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Lynn Tilton Charged By SEC For CLO Fraud, As Warned Here Nearly Two Years Ago

Tyler Durden's picture




 

Back in September 2013 we wrote "Coming Soon To A Theater Near You: MBIA's $1 Billion World War Z" in which we explained why MBIA will soon have a substantial problem (amounting to just about around $600 million) with several CLOs which we dubbed "Zombie CLOs" or as they were actually known, Zohar, on which it had written insurance, and which would become evident sooner or later once someone took a long, hard look at the collateral manager of the CLOs, namely Lynn Tilton's Patriarch Partners.

First, a little background on the Zohar CLO from our September 2013 article:

MBIA’s most recent issue is not new per se, as it dates back to 2003/2005 - as far as we can tell, however - the water looks like it is just starting to boil over and MBIA does not seem to have reserved for what appears to be a rather meaningful problem.  According to preliminary analyses, it does not appear that MBIA has ever really addressed this particular $1 billion of Zombie CLO insurance on their books, which looks to be coming due in short order (unlike their well-followed RMBS issues and long-dated future CMBS losses).

 

These freshly-surfacing problems stem from a particular pair of Zombie CLO’s – Zombie-I and Zombie-II (along with Zombie-III, illiquid/black box middle-market CLO’s).  While information is (intentionally?) difficult to gather, we have heard that MBIA would be lucky to recover much more than $400 million from the underlying insured Zombie assets over the next three years, which would leave them with a nearly $600 million loss on their $1 billion of exposure which would materially and adversely impact the company's liquidity.  And as it may take them a while to liquidate assets in a sure-to-be contentious intercreditor fight – their very own World War Z – MBIA may well have to part with the vast majority of the $1 billion in cash, before gathering some of the potential recovery.

 

The CLO’s in question are actually called Zohar CDO 2003-1, Zohar II 2005-1, and Zohar III, but instead of paying royalties to the Kabbalah by continuing to invoke reference to it here, henceforth we will refer to each of the distressed “Zohar” CLO’s as “Zombie” I, II, and III, respectively. They full structures are shown below:

 

This is what we warned:

Zombie CLO’s are not Paying-Down – Underlying “Loans” are not True Loans

 

With absolute power over the whole closed system, as the Zombie collateral manager also controls the equity in the Zombie CLO’s (so much for the purported benefit of the new risk retention rules) and is also the controlling shareholder (in some cases CEO) of nearly all borrowers of Zombie loans and is also the “Agent” on nearly all the Zombie “loans” >>> the “loans” are not really loans.  As both borrower and lender, any element of any “loan” can be amended at any time, as needed (maturity, covenants, interest rate, frequency of payment, etc.).  Taken to the extreme, we have heard stories of (a) Patriarch Partners companies being liquidated/having substantial assets sold and leaving in-place Zombie collateral loans to a then shell entity devoid of meaningful assets and (b) companies with existing Zombie collateral loans filing for bankruptcy, then selling-to and being repurchased-via additional new Zombie loans, with both the old and new Zombie loans continuing to be held on the books of the Zombie funds.  How can this be - who would let this type of circular arrangement without any checks-and-balances persist?

And:

39 Small/Middle-Market Private Portfolio Companies Listed on the Patriarch Partners Website May be Difficult to Sell/Liquidate

  • The www.patriarchpartners.com website lists 39 companies (some of which are essentially the same company by a few different names), which we believe contain nearly all of the Zombie funds’ collateral loans.
  • Nearly all of these small/middle-market companies seem to be controlled by affiliates of the collateral manager – furthermore, many have limited franchises and continue to operate in distress; these companies  may not weather the tumult of protracted uncertainty well (along with no ongoing funding), further limiting potential recoveries.
  • The following (also from the Patriarch Partners website) is not what one would expect to read about the portfolio of loans in a CLO:  "Although comprised of individual private equity investments, our portfolio of assets is managed as a global conglomerate, with a continued focus on synergies and ventures between companies that will enhance value.  The investment funds managed by Patriarch currently hold equity positions in more than 70 companies, approximately two-thirds of which are control positions, spanning almost a dozen industries."
  • We understand that nearly 100% of the capital for these 39 portfolio companies came from the Zombie funds, aside from a handful of true first-priority, third-party working capital facilities (asset-based loans/factoring lines, which will also tend to limit Zombie recoveries – a key question is therefore, how much of the meaningful (larger) companies’ equity is owned by each of the Zombie funds (vs. other/personal funds controlled by the collateral manager)?

