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| Ted Rollins |
Charlotte-based Campus Crest builds student-housing developments near universities around the country. According to the firm's Web site, it has 81 properties in 27 states--and that includes five projects under The Grove brand that are in operation or planned for Alabama (at South Alabama, Troy, Jacksonville State, Auburn, and Alabama).
As of August 2013, Wall Street investors had showered roughly $800 million on the company, and that figure probably tops $1 billion by now.
Ted Rollins belongs to one of the South's wealthiest families. His cousins, Gary and Randall Rollins, are Atlanta billionaires and direct Rollins Inc., the umbrella company for Orkin Pest Control and other profitable enterprises. The Atlanta side of the Rollins family, and their public squabbles over trust funds and divorces, was recently spotlighted in an article by reporter Clare O'Connor at Forbes magazine.
Wall Street was well aware of the messiness in Rollins personal life. Paula Poskon, an analyst with Robert W. Baird and Company, learned in October 2012 that Rollins had been convicted in 1995 for assaulting his stepson in Franklin County, North Carolina. She also learned that Rollins had been the target of a social-services investigation, based on a citizen complaint, for possible sexual abuse of the same stepson.
Poskon's reaction to this news? "Oh, my God, I was not aware of any of that. . . . It certainly sounds like I need to do a lot more digging."
Did Poskon do more digging? Apparently not. A few months later, she tried to strong arm me into retracting her statements about Ted Rollins.
Wall Street did not get alarmed, it seems, until Campus Crest Communities took a financial nosedive under Ted Rollins' leadership.
One account yesterday, from streetinsider.com, said Rollins "resigned." Another article, from seekingalpha.com, said Rollins had "been terminated, effective immediately." It also said "the stock price soared" as the news got out.
The company stock (with NYSE symbol CCG) had not been soaring lately. From Street Insider:
Campus Crest Communities (NYSE: CCG) reported Q3 FFO of $0.15, $0.01 worse than the analyst estimate of $0.16. Revenue for the quarter came in at $28.3 million versus the consensus estimate of $27.83 million.
The company also announced additional changes in senior management, as well as its intent to acquire Copper Beech assets, discontinue its construction and development business, reduce joint venture exposure and sell non-core assets as part of the Company’s release of financial results for the three months ended September 30, 2014.
Effective immediately, Ted W. Rollins, Chairman and Chief Executive Officer, has resigned and will no longer be actively involved with the Company. The Independent Directors of the Board of Directors of the Company have elected Richard Kahlbaugh, lead independent director, as Executive Chairman and Interim CEO. It is intended that Mr. Kahlbaugh will guide the Company through the completion of its strategic repositioning.
What about that "strategic repositioning"? Here is what it entails:
* Discontinuing all construction and development to simplify the business model and focus on organic growth;
* Identifying cost savings at the property and corporate level to enhance profitability;
* Reducing joint venture exposure through select asset dispositions to reduce indebtedness and increase liquidity;
* Exploring strategic options for our projects in Montreal, to include capital solutions to reduce exposure, concurrent with ongoing efforts to drive occupancy; and
* Marketing development pipeline assets for sale to increase liquidity and simplify balance sheet.
It sounds like Rollins' company was about as messy as his personal life--and that is pretty messy. We first became aware of Ted Rollins via Rollins v. Rollins, his divorce from second wife, Sherry Carroll Rollins, a Birmingham resident. The case was heard in Shelby County, Alabama, before Circuit Judge D. Al Crowson, even though clear law shows jurisdiction already had been established in South Carolina, and the case could not be heard anywhere else.
Crowson essentially stole a case that belonged to another state and proceeded to grant Ted Rollins such a favorable judgment that it left Sherry Rollins and the couple's two daughters on food stamps over large portions of the past six years. I've called Rollins v. Rollins the worst courtroom cheat job I've encountered in seven years of writing about Alabama legal issues.
Why might Ted Rollins receive favorable treatment in Alabama. His corporate law firm, Bradley Arant, is based in Birmingham.
