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EMMA: What governments DON’T want you to
know about their loads of debt ...
What you will learn
•  How to recognize a flaky deal for investors
•  How borrowers get sweetheart deals
•  How governments take risks that no lender
   would
•  How good ‘ole boys get good ‘ole deals
•  How EMMA reveals financing failures
Texas is a leader in the nation’s
municipal bond market.
Bond Factory
         •  Tarrant County
            is one the
            largest issuers
            of conduit
            bonds in the
            nation and a
            leader in bond
            defaults.
Conduit bonds vs. Municipal bonds

•  Conduit bonds require approval of
   governments similar to municipal bonds.
•  Governments lend their tax-exempt status
   allowing borrowers to reduce project costs.
•  Important distinction: When a conduit bond
   fails, investors are left holding the bag.
•  Governments have no skin in the game.
Bond Factory

•  "County commissioners are grinding
   them out, churning them out like
   pancakes, like McDonald's
   hamburgers,“ said Richard Sandow,
   a Texas investment adviser who
   specializes in conduit and municipal
   bonds. "It's a bond factory that
   specializes in flaky deals."
“Ka-Ching!!!” – Big Profits to Be
  Made in Fees to Bond Advisers
"Every time there's a [bond] closing, it's 'ka-
  ching,'" said Jeff Bryant, a Fort Worth
  developer who has received millions in tax-
  exempt, county-financed conduit bonds.
Where the story begins ...
           Forbes’ 2008 most affluent American
           city: Southlake, Texas.
           In 2009, a group of developers is
           granted a $35 million conduit bond to
           build an assisted-living center next to
           the city’s central Town Square of
           “New Urbanism” -- upscale condos,
           shops, movie theaters, restaurants,
           city hall and library.
The Bond Factory
        •  Southlake residents
           pack council meetings
           to protest the project,
           saying it is not suitable
           or viable for the
           community. Some
           criticize city leaders
           for a lack of
           transparency.
Rumors, innuendo, accusations fly of cozy
 relationships between developers, bond
   advisers and county commissioners.
The good ol’ boys club ...
Tarrant County commissioners are getting their advice from a former
Southlake Mayor and his law firm. The mayor is also a business
partner of developers who were granted the $35 million in bonds to
build the project at Town Square.
Building A Spreadsheet
I built my spreadsheet using Electronic Municipal
  Market Data Access (EMMA). It provided bond
  amounts and other disclosures, such as rating
  information, which revealed millions of county-
  financed bond defaults over the last decade.
Tarrant conduit bonds supported
  this troubled assisted-living
    community in Fort Worth
Westchester Plaza Assisted Living
What was discovered ...
              The bonds’ nonprofit
              borrowers describe “anarchy”
              at Westchester, one of the
              state’s largest centers for the
              elderly, disabled and mentally
              ill.


              Residents lives are in jeopardy
              due to unsafe conditions, such
              as rapes, burglaries and other
              crimes. Some residents have
              overdosed or missed
              medications because of
              incompetent staff. The facility
              is filthy and disordered.
•  Faces of the victims of the county’s bond-
   conduit failures.
A Westchester resident who fears for her
safety and has complained of receiving the
       wrong medications from staff.
Westchester does not belong at Southlake Town
Square ...
.... where mothers frolic with their
       happy-faced kiddos.
County commissioners try to dig
themselves out of the hole of bad
           publicity.
No Skin In The Game.
         The Securities & Exchange Commission
         does not regulate conduit bonds. Nor do
         county governments vet the projects for
         viability. "We have no authority to do
         anything," County Commissioner Gary
         Fickes said. But he’s uncomfortable
         with the deals.

         For one, nonprofits don't have any skin
         in the game. If a project fails, they can
         walk away. "When you're doing this with
         no money in it, with no personal
         guarantees, that gives you a whole new
         outlook on borrowing money.”
Municipal bond dealers can’t do
business with an issuer if they have
contributed to the campaign of an
official of such issuer. The purpose is
to prevent fraudulent and manipulative
acts and practices.
The county’s municipal bond adviser did not disclose to
  federal regulators campaign contributions to county
commissioners. While nothing illegal may have occurred,
    the political donations raised ethical questions.
In 2010, bid for $35 million in
conduit bonds for the Town Square
       project is withdrawn.
How to check on conduit-bond
   financing in your area?

               Issuer’s Name
                Project Name
                and/or CUSIP




                                Notices of Default
 Continuing                     Draw on Reserves
               Material Event
 Disclosures                      P&I Payment
                                   Bankruptcy
The linked image cannot be displayed. The file may have been moved, renamed, or deleted. Verify that the link points to the correct file and location.