Well, finally someone did take a long, hard look and today, our warning comes full circle following a shocker out of the SEC accusing Lynn Tilton of fraud and of "hiding the poor performance of loan assets in three collateralized loan obligation (CLO) funds they manage."

From the SEC:

SEC Announces Fraud Charges Against Investment Adviser Accused of Concealing Poor Performance of Fund Assets From Investors

 

The Securities and Exchange Commission today announced fraud charges against an investment adviser and her New York-based firms accused of hiding the poor performance of loan assets in three collateralized loan obligation (CLO) funds they manage.

 

The SEC’s Enforcement Division alleges that Lynn Tilton and her Patriarch Partners firms have breached their fiduciary duties and defrauded clients by failing to value assets using the methodology described to investors in offering documents for the CLO funds, which have portfolios comprised of loans to distressed companies.  Instead, nearly all valuations of loan assets have been reported to investors as unchanged from the time they were acquired despite many of the companies making partial or no interest payments to the funds for several years.  Investors have not only been misled to believe that objective valuation analyses were being performed, but Tilton and her firms allegedly have avoided significantly reduced management fees because the valuation methodology described in fund documents would have given investors greater fund management control and earlier principal repayments if collateral loans weren’t performing to a particular standard.  Tilton and her firms also consequently have misled investors about asset valuations in fund financial statements. 

 

We allege that instead of informing their clients about the declining value of assets in the CLO funds, Tilton and her firms have consistently misled investors and collected almost $200 million in fees and other payments to which they were not entitled,” said Andrew J. Ceresney, Director of the SEC’s Enforcement Division.  “Tilton violated her fiduciary duty to her clients when she exercised subjective discretion over valuation levels, creating a major conflict of interest that was never disclosed to them.”

 

According to the SEC’s order instituting an administrative proceeding, CLO funds raise capital by issuing secured notes and using proceeds to purchase a portfolio of collateral typically comprised of commercial loans.  Investors are paid based on cash flows and other proceeds from the collateral.  The three CLO funds managed by Tilton and the Patriarch Partners firms are collectively known as the Zohar funds, and more than $2.5 billion has been raised from investors.  Tilton’s investment strategy for the Zohar funds has been to improve the operations of the distressed portfolio companies so they can pay off their debt, increase in value, and eventually be sold for a profit.

 

The SEC’s Enforcement Division alleges that under the contractual terms of the deals, Tilton and her firms are required to categorize the value of each loan asset in monthly reports by using a specific method set forth in deal documents.  To be assigned the highest category, a loan has to be current in its interest payments to the Zohar funds.  The category of each asset impacts the calculation of a fund’s “overcollateralization” ratio, which reflects the likelihood that investors will receive a return on their principal.  If the overcollateralization ratio falls below a specific threshold, Tilton and her firms are not entitled to receive certain management fees and may be required to cede more control of fund management to investors.

 

The SEC’s Enforcement Division alleges that rather than following the required methodology for valuing these loan assets, Tilton and her firms have maintained their control over the funds and preserved their management fees by not lowering an asset’s category until she decides to cease financial support of the distressed company.  Thus the valuation of an asset simply reflects Tilton’s subjective assessment of the company’s future.  Absent an actual overcollateralization ratio test, investors aren’t getting a true assessment of the actual values of their investments, which in reality have declined substantially.

 

The SEC’s Enforcement Division further alleges that Tilton and her firms were responsible for misstatements in the quarterly financial statements of the Zohar funds.  When preparing these financial statements, they failed to conduct a required impairment analysis on the assets of the Zohar funds despite disclosures stating that such analysis had occurred.  They also falsely stated that assets of the Zohar funds were reported at fair value.  Tilton repeatedly and falsely certified that the financial statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP).

 

The SEC’s Enforcement Division alleges that Tilton, Patriarch Partners LLC, Patriarch Partners VIII LLC, Patriarch Partners XIV LLC, and Patriarch Partners XV LLC violated Sections 206(1), 206(2), and 206(4) of the Investment Advisers Act of 1940 and Rule 206-4(8).  Patriarch Partners LLC also is charged with aiding and abetting violations by the others.  The matter will be scheduled for a public hearing before an administrative law judge for proceedings to adjudicate the Enforcement Division’s allegations and determine what, if any, remedial actions are appropriate.

