Overseer “hamstrung” in Saints La. tax credit case

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NEW ORLEANS (AP)—A court-appointed overseer says he’s been “hamstrung” in getting the records of a movie studio tied in a $1.7 million investment dispute with members of the New Orleans Saints.

The trustee for Louisiana Movie Studios LLC says he’s been unable to locate key data about the finances of the company.

A federal bankruptcy judge decided Thursday to order studio head Wayne Read to New Orleans for sworn testimony. That came after Read did not show as ordered for the hearing.

Present and former team members thought they were buying movie tax credits. But the credits were never applied for.

Updated Sep 24, 1:09 pm EDT
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20 Comments

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  1. More
    20. Posted by More Thu Sep 24 4:01pm EDT

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    a rip off = a ponzi scheme = social security

    all 3 are the same, except the guys had an option. You and I don't have an option on Social Security, it is "taken" from our pay checks. Govermental theft.
  2. Mr Common Sense
    19. Posted by Mr Common Sense Fri Aug 7 7:12pm EDT

    Report Abuse

    These dumb ass football players cannot do anything right. They cannot
    1. Invest in intelligent money issues
    2. Take over the counter stuff that is not juiced up
    3. Be consistent when they lie

    BUT THEY CAN DO
    1. Kill people while driving
    2. Take guns into nightclubs
    3. Run dogfighting enterprise
  3. Steelers23
    18. Posted by Steelers23 Wed Aug 5 1:16pm EDT

    Report Abuse

    I think Charles Grant should get his money back, but for Shockey in all fairness,, he has been stealing a pay check and a career for some time now so it's just poetic justice. If that studio wanted to make a movie,, they should have made a sequal to the Jerk - starring Shockey,, they could have gotten great footage from when he sat in the booth rather than the field for the Giants super bowl run,,and could have gotten some added footage at the casino pool where he blacked out from getting drunk. Wouldn't have to even write his lines if you ever hear his interviews he comes up with a great script on how to be a jerk all on his own, cut your losses Saints,,and trust me this guy is a loss.
  4. speedy
    17. Posted by speedy Fri Jul 31 4:00pm EDT

    Report Abuse

    sounds like a good ole ponsi scheme
  5. Jonathan R
    16. Posted by Jonathan R Fri Jul 24 1:46pm EDT

    Report Abuse

    When a girl says she likes you,
    she wants you to ask her out.

    When u break a girls heart, she still feels
    it when
    bumping heads 3 years later

    When a girl just stares deep into your
    eyes, she's
    HOPING that your hers and only hers ( it
    shows
    how much she cares: eyes never lie)

    When a girl is quiet,
    millions of things are running through her
    mind.

    When a girl is not arguing,
    she is thinking deeply.

    When a girl looks at you with eyes full of
    questions,
    she is wondering how long you will be
    around.

    When a girl answers, "I'm fine, " after a
    few
    seconds,
    she is not at all fine.

    When a girl stares at you,
    she is wondering why you are so
    wonderful.

    When a girl lays her head on your chest,
    she is wishing for you to be hers forever.

    When a girl calls you everyday,
    she is seeking for your attention.

    When a girl wants to see you everyday,
    she wants to be pampered.

    When a girl says, "I'll love you forever, "
    she means it.

    When a girl says that she can't live
    without you,
    she has made up her mind that you are
    her future.

    When a girl says, "I miss you, "
    no one in this world can miss you more
    than that

    When a girl is mean to you after a breakup
    she wants you back, but she's
    scared she'll get hurts and knows
    your gone forever


    Guy Facts:

    When a guy calls u
    he wants to be with you

    When a guy is quiet,
    He's listening to you...

    When a guy is not arguing,
    He realizes he's wrong

    When a guy says, "I'm fine, " after a few
    minutes,
    he means it

    When a guy stares at you,
    he wishes you would care about him and
    wonders
    if you do?

    When you're laying your head on a guy's
    chest
    he has the world

    When a guy calls you everyday
    he is in love

    When a (good) guy say he loves you
    he means it

    When a guy says he can't live without you
    he's with you till your done

    When a guy says, "I miss you, "
    he misses you more than you could have
    ever
    missed him or anything else

    repost this in 10 minutes and your true
    love will
    call you
  6. Randall K
    15. Posted by Randall K Fri Jul 24 12:21pm EDT

    Report Abuse

    To #7

    It's not just a bad investment. If you buy stock and it loses money, you admit that you screwed up and take the loss. But when you give your money to a professional (to apply for tax credits) and the guy doesn't even apply for it...That is no different than stealing. Read didn't invest these people's money in something that failed...he STOLE it. That is actionable and no matter how much money they make (note that one player was recently cut) they deserve to get it back. Yes, they can absorb the loss better than we can, but when rich people lose money, that's where it begins. My boss has more money than god, but if he starts losing it...I lose my job. So yes, it does affect everyday people when the rich lose money
  7. Clarence
    14. Posted by Clarence Fri Jul 24 10:37am EDT

    Report Abuse

    A get rich quick scheme....One of the oldest tricks in the book....As a Saints fan, I hope that the defense is not fooled so easily this year....Especially the secondary.....lol
  8. I HATE SPAM!
    13. Posted by I HATE SPAM! Fri Jul 24 12:07am EDT

    Report Abuse

    Raven R is a SCAM ARTIST....Pimps 20 different GARBAGE sites & nothing on them but 'links' SAYS HE HAS 'GRIPPING & COMPELLING' VIDEOS...ALL BS!! Already kicked off Foxsports. YAHOO IS A BREEDING GROUND FOR SCAMMERS!!
  9. <i>jayyolf1</i>
    12. Posted by jayyolf1 Thu Jul 23 11:57pm EDT

    Report Abuse

    chris post # 12 - I've responded to your post. I expect my true love to call me. btw, just how long did it take you to write all that out dude?
  10. Chris
    11. Posted by Chris Thu Jul 23 11:15pm EDT

    Report Abuse

    When a girl says she likes you,
    she wants you to ask her out.