Wall Street knew Ted Rollins had a criminal conviction that involved the physical abuse of a child, but analysts and investors remained mostly silent about that. An Alabama judge unlawfully took a divorce case and issued a grossly one-sided judgment--and appellate courts upheld it with an "affirmed, no opinion" ruling. The legal community has been mute about that.
What does that say about the values of Wall Street? What does that say about the values of our "justice system"?
While we ponder those questions, here are documents from Ted Rollins assault conviction in North Carolina:
Good Riddance!
ReplyDeletebetter late than never. sometimes it takes a long time for things to change, but with writers such as yourself, at least the public can become aware of what is going on around them.
ReplyDeleteThank you for all your work.
Wall Street Fraud. No not America's greatest lie in the whole wide world.
ReplyDeleteThat crappy sale didn't get bought anywhere but USA.
America kept the dress up all the criminals and give them lots of fake dollars to buy-buy-buy.
Everything in the USA was and is for sale.
Globalism.
Global machine chooses, Don Siegelman is proof just how the USA is in reality.
And the Rollins, and the Republicans are also the same as the Democrats.
Drugs, almost all the Government in the USA are drug addicts.
Criminal fraud is how the USA conducts the business of governments, all of theirs', globally. Rollins is a globalist that did what all the American globalists did - sold out the future of America - Wall Street.
Republicans are definitely letting Democrats know. Arkansas and "Hope" for Bill Clinton in 1992, gave the Clintons 2016, and the message is, resounding NO!
ReplyDeleteWhere you seem to be, Legal Schnauzer, is getting the facts to the Republicans so they can clean-up as the Democrats should have also worked on.
Koch family is also the Bush family, Dorothy Bush-Koch.
Money in America was always the big farmers, and the owners of the markets that are global.
Koch owns the liquor business, that is, the big wine country in California is Koch-Bush. When sanctions were put on Russia, not for the exchanging of "alcohol", that is because the Koch-Bush family are huge trade partners with the Russian Federation.
You may want to do some investigation in how the south belongs to those that are mostly, Republicans. The change in that status quo, those that have the real cash in USA.
Democrats were using the "Federal Funding Clause", because they got to have their turn. That is what the Republican Federal Judge said in Florida, who decided to 'cut' the funds.
Turns were taken with the credit and now the stop happened.
Republicans, however, are very well funded in the Alcohol, GMO, Transportation, too, Warren Buffet purchased for his rich shareholders the railways of USA.
And the "Pot" production? Well that was also long ago a well structured 'change'.
Republicans have been the class that own and also, work, for the most the Republicans were not the give US our first black "Jewish" US President. Democrats wanted to make culture what we now have.
"Neo-Liberal", which in the world has shown we are actually being exactly as the Nazis.
Get communication going with Republicans to clean the Republican Roves out.
Ready? Republicans can be persuaded when the persuasion is legitimate in sound truth.
I'm surprised this didn't happen sooner. I'm familiar with how CCG has been run, and it isn't pretty.
ReplyDeleteThe jig is up folks, Ted Rollins, Mike Hartnett, and most of his entire management team are just common criminals operating a business which they have raped financially and the investors are just waking up to the aftermath of this heist. After looking up Ted Rollins background and early business dealings, there are many, many more people who invested in his deals from the 90's and 2000's who are still interested in revenge for the way he handled his business interests. One former company, American Textile Services went bankrupt and all of his creditors were cheated out of their money, everyone except the Rollins family I would bet. Like father, like son, like uncles, ROBBERS, that's what they are. If someone was an accomplished hacker they could hack into the Rollins, Hartnett assets and bank accounts and I am sure they would find the missing monies that should have gone to the investors. We should all watch for the next staged act for Rollins, I'm sure there is another one being formulated in his head as we speak.
ReplyDeleteSchnauz ! Are you aware that Gary Rollins-who's long term wife Ruthie-who divorced him - has all ready remarried about 6 months ago? Seems like a curiously fast turnaround!!
ReplyDeleteWho is the new Mrs. Gary Rollins?
ReplyDeleteSchnauz-All I know is that her first name is Kathleen-I was hoping someone on here might know or could find out. My source will not give me the last name.
ReplyDelete