 

The SEC’s investigation has been conducted by Amy Sumner, Amanda de Roo, and John Smith with assistance from Judy Bizu.  Also contributing to the investigation were Allison Lee, Creola Kelly, and Brent Mitchell.  The case has been supervised by Laura Metcalfe, Reid Muoio, and Michael Osnato.  The Enforcement Division’s litigation will be led by Dugan Bliss, Nicholas Heinke, and Ms. Sumner.

All just as we warned would happen (and yes, this is bad news for MBIA), to wit: "It appears that MBIA is entirely unreserved for the ~$600 million of potential losses on their Zombie insurance contracts and may have to come out-of-pocket for almost $1 billion over the next ~three years – at the Barclays financials conference just two weeks ago, MBIA explicitly stated that their $500 million of structured finance reserves are almost entirely intended to offset CMBS losses (as opposed to these Zombie High Yield Corporate CDO losses)."

Finally, here is Lynn Tilton during better times, namely some time circa 1988 when she sent out the following "Dominatrix Santa" Christmas Cards to her ten best clients.

 

And here is CNBC's profile of the "super rich" Lynn Tilton:

Oh, and let's not forget the irony...

 

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Mon, 03/30/2015 - 10:38 | 5941808 SmilinJoeFizzion
SmilinJoeFizzion's picture

I feel sorry for that stool

 

Mon, 03/30/2015 - 10:44 | 5941832 AssFire
AssFire's picture

If she had balls, she could be by uncle.

Mon, 03/30/2015 - 10:47 | 5941843 NoDebt
NoDebt's picture

So, are we allowed to comment on the actual content of the article, or should we divert only into comments about the pictures?  I'm guessing.... pictures.

I only read ZH for the articles.  And this was actually a really good (but densely packed) article, if you bothered to read it.  

Mon, 03/30/2015 - 10:49 | 5941864 ACP
ACP's picture

Hey, at least she was consistent about inflicting pain upon her clients.

Mon, 03/30/2015 - 10:50 | 5941869 NidStyles
NidStyles's picture

The Ziosharks smell blood in the water... This is just the big fish eating the small fish.

Mon, 03/30/2015 - 11:52 | 5942079 kliguy38
kliguy38's picture

This woman exemplifies the greed and stupidity permeating this fucked up system. Having said that please understand she was chosen to be the posterchild for the DOJ and SEC "doing their job".....hehehehe....watta joke

Mon, 03/30/2015 - 12:35 | 5942226 aVileRat
aVileRat's picture

What kills me is Lynn has spent the better part of the lost decade as some psudo-Kevin O'Leary and somehow Investors were fine with expensing triple digit investment conferences & paid plugs on CNBC. She was a 'star investor' as of 2011 in most trade journals, which just goes to show a good marketing team in house is better than any p or sharpe ratio 5 year track record.

Calling it now, she settles no contest like Falcone, agrees to wind down Party, possible 2 year ban. Starts doing guest contribution spots on Fox Buiz. then relaunches some junk ETF after the mythical rate hike.

 

Mon, 03/30/2015 - 17:04 | 5943432 Vullsain
Vullsain's picture

Plus she can always use the "they are singling me out because I a am a woman meme" it will help with her defense and post conviction career.

Tue, 03/31/2015 - 07:31 | 5944846 thecrud
thecrud's picture

I have lived a good life of getto living I learned in my 55 years that exist not even one thing that is not a fraud.

 

Mon, 03/30/2015 - 10:53 | 5941889 kaiserhoff
kaiserhoff's picture

I've wondered for years how this turkey was still alive.  Writing mortgage insurance on BS loans.  Hell of a deal.

Should have been the first casualty of 2008.

Mon, 03/30/2015 - 12:43 | 5942006 mtl4
mtl4's picture

Is it me or does she belong on Mob Wives............part that is even funnier is that she's a product of GS too, they just pump out narcassists like it's going out of style.

Mon, 03/30/2015 - 12:00 | 5942083 Creepy A. Cracker
Creepy A. Cracker's picture

Click-bait.  The picture was too blurry to know not to click.

She is not hot. 

