Feb 28, 2019
Update Feb19, the promised improved NOI actually got worse and below Debt Service.
A good sponsor needs to admit the problem, and only when he faces the problem honestly, he can start to make plans and fix issues. All of us have raised our concerns at least half of year ago, and Paul surely talks BIG and felt confident. However, numbers don't lie. We see the trouble coming and decided to be patient about his turn around plan. For those who are reading this, you can see we are pretty much fed up with his BS and decided enough is enough.
We can only warn others, do not invest with Paul Panza or NicholasResidential.