhcaser of remaining acreage at the distressed site reitered) that Heisel, the CFO of Ramsey Town Center LLC and other Nedegaard venturing was indicted for lying to federal investigators.
Among other things, Nedegaard had casino business ties.
There is a lot of cash business there. Two Swiss accounts. No, just accounts in the plural - two transactions making deposits. What about Cayman Islands or Aruba? Lichtenstein? Who else had anonymous number access to those "accounts?" Only Nedegaard? Others? What was the timing of other Nedegaard business when deposits of varying amounts were made? What, precisely, was going on in Ramsey at the time of the two discovered transactions?
Presumably the ongoing fed investigation is asking these questions too, and the investigators are better positioned than I am to get answers.
Town Center was not the only real estate deal of magnitude in Ramsey over the last few years - but apparently the only one involving Nedegaard. But, Town Center was, as was clearly and thoroughly reported, not the only iron Nedegaard had in the fire when he died.
Did anyone besides Nedegaard make deposits - or perhaps more interesting, withdrawals, from any of those [how many?] presently known Swiss accounts?
There was a lot more money lent out than the $600,000 attributed as going in those two transactions to those particular accounts. Where's the money? Jerry McGuire wants it shown to him, or did in the movie. Show us the money.
Often, when a single indictiment issues a cooperating witness pleading to one count will have sentencing postponed until after testimony of record is attained. Often not. Is Heisel such an individual? The investigating authorities have been tight-lipped with the Pioneer Press, with the original article having this to say:
Larsen said his clients, the bank and its CEO, have not been charged with anything and have done nothing wrong.
"I don't know what the federal law enforcement agents are investigating," Larsen said. "They have not shared that with us. But we remain open to a full and open discussion. The bank is fully cooperating.
"Should there be any indication of an intent to articulate offenses against the bank or any party of the bank, we look forward to being fully exonerated," Larsen said.
IRS Special Agent Janet Oakes would only say, "It's an ongoing investigation."
I have no reason to not take that attorney's claims at face value. Does any reader know cause to think otherwise. If so, eamil with details, see top of right-hand sidebar. I fully believe the bank individuals wish to be exonerated, and believe that will be the result. And I fully believe Ms. Oakes, "It's an ongoing investigation."
Will it be wrapped up and played-out in court before or after the 2008 Ramsey elections? Will it be BIG, BIG, BIG news? Or will it play out as a tempest in a teapot? Will it fit that extended statement by "Baron" Keynes, about how in the long-run the raging tempest will be over and the sea calm again (but that is irrelevant for now since in the long-run we all are dead)? Most probably when all dust has settled, the Einstein quote will apply, "Everything should be made as simple as possible, but not simpler." Simple to understand. Simple to assign blame. Simple to repair, and to then move on.
Above all: Will there be any relief in how things sort out, for taxpayers - now in hock for the super spiffy new City Hall and cop shop?
Will there be a final resolution favorable to taxpayers, who at least for now, have dodged the bullet of a "Pork Authority," or "Port Authority," or whatever it is to best be called, which was being prepared for doing to us before James Norman left City employment - but is, for now at least, back-burnered?