GUILTY!!!

Mon, 03/30/2015 - 15:54 | 5943173 Wait What
Wait What's picture

she looks like a tranny. is that an adam's apple?

Mon, 03/30/2015 - 10:56 | 5941900 youngman
youngman's picture

I am glad it did not have any staples..those hurt my tongue

Mon, 03/30/2015 - 11:15 | 5941954 Proofreder
Proofreder's picture

Agreed - but the question is:  How Will This News Affect The Markets ?

Probably bullbearish - unless this tail is fat and long.  Perhaps a swan sighting, but the color is unclear.

(guessing about 80% of readership went right to the comments - the article did take awhile to comprehend)

Mon, 03/30/2015 - 11:27 | 5941990 chunga
chunga's picture

Markets? Fuck, there's never been a better time to go out and buy a second home!

I can smell the bailout from here, hang on it's coming.

SEC mulled national security status for AIG details

http://www.reuters.com/article/2010/01/24/us-aig-coverup-exclusive-idUST...

(Reuters) – “U.S. securities regulators originally treated the New York Federal Reserve's bid to keep secret many of the details of the American International Group bailout like a request to protect matters of national security, according to emails obtained by Reuters.”

Mon, 03/30/2015 - 11:21 | 5941972 tarsubil
tarsubil's picture

Why grow old gracefully when you can pay big bucks to be made to look like a freak?

Why retire comfortably when you can continue the fraud all the way to public humiliation and jail?

Mon, 03/30/2015 - 11:53 | 5942093 Urban Roman
Urban Roman's picture

I only read ZH for the pictures.

Mon, 03/30/2015 - 10:46 | 5941845 gmrpeabody
gmrpeabody's picture

It's just part of the "war on women"...

Mon, 03/30/2015 - 11:22 | 5941975 firewolfsblog
firewolfsblog's picture

So your uncle gravitates towards transgenders. Fascinating ;)

Mon, 03/30/2015 - 10:47 | 5941851 bcups
bcups's picture

She needs a pair of Psakis and a mask

Mon, 03/30/2015 - 10:58 | 5941907 Burt Gummer
Burt Gummer's picture

What a fuckin' bitch..... an ugly bitch at that.

https://www.youtube.com/watch?v=qBCUCJNWimo

Mon, 03/30/2015 - 11:03 | 5941917 glenlloyd
glenlloyd's picture

I'd hate to see what that looks like now....

Mon, 03/30/2015 - 12:06 | 5942150 e_goldstein
e_goldstein's picture

I know. I bet it gets pushed in alot.

Mon, 03/30/2015 - 14:13 | 5942702 JLee2027
JLee2027's picture

Sounds like a giant Ponzi scheme. Non performing loans never re-evaluated, etc.

Mon, 03/30/2015 - 10:40 | 5941816 Big Corked Boots
Big Corked Boots's picture

Nice boots!

Mon, 03/30/2015 - 10:42 | 5941819 i_call_you_my_base
i_call_you_my_base's picture

Yuck. And those photos are gross too.

Mon, 03/30/2015 - 10:42 | 5941822 Philo Beddoe
Philo Beddoe's picture

Boner repellent. 

Mon, 03/30/2015 - 12:11 | 5942165 MsCreant
Mon, 03/30/2015 - 10:44 | 5941833 pods
pods's picture

"At the time I thought it was a great idea."

 

Mon, 03/30/2015 - 10:44 | 5941834 p00k1e
p00k1e's picture

I've had worse.

Mon, 03/30/2015 - 10:45 | 5941836 NoDebt
NoDebt's picture

Me, too.  A lot worse.

Mon, 03/30/2015 - 11:18 | 5941962 pods
pods's picture

She have an apple in her mouth?

:)

Mon, 03/30/2015 - 11:44 | 5942056 NoDebt
NoDebt's picture

I don't want to talk about it.

Mon, 03/30/2015 - 14:06 | 5942672 dogbreath
dogbreath's picture

the memory kills any boner?

Mon, 03/30/2015 - 10:47 | 5941848 nightwish
nightwish's picture

sex obsession cure

Mon, 03/30/2015 - 10:49 | 5941866 Mike Honcho
Mike Honcho's picture

Revoke her licenses for 1 year and impose the standard .0001% fine, it will give her time to pursue her true passion, lion taming.

