Friday, April 22, 2011

The LuLac Edition #1562, April 22nd, 2011



Maybe I’m Amazed……….that with the closing of many Catholic churches in the area as well as the virtual condemnation, assassination and implosion of some churches, in downtown Wilkes Barre you have St. Mary’s and St. Nick’s within spitting distance of one another. A friend of mine made a point a few summers ago that there was ethnic cleansing (mostly European churches ) going on. When he said it, I thought it was a strange statement but I’m starting to see the wisdom in it.
Maybe I’m Amazed……..that the more I listen to Michael Savage, the more I’m starting to agree with him on certain things. And that’s kind of scary.
Maybe I’m Amazed……..that Judge Richard Caputo said yes to Lackawanna County Commissioner’s request for the trial to be held in Scranton instead of Wilkes Barre. Reason: Convenience. Yeah so let’s make it more convenient for defendants to face a judgment.
Maybe I’m Amazed………that the suicide rate among teenagers in both Lackawanna and Luzerne County is very challenging. If only there was a fast forward button so that these troubled kids of today see years from now what is causing them to think suicide. No person is worth taking your own life as well as no situation that cannot be overcome.
Maybe I’m Amazed………that Governor Tom Corbett talks over and over about how he won’t talk about a tax on the gas and oil drillers. And then he winds up talking about it.
Maybe I’m Amazed……..that Charlie Sheen has gone off the radar. Also, maybe I’m amazed that some of Charlie’s porn star friends have flown the proverbial coop.
Maybe I’m Amazed…….that I shouldn’t be amazed at the daily 11 O’Clock WBRE Eyewitness Newscast at 11AM. The news broadcast is quick, comprehensive and gives you a jump on the afternoon. Kyla Campbell anchors and Mark Hiller is the principle reporter.
Maybe I’m Amazed……that Luzerne County Budget chief Tom Pribula is finally being asked by the local media his reaction to the up front loans and the factoring in of the sale of Valley Crest in to this year’s budget. Valley Crest’s sale was a no go and now the county is scratching for money. I’m not amazed that he’s right and was right from the get go.
Maybe I’m Amazed……that every where I go I see on area high ways and by ways more lawyers than Cardinals at a papal conclave. And these suckers are big, big enough if you are so inclined to have some serious nightmares.
Maybe I’m Amazed…….that this weather is still not giving us a break. It seems like we have 6 months of winter in this God forsaken land of potholes, wind and cold.
Maybe I’m Amazed……..that Blue Cross is asking the state insurance commission to look at four of their plans. A company spokesman says the plans under review might have decreases. But the plans only cover about 2700 people. Blue Cross has substantially more membership in plans that went up. The last increase came at the end of last year which saw a 12% increase. They say it’s because of feedback from members. Sounds like a PR ploy to me. Good for the 2700 but what about the others that got an increase?
Maybe I’m Amazed…..that Lackawanna County Commissioner Corey O’Brien is amazed that no one believes he will not be running for Congress next year.


At 9:41 PM, Anonymous Anonymous said...

A few comments, the reason why there are two big churches within yards of each other in WB city is this: Irish and Germans. Two big blocks in the church. Being such a fan of Benwedict, I would have thought you figured that one out.
BC is scamming us, playing sleight of hand, highlighting a decrease for 2700 members while jacking up rates for their other thousands of members.
And finally, Charlie Sheen, who cares anymore.

At 6:54 PM, Anonymous Anonymous said...

David, I have agreed with Tom Pribula from day one about not adding the VC sale proceeds to projected revenue to balance the budget. It is now being said in other articles and comments that no finance manager should ever use non recurring income to pay recurring expenses. All that does is leave double the hole next year. However, I do not understand why Tom would call the sale of delinquent taxes as a "loan". It is an absolute sale and under no circumstances does any of the sale proceeds have to be returned to the buyer .... no guarantee issued for profit. There will never be a year when the county will collect 95% of all taxes so this is a great deal for the county. People must realize that the expense of collecting that other 5% is impossible. If the 95% was not sold, the county would have to begin action to collect the entire amount. Consider labor, postage, office supplies to mail out the required forms, then pay the expense of preparing for sheriff sale with the same type of expenses plus the cost of legal ads and include the labor of processing all of the payments and it should be obvious that the cost could easily exceed the remaining uncollected/purchased 5%. Getting 95% of the delinquent taxes up front with no collection expense is a super deal. Sorry but I don't agree with Pribula on this one.
Your Lunch Buddy.

At 5:54 PM, Anonymous Tom Pribula said...

ANONYMOUS (6:54 PM)- Please see below excerpt from the Agreement of Sale and Purchase:

WHEREAS, in order to provide funds for and toward the payment by the RALC to the County for the purchase of the Prior Tax Claims and the costs of executing and consummating the Sale Agreement, Metro Bank, formerly known as Commerce Bank/Harrisburg, National Association (the “Metro Bank”) previously agreed to lend to the RALC, on the terms set forth in a certain Line of Credit Loan and Security Loan Agreement . . .

The County Tax Claim (Northeast Revenue) continues to collect the delinquent taxes and submits payment along with penalty and interest to the bank to payoff the loan. There are hefty upfront fees and the bank does charge interest. This is not a true sale of receivables as in the corporate sector. The County would probably receive between $9 - $10 million over a 2 year period instead of the $7.7 million now which is really only approximately 68% of the 2010 delinquent taxes of $11.3 million as reported.

I don't think you fully understand the transaction.


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