While checking on Bob Coyle Sr., the Greatest Kensington Slumlord ever and now facing a Federal trial for four counts of loan fraud, I noticed a Federal civil case with Bob Coyle Jr. who runs Apex Property Investments, who transacted with his father’s shell companies.
Coyle. Jr, seems to still be running his property business and making a go of it. In Fishtown. We know about Apex Property Solutions, but there is also a Brownstone Property Group, as seen here in the business directory where he’s renting a corporate suite in 2424 E York:
It’s assumed that when Coyle’s father was blasted in the papers and was crowned with the title of the Greatest Kensington Slumlord, that Apex Property Group, a related company set up by Coyle Jr., would probably be tarnished.
It’s not wise to inherit the Landvest debaucle if you still want to be a real estate player, so what’s the next best thing? Do business under another name. Considering all the LLCs that father and son both have, doing business under Brownstone Property Group, one of many LLCs this family pulls out of their hat, is obvious.
I guess it should come as no surprise that Coyle Jr. is still in the neighborhood and still doing business. And he’s busy filing lawsuits while his father is trying to avoid Federal PMITA (pound me in the ass) prison.
In Coyle Jr. vs Daisy and Manilal Mathai (wife and husband), Coyle sues the couple over soured contracts and agreements over the divestitures of all those houses.
After Landvest, Ralcram, Alivest and all the other crap limited partnerships defaulted on their bank loans (which is why Dad could be facing jail time–the Government claims that Dad lied on most of those loans he received), Coyle Jr. is busy trying to sell off Daddy’s property (and his own). Because Junior and Daddy both overmortgaged the houses when they picked them up, that means they’re trying to short sale them to wind them all down. Otherwise, the City of Philadelphia can step in and strip the deeds off the houses for their taxes.
And because a huge number of people in Kensington were affected by the Landvest debacle, public pressure demands that the City does something, anything, to help clean up the Landvest mess.
So here is a situation where Coyle Jr. was dealing with a husband-and-wife couple from New Jersey who were hoping to pick up some of the action and get 65 of these houses at a steal. Right at the beginning of the complaint Coyle Jr.’s lawyer explains to the Court what this relationship was:
In 2010, Plaintiffs and Defendants agreed to a business arrangement whereby Coyle would broker the purchase of sixty-five (65) properties (the “Properties”) by Defendants from Coyle’s father, Robert N, Coyle, Sr. (“Coyle, Sr.”), and several entities through which Coyle, Sr. did business. As part of that arrangement, Coyle agreed to provide the Defendants with sensitive, confidential information regarding the Properties that the public did not have access to in order to give the Defendants a competitive advantage when purchasing the Properties while using Coyle as a broker.
If you don’t really understand what that means, this is what is going on: Coyle Junior is acting as a real estate broker and collecting fees, for shilling his dad’s crap. Yes kids, he’s found a way to still make money off this mess and misery his father inflicted on Kensington.
Does this guy actually believe his shit don’t stink? What “secrets” was Coyle Jr., confiding to the Mathais that nobody else would know if he couldn’t fob off the properties? Junior explains:
…the identification of parties who possessed a financial interest in the sale of the Properties, information pertaining to Coyle, Sr.’s financial vulnerability in relation to the banks; Coyle, Sr.’s diminished financial position due to legal expenses, personal funds and fewer options concerning the banks; amounts owed by Coyle, Sr. to the banks and his time lines [sic] for payment; information regarding other real estate brokers’ offers that Coyle, Sr. was entertaining for the banks to take potential short sales and respective settlement dates so that the Defendents would know when and by how much they needed to increase their purchase price offers and whether to remove certain contingencies from their offers; loan balances, including penalties, interest, late fees and legal costs from the banks; the amount of money the banks would be willing to take on short sales so that the Defendants could make competitive offers, which only Coyle, Sr. knew; information (prior to the public announcement) regarding pressure from the City of Philadelphia regarding tax sales on Coyle, Sr.’s properties and when those tax sales were being scheduled and why, which enabled Coyle Sr. to file legal actions to delay the tax sales if one of the Defendants’ agreements for properties was at issue…
Ahh well it sucks to be you, Bob. It must be lonely in your Fishtown office, dealing with your dad’s shit and people from 7 different Wards of the City hating you and especially your father. Your family’s name is trashed. You might as well change it to Dahmer (Jeffery), or Simpson (O.J.), or Manson. That’s how much we hate you and your dad.
Anyway, the Mathias couple are putting up a fight and last week they asked the Court to throw out Coyle, Jr.’s lawsuit.
Brownstone Property Group vs. Mathai, etc.
Mathai Motion to Dismiss
Letter from Coyle to Bank Informing them Mathai/GCG wants to buy Landvest Houses and List of Properties
Agreement of Sale Between Coyle and Mathai/GCG