The “Real” Truth on Chinese Community Effort and Property Rights
(Here’s the Money…Where’s True North?)
FOR IMMEDIATE RELEASE
CONTACT: Thomas Simon
January 5, 2018–In the last three months, True North has engaged in a public campaign to lead the local community to believe the Chinese Community should stop protesting, since they cannot come up with the funds to purchase, and that proposition 207 only protects the private property rights of investment bankers like them.
The Chinese community today wants to expose the truth with hard evidence:
1. Here is the money, where is True North?
We have the money and are ready to show it but True North is not sincere about public claims to meet with us.
True North purchased the property on June 9th, 2017 for 10.5 million, with a 9.6 million mortgage and less than a 900,000 cash investment.
On August 29, the Chinese United Association of Greater Phoenix (CUAGP) delivered its first Letter of Intent to True North, offered them a 500,000 profit on their 2 month investment, and promised a thirty day cash closing. This Letter of Intent was never answered by True North.
On September 18, the Chinese United Association delivered its 2nd Letter of Intent to True North, offered them a 2.5 million profit on their 3 month investment, and promised a thirty day cash closing. This letter was officially turned down by True North.
On October 25, 2017, the Chairman of a publicly listed Chinese Company flew from China to Phoenix and, accompanied by two other Chinese executives, delivered the 3rd Letter of Intent to True North, offering them close to 3 million dollars profit on their four month investment, and an immediate 1 million dollar cash deposit in an escrow account, along with a 30 day cash closing. (True North was provided the evidence of verified bank letters and bank deposited funds that will be used for its closing, plus a Letter of Intent representing a new higher offer.) These three executives waited at the Crowne Plaza Hotel in Phoenix for 2 days, and True North refused to meet with them.
Please note, the 3rd Letter of Intent was facilitated by Phoenix Councilman Sal DiCiccio. After his office contacted Investment Banker David Tedesco, the owner of True North, and requested a face-to-face meeting between the buyer and seller, the Tedesco made several demands, including the buyer’s verified bank deposits proving net worth. The buyer produced all the documents per True North’s demands, but continued to sit and wait for the phone to ring at their hotel. The buyer sent Tedesco a direct email with its Letter of Intent and verified bank deposits showing the available cash to purchase the property. Despite all this good faith by the Chinese, Mr. Tedesco showed no respect for his special trip to meet with him, and the buyer had to fly back to China in two days without ever hearing anything from True North.
It is a pity that True North covers up these facts, keeping them from the public, his associates, the Arizona Republic and Rose Law group, and whoever is still stating “Where is the money, or show me the money.”
We want to share all the facts and evidence:
1. On Wednesday, October 24, 2017, after waiting most of the day for some word from the investment banker, a representative of the Chinese buyer asked the following of Councilman Sal DiCiccio’s office: “Do you think there will be a meeting today?” Answer, “At this time, I rather doubt it.” In a last ditch effort to “Show the Money” the representative of the buyer said via text: “Can you call them to confirm? …really would like to meet Mr. Tedesco, and he can deposit the 1 million today.” “Will do,” said the councilman’s office. That was the last words heard. As for the disrespectful manner in which this businessman was treated by True North, one text from the Councilman’s office sums it up: “This is B.S.,” they said.
The Chinese Community and its media advisor Tom Simon presented to the newspaper reporter Abe Kwok many of these facts during an in-person meeting on October 26th, however, the truth was again ignored, and Kwok’s article on the very next day still asked: “Where is the money?” Kwok published an opinion letter in which he continued to push the narrative that the Chinese cannot come up with the money and have not exhibited the good faith to purchase it. This is unbelievable to all the Chinese community as True North continues to mislead the public? What is the agenda behind your untruths?
With these hard facts, the Chinese Community is now asking Rose Law Group and the Arizona Republic to be constructive, not destructive, and, therefore help facilitate the purchase. We are transparent and happy to share with you the bank verified funds, and the Letter of Intent.