    When u break a girls heart, she still feels
    it when
    bumping heads 3 years later

    When a girl just stares deep into your
    eyes, she's
    HOPING that your hers and only hers ( it
    shows
    how much she cares: eyes never lie)

    When a girl is quiet,
    millions of things are running through her
    mind.

    When a girl is not arguing,
    she is thinking deeply.

    When a girl looks at you with eyes full of
    questions,
    she is wondering how long you will be
    around.

    When a girl answers, "I'm fine, " after a
    few
    seconds,
    she is not at all fine.

    When a girl stares at you,
    she is wondering why you are so
    wonderful.

    When a girl lays her head on your chest,
    she is wishing for you to be hers forever.

    When a girl calls you everyday,
    she is seeking for your attention.

    When a girl wants to see you everyday,
    she wants to be pampered.

    When a girl says, "I'll love you forever, "
    she means it.

    When a girl says that she can't live
    without you,
    she has made up her mind that you are
    her future.

    When a girl says, "I miss you, "
    no one in this world can miss you more
    than that

    When a girl is mean to you after a breakup
    she wants you back, but she's
    scared she'll get hurts and knows
    your gone forever


    Guy Facts:

    When a guy calls u
    he wants to be with you

    When a guy is quiet,
    He's listening to you...

    When a guy is not arguing,
    He realizes he's wrong

    When a guy says, "I'm fine, " after a few
    minutes,
    he means it

    When a guy stares at you,
    he wishes you would care about him and
    wonders
    if you do?

    When you're laying your head on a guy's
    chest
    he has the world

    When a guy calls you everyday
    he is in love

    When a (good) guy say he loves you
    he means it

    When a guy says he can't live without you
    he's with you till your done

    When a guy says, "I miss you, "
    he misses you more than you could have
    ever
    missed him or anything else

    repost this in 10 minutes and your true
    love will
    call you
  11. Andrew
    10. Posted by Andrew Thu Jul 23 10:59pm EDT

    Report Abuse

    Hey, guys! I have a bridge you might like to buy....
  12. Millar
    9. Posted by Millar Thu Jul 23 9:11pm EDT

    Report Abuse

    Another bad investment by sports stars! Their financial advisors should be nailed to tackle sleds! Seriously, how could a studio...in Louisiana..make you 33%!! Please! Just give your money to me!
  13. Raven R
    8. Posted by Raven R Thu Jul 23 9:10pm EDT

    Report Abuse

    " sounds like these guys were not conducting themselves in a very `saintly` manner "

    - www.NFLGames.TV
  14. fred h
    7. Posted by fred h Mon Jul 13 11:33am EDT

    Report Abuse

    If they would have done a little bit of research into the man's background they would have seen that he was already involved in a couple of other similar ventures that failed. To hold it against Kevin Houser that was also duped into the scheme is pretty irresponsible because of their own negligence. A simple phone call to the Better business Bureau probably would have saved them their money as well as the embarrassment. Where were their personal financial advisors which most people with their kind of wealth have on their payroll? they are not the first people to ever invest in a project that failed and they won't be the last. Fortunately they all make enough money where they can afford the losses they took a lot easier than the average Joe. It's a shame that they are not men enough to accept their own mistake in lieu of hanging it all on kevin Houser.
  15. Steven G
    6. Posted by Steven G Fri Jul 10 10:33pm EDT

    Report Abuse

    Attention New Orleans. A once in a lifetime business prop. I got some ocean front real eatate in Morgan City, La for sale. It's an untapped resourse.
  16. who the hell?
    5. Posted by who the hell? Sat Jul 4 2:41pm EDT

    Report Abuse

    Why do these wealthy folks invest in these crazy things? Tax credits? There is one born every second, and a Madoff to take advantage of them. Sounds like some secret tax shelter loop hole that they were trying to exploit. How about investing in some things that might benefit your community, state, or country? How about investing in public schools?
  17. PhilipH
    4. Posted by PhilipH Sat Jul 4 12:28am EDT

    Report Abuse

    Saints, I'd like to sell you shares in Lake Ponchartrain bridge....how 'bout some Achatchafalaya swamp real estate?
  18. dennis
    3. Posted by dennis Fri Jul 3 1:13am EDT

    Report Abuse

    Is today Friday?
  19. Nick B
    2. Posted by Nick B Fri Jul 3 1:03am EDT

    Report Abuse

    right on michael
  20. michaelV
    1. Posted by michaelV Thu Jul 2 10:05pm EDT

    Report Abuse

    moral of the story don't buy stocks, don't buy bond's, don't put money in a flimsy "tax credit" scheme. Keep your freinds close, keep your enemies closer, keep your your money next to the family jewels. Right now everyone in the stock market is rolling the dice, only the investment company is getting rich. Those wallstreet people, just like politiicians are all crooked.
    Bury your money in the backyard, right under where your ill-tempered pitbull sleeps. That's someone you can trust with your money.
    I don't have too much money, but I feel for these players who lost there money. I hate to see anyone get ripped off.
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