                                                                                              What we covered
                 EMMA can help us check the status of projects in our cities
                 and counties.
                 Rounding up the number of failed projects and flaky deals
                 can give us a good indication that the purported intent of
                 owners and borrowers is NOT, as they say, “for the public
                 good.”
                 Bond advisers stand to collect millions in fees in the deals.
                 Governments don’t care if the projects fail because they
                 have no skin in the game. So the public is left in the dark
                 about much of what goes on with the deals.
More resources
•  Short videos on how to:
1. Dissect an official statement
2. Look up material events (defaults)
3. Look up litigation
At http://bit.ly/self-guided-training
•  EMMA Education Center
•  How to contact me:
yberard@tx.rr.com
Thank you for your
  attention and
     interest

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Using EMMA to Find Great Stories by Yamil Berard

  • 1. EMMA: What governments DON’T want you to know about their loads of debt ...
  • 2. What you will learn •  How to recognize a flaky deal for investors •  How borrowers get sweetheart deals •  How governments take risks that no lender would •  How good ‘ole boys get good ‘ole deals •  How EMMA reveals financing failures
  • 3. Texas is a leader in the nation’s municipal bond market.
  • 4. Bond Factory •  Tarrant County is one the largest issuers of conduit bonds in the nation and a leader in bond defaults.
  • 5. Conduit bonds vs. Municipal bonds •  Conduit bonds require approval of governments similar to municipal bonds. •  Governments lend their tax-exempt status allowing borrowers to reduce project costs. •  Important distinction: When a conduit bond fails, investors are left holding the bag. •  Governments have no skin in the game.
  • 6.
  • 7. Bond Factory •  "County commissioners are grinding them out, churning them out like pancakes, like McDonald's hamburgers,“ said Richard Sandow, a Texas investment adviser who specializes in conduit and municipal bonds. "It's a bond factory that specializes in flaky deals."
  • 8. “Ka-Ching!!!” – Big Profits to Be Made in Fees to Bond Advisers "Every time there's a [bond] closing, it's 'ka- ching,'" said Jeff Bryant, a Fort Worth developer who has received millions in tax- exempt, county-financed conduit bonds.
  • 9. Where the story begins ... Forbes’ 2008 most affluent American city: Southlake, Texas. In 2009, a group of developers is granted a $35 million conduit bond to build an assisted-living center next to the city’s central Town Square of “New Urbanism” -- upscale condos, shops, movie theaters, restaurants, city hall and library.
  • 10. The Bond Factory •  Southlake residents pack council meetings to protest the project, saying it is not suitable or viable for the community. Some criticize city leaders for a lack of transparency.
  • 11. Rumors, innuendo, accusations fly of cozy relationships between developers, bond advisers and county commissioners.
  • 12. The good ol’ boys club ... Tarrant County commissioners are getting their advice from a former Southlake Mayor and his law firm. The mayor is also a business partner of developers who were granted the $35 million in bonds to build the project at Town Square.
  • 14. I built my spreadsheet using Electronic Municipal Market Data Access (EMMA). It provided bond amounts and other disclosures, such as rating information, which revealed millions of county- financed bond defaults over the last decade.
  • 15. Tarrant conduit bonds supported this troubled assisted-living community in Fort Worth
  • 17. What was discovered ... The bonds’ nonprofit borrowers describe “anarchy” at Westchester, one of the state’s largest centers for the elderly, disabled and mentally ill. Residents lives are in jeopardy due to unsafe conditions, such as rapes, burglaries and other crimes. Some residents have overdosed or missed medications because of incompetent staff. The facility is filthy and disordered.
  • 18. •  Faces of the victims of the county’s bond- conduit failures.
  • 19. A Westchester resident who fears for her safety and has complained of receiving the wrong medications from staff.
  • 20. Westchester does not belong at Southlake Town Square ...
  • 21. .... where mothers frolic with their happy-faced kiddos.
  • 22.
  • 23. County commissioners try to dig themselves out of the hole of bad publicity.
  • 24. No Skin In The Game. The Securities & Exchange Commission does not regulate conduit bonds. Nor do county governments vet the projects for viability. "We have no authority to do anything," County Commissioner Gary Fickes said. But he’s uncomfortable with the deals. For one, nonprofits don't have any skin in the game. If a project fails, they can walk away. "When you're doing this with no money in it, with no personal guarantees, that gives you a whole new outlook on borrowing money.”
  • 25. Municipal bond dealers can’t do business with an issuer if they have contributed to the campaign of an official of such issuer. The purpose is to prevent fraudulent and manipulative acts and practices.
  • 26. The county’s municipal bond adviser did not disclose to federal regulators campaign contributions to county commissioners. While nothing illegal may have occurred, the political donations raised ethical questions.
  • 27. In 2010, bid for $35 million in conduit bonds for the Town Square project is withdrawn.
  • 28. How to check on conduit-bond financing in your area? Issuer’s Name Project Name and/or CUSIP Notices of Default Continuing Draw on Reserves Material Event Disclosures P&I Payment Bankruptcy
  • 29. The linked image cannot be displayed. The file may have been moved, renamed, or deleted. Verify that the link points to the correct file and location. What we covered EMMA can help us check the status of projects in our cities and counties. Rounding up the number of failed projects and flaky deals can give us a good indication that the purported intent of owners and borrowers is NOT, as they say, “for the public good.” Bond advisers stand to collect millions in fees in the deals. Governments don’t care if the projects fail because they have no skin in the game. So the public is left in the dark about much of what goes on with the deals.
  • 30. More resources •  Short videos on how to: 1. Dissect an official statement 2. Look up material events (defaults) 3. Look up litigation At http://bit.ly/self-guided-training •  EMMA Education Center •  How to contact me: yberard@tx.rr.com
  • 31. Thank you for your attention and interest