Mon, 03/30/2015 - 10:50 | 5941868 JRobby
JRobby's picture

They should have hired Andy Fastow to fix the books

Mon, 03/30/2015 - 10:50 | 5941870 Seasmoke
Seasmoke's picture

Why is she wearing Santa's hat, while taking a shit ???

Mon, 03/30/2015 - 10:56 | 5941892 Theta_Burn
Theta_Burn's picture

 

If only she had friends like corzine has, she wouldn't have these problems.

 

You know if this doesn't work out for her, theres alway female pro-wrestling...

 

 

 

 

Mon, 03/30/2015 - 11:03 | 5941918 kaiserhoff
kaiserhoff's picture

Even her pets are fake.  Puppies too?

Mon, 03/30/2015 - 10:55 | 5941897 Temporalist
Temporalist's picture

See ZH is just a bunch of tinfoil doomer crazies...that can predict the future.

 

NoZHtradamus

Mon, 03/30/2015 - 16:21 | 5943276 nailgunnin4you
nailgunnin4you's picture

See ZH is just a bunch of tinfoil doomer crazies...that can predict the future.

What gets me is the amount of hate her 1988 pics are getting. What's wrong zh nerds are her elbows too pointy?
Mon, 03/30/2015 - 10:56 | 5941899 CuttingEdge
CuttingEdge's picture

Wake me up when Blythe Masters gets a knock on the door.

Mon, 03/30/2015 - 11:03 | 5941922 All is chosen
All is chosen's picture

Now now, be fair: Blythe fell in love with her own invention, so she shouldn't be prosecuted.

(NB: tongue is firmly in cheek)

Mon, 03/30/2015 - 11:13 | 5941948 SmilinJoeFizzion
SmilinJoeFizzion's picture

She makes Janet Yellen look like Abbey Joseph Cohen

Mon, 03/30/2015 - 11:22 | 5941974 Proofreder
Proofreder's picture

Whatta bunch of idiot posters - who gives a rusty fuck about the picture?  

Some actual critical thinking and textual analysis of the original post would be good.

Seems to be beyond the vast majority of the ZH's awake today.  WTF

Guess it's a Monday or rotten phase of the moon or something - Misogynists gotta hate - bunch of pottymouths.

Mon, 03/30/2015 - 12:51 | 5942302 lakecity55
lakecity55's picture

It's PUSSY, Mf'er!

Mon, 03/30/2015 - 14:04 | 5942657 dogbreath
dogbreath's picture

says the divorced ugly fat broad who wistfully say's where are all the good men.

Mon, 03/30/2015 - 15:01 | 5942921 taketheredpill
taketheredpill's picture

 

 

Agreed.  What news on MBIA at 2:40???  Stock pippd up 4%.

 

Mon, 03/30/2015 - 11:27 | 5941988 Shizzmoney
Shizzmoney's picture

What a dumb bitch

I would, however.

Mon, 03/30/2015 - 11:27 | 5941989 SheepDog-One
SheepDog-One's picture

Looks like she was fairly doable back in the mid 80's.

Mon, 03/30/2015 - 11:49 | 5942076 cheech_wizard
cheech_wizard's picture

Add 20 to 25 years and today she looks like an aging porn star.

 

Mon, 03/30/2015 - 12:08 | 5942158 SheepDog-One
SheepDog-One's picture

Plus about $100,000 in apparently botched plastic surgery.

Mon, 03/30/2015 - 12:50 | 5942294 lakecity55
lakecity55's picture

Use a paper bag.

Mon, 03/30/2015 - 17:04 | 5943433 MrSteve
MrSteve's picture

What is real hair color, actually?

Mon, 03/30/2015 - 11:30 | 5942001 Monetas
Monetas's picture

This is serious stuff .... but, like so much .... that is going on .... it's re-arranging deck chairs .... on the Titanic .... we're all going down !

Mon, 03/30/2015 - 12:02 | 5942133 corporatewhore
corporatewhore's picture

yeah, yeah, yeah.  it still doesn't change the fact that the courts and banks are all in the total rewriting of real estate law that stood for 500 years.  Thousands illegally losing their homes despite the banks inability to prove they owned the loan.  Judges eyes just glaze over.  Most lawyers too since they probably just slept through real estate law.  Besides if they can't make a fast buck who cares about taking the case.  MBIA, wake me when she's in prison.

