Subject: Any news? From: nite@prowlingowl.com Date: 3/28/2009 4:34 PM To: Dawn Cash Dawn, Are you making any progress? I feel confident there are others involved, but they are using a different approach. I want to get to that while the iron is hot. Nick Dawn Cash wrote: 3/24/2009 9:35 AM > Nick, > Thanks so much for all these additional details. I haven't had time to > dig into any of it yet, and I won't be able to until at least the end of > the week, but just having all these links will be helpful. Also, a > person on my staff is our official OTC liaison with the IRS, so I will > make sure they have everything that we have on this stuff so that they > can dig into it, too, if they are so inclined. > > By the way, do you ever sleep? You seem to be working on this stuff > night and day! Again, thanks for all your assistance. I may call you > with questions if I hit any brick walls in piecing all this together. > Dawn > -----Original Message----- > From: Nick [mailto:nite@prowlingowl.com] Sent: Tuesday, March 24, 2009 4:07 AM > To: Dawn Cash > Subject: Bits and Pieces of info you might find helpful > > Dawn, > > Some thoughts about who might be a source to obtain results of the audit > currently being conducted on FSB Bancorp and subsidiaries? > > The State Banking Commission is involved with the FDIC and Federal > Reserve Board on the Altus problems. I have no idea of what they may get > or will share? > > The IRS office in Denver was visited and provided with information about > the "Colorado Land Scam." That is part of all those financial > shenanigans being looked at. You know much more about what strikes the > IRS's fancy than I do? I looked back through the documents and there was > one kickback, in particular I remember mentioned that might be a tax > issue? A lot was bought by Edisn Ventures LLC and the $70,492.41 > kickback check was paid to an individual, Matt Griffith. Here is a link > to the kickback documents. > http://hiddenspending.com/Dox/Unauthorized_Refund_of_Down_Payments_to_Mt > ._Harris_Lot_Investors.pdf > > Case for why the $200 million investment claim doesn't compute. The $32 > million would be in the ball park. That is off by a factor of nearly 7 > times. > > According to your report all the tax credits were taken in 2006 and from > previous news articles the earliest QMA would have received the > investment was late 2005. Some could come in later years. > > First estimating QMA labor costs. Based on best estimates by some QMA > employees. Pay for the skilled labor force averaged approximately > $30,000 base and $35,000 with overtime. A new president of QMA was hired > in 2007 and most of the increase that year was in management personnel > drawing from $75,000 to $175,000. > > 2005 there were approx. 14 employees > Sept of 2006 - approx. 30 > Sept. of 2007 - approx. 50 > Sept. of 2008 approx. 137 Not a complete year and benefits were not paid > the last half. > > In August and September 2008 QMA claiming it was broke and couldn't meet > payroll received two more loans from the city and Economic Development > Corporation, totaling $420,000. At this point they had already stopped > sending payroll withholdings to proper authorities. Then paychecks soon > ended. > > Results: > > Salaries and labor would typically be the largest expense. The estimate > for labor, salaries and 35% additional for benefits would have been > something around $15 million. > > Someone is trying to price out the equipment purchased during this > period to give a better estimate. Much of that kind of equipment is used > and hard to price. The general consensus of those involved and work with > the equipment is when the equipment costs are added it would still be > well within the $32 million. > > There were other costs like material, but there was also other money. In > addition to the $32 million there was another $9.5 million they received > from other state, city and county programs. > > Here are 3 news articles revealing the funding received by QMA. These > amounts were never a point of contention or challenged. I understand QMA > officials were the sources of some if not all of these amounts. > > http://prowlingowl.com/AltusVentures/QMABanksLawSuit.cfm > Quartz Mountain Aerospace sued by Altus bank By The Associated Press, > January 22, 2009 > > http://prowlingowl.com/TaxAbuse/CostStateMillions.cfm > Tax credits may cost state millions > The Oklahoman, April 17, 2006 > By Randy Ellis > > http://prowlingowl.com/AltusVentures/QuartzMountainLayoffs.cfm > Altus aircraft maker cites FAA delays in layoffs, Production delays > plague airplane company Oklahoman, June 1, 2007 Paul Monies > > Thanks again and I am here to help anyway I can!. > > > Nick > > >