2. Where is the private property rights for the Chinese owner and Chinese Cultural Center?
Much has been said about property rights as they relate to the Phoenix Chinese Cultural Center and the saving of the property, however, no one is mentioning that the Center is a condominium property, and there exist a Chines owner whose property rights is totally forgotten.
The American Constitution protects all citizens, and so far the paper, the lawyers and even the city, have taken the view that the Chinese Cultural Center private property rights only belong to True North, as if he were the sole owner of the property. HE IS NOT! The mere fact that True North neglected and violated the property rights of his co-owner, Szechwan Palace Restaurant, resulted in the Investment Banker being hauled into court and the issuance of a Temporary Restraining Order against him. However, this fact is covered by True North’s lawyer, the Arizona Republic and the city.
What’s more, in the dispute involving whether to destroy or save the Chinese Cultural Center, we have forgotten some very basic principles, like social responsibility and fair and honest dealing with the community. While one private property owner, Szechwan Palace Restaurant, is totally ignored, even though he clearly has property rights under Prop. 207, the Chinese Americans are accused of not having good faith, in spite of the fact that the community is volunteering its time and donating their money to save the Center, not just for themselves but for all of Arizona and America. The drive to Save the Phoenix Chinese Cultural Center is above all an honest and sincere effort to protect culture and history.
It is very sad to see that the newspaper has taken statements by the investment banker at face value, without sufficient vetting. Out of concern that the careful reader may not understand the actual situation, we have compiled a response to the articles and misconceptions in the public space by those who would suggest that destroying the Center is somehow their right and a good thing for the community at large.
Please note that as of today, what has been published by the Arizona Republic and Rose Law Group could be nothing further from the truth. We want to announce to all of the readers that Chinese Americans in Phoenix metro represent a significant percentage of business ownership. Operating many small businesses, including restaurants, hotels, shopping centers and countless other service oriented businesses in the community. The Chinese contribution to the economic engine of Arizona is unquestioned. Despite this, the Arizona Republic, through its “Asian” columnist Abe Kwok, has repeatedly attacked the veracity of the Chinese Americans seeking to purchase the property, chiding them with catchy phrases like “Save the Cultural Center by saying: “Shouldn’t it be one first?”
We hope the above facts provide enough evidence to counter the newspaper’s most recent article, in which its reporter Kwok disrespects the Chinese Community by taunting them to “Show the Money.” This journalist, who admits he has “no business experience whatsoever,” effectively does the bidding of Investment Banker David Tedesco by stating that the he has rebuffed two earlier offers from the community because “there was no real demonstration of who the prospective buyers are and their proof of funds.” The reality is that neither Mr. Tedesco nor Mr. Kwok have demonstrated the seriousness needed to proceed with a win-win solution to this problem.
True North is using the newspaper and his own lawyer to make a big deal of proposition 207, the property rights law, but we adhere to a higher law. To David Tedesco, True North, Pump It Up and Realty Executives, all Companies owned and controlled by David Tedesco, we remind you of the words of Martin Luther King who passed away decades ago but whose idea of social responsibility and Socially Responsible Investing is fresh on our mind at this writing. He said: “We don’t have to argue with anybody. We don’t have to curse and go around acting bad with our words. We don’t need any bricks and bottles, we don’t need any Molotov cocktails, we just need to go around to these stores, and to these massive industries in our country, and say...Make the first item on your agenda—fair treatment, where God’s children are concerned. Now, if you are not prepared to do that, we do have an agenda that we must follow. And our agenda calls for withdrawing economic support from you.” (Martin Luther King Jr.)
The Chinese Community sincerely hopes that this press release clears up the biased reporting and misunderstanding created by True North. We are hopeful the Arizona Republic and the Rose Law Group are now equipped with the truth…we have a real buyer, with real money, and would advise Truth North to sit down at the table to deal with the Chinese Community to Save the Chinese Cultural Center and preserve American value and cultural diversity for this community and all future generations.
For further information: 480-758-2863