Mon, 03/30/2015 - 12:02 | 5942134 henry chucho
henry chucho's picture

Lynn Tilton can take a "dump" on my portfolio,..er...I mean face,anytime she wants..

Mon, 03/30/2015 - 12:03 | 5942140 MsCreant
MsCreant's picture

If she is hiding rotten sausage, she has to be the only one doing it...

 

Mon, 03/30/2015 - 12:10 | 5942163 Max Cynical
Max Cynical's picture

So that I understand...

Patriach Partners is paying MBIA for insurance on these loans?

If so, can MBIA potentially avoid losses because said insurance was acquired/maintained though fraud?

Mon, 03/30/2015 - 12:15 | 5942177 MsCreant
MsCreant's picture

 

I hear you.

Ask Linda Green the following questions:

  • "Where are those chickens? They would like to come home and roost."
  • "Where are those eggs? We need to know which came first."
Mon, 03/30/2015 - 12:16 | 5942183 NoTTD
NoTTD's picture

Standby for a viscious slap on the wrist in 5...4...3...

Mon, 03/30/2015 - 12:47 | 5942285 lakecity55
lakecity55's picture

A knockout. She won't do any time except under the Judge's desk, haha.

Mon, 03/30/2015 - 12:48 | 5942288 venturen
venturen's picture

why do they ever seem to catch women? I am all for arresting all of them...but really! Unless that is Corzine in drag?

Mon, 03/30/2015 - 13:05 | 5942399 NoWayJose
NoWayJose's picture

If all you do is watch porn all day long on your SEC computers, would you rather go digging through the drawers of a hot chick, or a crusty old curmudgeon?

 

Mon, 03/30/2015 - 13:36 | 5942548 Max Cynical
Max Cynical's picture

This may just be a speed bump for her...with a few strategic donations.

From Wikipedia...

Lynn Tilton is an American business magnate and investor. She is the chief executive officer and sole principal of Patriarch Partners, LLC and its affiliated entities, a holding company managing 75 companies with more than $8 billion (USD) in revenues. Since 2000, through her affiliated funds, she has had ownership in and restructured more than 240 companies with combined revenues of $100 billion. She is also Chairman and CEO of MD Helicopters, Inc., a manufacturer of commercial and military helicopters, the acting CEO of Dura Automotive Systems, a Tier 1 supplier to automotive and transportation industry OEMs, and CEO of Stila Cosmetics.

Mon, 03/30/2015 - 13:46 | 5942587 Monty Burns
Monty Burns's picture

If the Feds are after her she must have swindled some of her fellow Tribesmen as well.

Mon, 03/30/2015 - 13:47 | 5942596 mastersnark
mastersnark's picture

Never trust a prosecuting agency that has a list of "credits" at the end of the press release.

Mon, 03/30/2015 - 13:51 | 5942617 Bunga Bunga
Bunga Bunga's picture

Yale, do I learn fraud there?

Mon, 03/30/2015 - 13:59 | 5942641 Downtoolong
Downtoolong's picture

All of these cases seem to have the same basic MO. Pick any struggling company, whether it be a helicopter manufacturer or Sears, and ostensibly turn it around by applying voodoo finance to it. Of course, it always works and everyone benefitting from it looks the other way until it doesn’t.

What I find even more interesting is where these scam artists learn their craft. Despite what many claim, it isn’t taught in Ivy League Business Schools. You can only learn this kind of shit on the street, i.e., Wall Street.

Mon, 03/30/2015 - 14:39 | 5942812 JLee2027
JLee2027's picture
The skank is strong with this one
Mon, 03/30/2015 - 15:16 | 5942981 Zymurguy
Zymurguy's picture

whut, no beavuh?

Mon, 03/30/2015 - 15:29 | 5943043 Anonymouse
Anonymouse's picture

I had lunch with a couple of guys from Patriarch several years ago. I have never seen people as broken as they were. They were like whipped dogs. They said it was a horrendous place to work and were virtually begging for jobs so they could quit working for Lynn

Tue, 03/31/2015 - 00:57 | 5944577 hedgiex
hedgiex's picture

Not her fault really. If Muppets (who they call) are still craving for their fixes, what you expect. Escorts to Casinos are still lucrative jobs.

 

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