The Answer to the Question “What the Heck is Going on with First National?”
Aaron Yashouafar, owner of First National Center, must pay $1 million restitution to victims at Paradise Spa condominiums in Las Vegas before his sentencing on Nov. 14 or face prison time for his plea to embezzling about $1 million from the senior residents complex. He already faces a minimum of 30 days incarceration as part of his plea agreement. Yashouafar also was declared one of New York City’s worst slumlords by the Village Voice newspaper.
Folks, there is no ideal time for me to take a couple days off. When I planned my brief departure from civilization, it appeared as if the extension deadline for Aaron Yashouafar to pay off $12 million to Capmark Bank or lose control of First National to a receiver was to take place on Oct. 4. Instead, it took place on Thursday.
So what happened?
Judge Bill Graves
First things first: the judge is Bill Graves. Let me repeat that: the judge is Bill Graves, who was first elected to the bench in 2007. I’ll put his name in bold face capital letters each time I mention him as I detail where things are at.
So Aaron Yashouafar’s attorney showed up for the hearing, Capmark Bank had Jim Parrack ready to claim receivership, and the money was NOT paid up. According to the legal agreement by Aaron Yashouafar, he promised he WOULD NOT contest it going into receivership if he did not pay the $12 million by the May 27 deadline, which was then extended at the agreement of Capmark three times.
During that time, Yashouafar has submitted a guilty plea to felony embezzlement involving a senior citizen condominium complex in Las Vegas. I reported last week he is under federal investigation in connection with documents Oklahoma City officials suspect were faked to claim asbestos removal funding.
So Yashouafar’s attorney shows up in the Oklahoma County courtroom of BILL GRAVES. And the attorney, sources tell me, informed JUDGE BILL GRAVES that the money wire they were awaiting had gotten “lost” and that they need more time to find it. JUDGE BILL GRAVES then extended the hearing – not to Friday – but to 11 a.m. Monday.
Sources say they are concerned Yashouafar may be using this delay to find another source of funding. But here’s the deal: the receivership hearing was already started, and this is a continuation of that hearing. JUDGE BILL GRAVES, sources tell me, has the discretion to call an end to this chapter of the First National story on Monday and have a receiver appointed, as previously agreed to by all sides of this dispute, to sell the property to a new owner. JUDGE BILL GRAVES also could decide to extend this story further and give an admitted felon the chance to find the money to retain control of a property considered one of the city’s most historic important landmarks.
Here’s a reminder of what’s at stake in the courtroom of JUDGE BILL GRAVES:
Old teller’s window in the Great Banking Hall at First National Center.
The Great Banking Hall at First National Center – empty for the past 20 years as a sequence of out-of-state owners failed or simply didn’t try to re-purpose the space.
A sample of the ornate exterior at First National Center, which also includes some broken windows.
Building clock at First National Center.
First National Center at Park and Robinson.
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Comments
I am not upset, nor am I trying to indicate Judge Graves is bad man – or a good man. I’m just reporting what has transpired, and also attempting to provide folks a clear picture of who is calling what shots. As for whether it is or is not a big deal … you have your view, there are many others who have a contrary view.
If nothing else, I’ve come to one conclusion in this saga.
If Yashouafar were inclined to purchase the Stage Center property, it would still be sitting there in thirty years.
Eh, so we’ve got a piece of property that has been getting ready to go into receivership for months, and you’re upset because the judge set the hearing over until Monday? Welcome to civil law. Nothing gets done in a hurry. I’ve practiced in front of Bill Graves, and you won’t find a nicer, more courteous man. When an attorney comes in and says “hey, the money is almost here”, the judge will generally give them time. Remember, this isn’t the word of someone in the middle of a felony plea bargain, this is the word of his attorney, an officer of the court, who has a duty to be truthful with the court. So I don’t really see what the big deal is here.