정원주의 권리침해신고는 박준선의 뉴요커호텔 매각 보고서가 다시 공개되는 것을 막기 위한 잔머리

[최종근]

정원주의 권리침해신고는 박준선의 뉴요커호텔 매각 보고서가 다시 공개되는 것을 막기 위한 잔머리
 
정원주 제2비서실장은 카페에 게시된 내용에 대하여 권리침해신고를 하지 않았다. 그런데 최근 게시한 2건의 게시물 [정원주에 농락당하는 독생녀와 통일교의 현실]과 [정원주에 농락당하는 독생녀… 에 대한 정원주 측의 반응을 보며] 에 대하여 누군가 지속적으로 권리침해신고를 하면서 본인에 대한 비난의 댓글도 많이 달고 있다.
 
정원주 제2비서실장이 권리침해신고를 하는 사유는 2017년 박준선 실장이 보고한 뉴유커 호텔 매각과 관련한 내용이 다시 공개되는 것이 두렵기 때문일 것이다. 과거 정원주는 박준선 실장의 보고서를 보고 너무 충격을 받아 뇌졸증으로 쓰러진 경험도 있다. 사유는 박준선의 보고가 사실이고 정원주의 남편과 아들이 깊이 관계되었기 때문이다.
 
정원주 제2비서실장이 가장 두려워 하는 뉴요커 호텔 매각과 관련된 박준선씨의 보고서 내용을 다시 공개하는 것이니  참고하면서 통일교의 공공의 적이 된 정원주가 어떻게 이를 무마시키고 이를 발판삼아 윤영호와 손잡고 어떻게 통일교를 파괴시켜 왔는지 생각해 보기 바라는 바이다. 
 

최 종 근
[통일교부정부패추방감시위원회]

 
 
정원주에 농락당하는 독생녀… 에 대한 정원주 측의 반응을 보며
https://cafe.daum.net/antiuccorruption/as2X/19 2023-11-06
 
정원주에 농락당하는 독생녀와 통일교의 현실
https://cafe.daum.net/antiuccorruption/as2X/18 2023-11-03
 
박준선의 양심선언문 – 한글 대충번역
https://cafe.daum.net/W-CARPKorea/cSkJ/33950 2017-12-15
 
 
아래 내용에 대한 번역은 네이버의 파파고를 사용하면 어느 정도 내용을 이해할 수 있을 것으로 영어를 잘하며 시간의 여유가 있는 분이 번역을 해 주시기를 바라는 바이다.
 
https://howwelldoyouknowyourmoon.tumblr.com/post/168087181013/jonathan-park-report-part-1-complaint

Jonathan Park’ report – part 1. Complaint Concerning Church Funds

 
Jonathan Park’ report – part 1. Complaint Concerning Church Funds
This information follows the post 
Who is Jonathan Park?

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Complaint Concerning the Apparent Waste and Misuse of Church Funds and Assets and Other Serious Problems Concerning Management of the FFWPU Funds and Assets
It is with sincere regret that I have found no alternative but to make this formal complaint of wrongdoing in order to address and hopefully correct the serious problems concerning the deliberate waste of Church funds and assets by the Chairman of the Board and other directors and officers of the FFWPU USA (hereinafter “FF”).
From January of 2016 first in the capacity of Executive Director of the Cheon Il Guk Foundation I alerted Dr. Ki Hoon Kim and Dr. Michael Jenkins and usually included Dr. Michael Balcomb when he served as President of the FF of the many instances of gross financial mismanagement at the FF and made repeated recommendations on the steps that should be taken to correct those mistakes.  From April 2016 I began to serve FF directly as a member of its Board of Directors and from November 2016 I began to serve FF full time as the Executive Managing Director of the Office of Asset Management and Property Development. I have tried continuously since January 2016 to serve FF in my various capacities to correct improper, dangerous and mistaken asset management decisions and policies while also trying to do all the regular work of managing and developing FF assets.
Unfortunately only some of the problems have been addressed, mostly through my intervention, and other serious problems have continued unabated.  XXX has chosen to ignore my continual reports and reminders of the existence of these serious problems for the past year and it seems very clear that he had no intention of correcting any of the remaining problems.  Rather after Dr. Michael Jenkins was removed from all business responsibilities around August this year XXX has sought to drive me out of the FF entirely.  At a recent Board of Director’s meeting on Nov. 3 it seemed that almost no one on the Board was interested in investigating the allegations of corruption, malfeasance and mismanagement that I have brought but was mostly supporting XXX in his effort to drive me out of the FF.  As the consultative body to the FF Board of Directors and as the representatives of the grass roots members of our Church from every region I formally and publicly make this complaint and request to the National Council for investigation and correction of the wrongdoing and mismanagement at the FF by its Chairman.
1. 1.    FF Has Been Damaged By the Improper and Possibly Illegal Non Arms-Length Insider Dealings Between XXX and XXX (XXX and XXX Advisory Agreements) Over Several Years.
About March 2016 while still acting as an advisor, I pressed for the termination of the Real Estate Advisory Services Agreement with XXX, (XXX, Managing Partner and Principal) dated February 9, 2015 due to the one-sided and onerous nature of the terms and fees in the Agreement (Attachment 1. February 9, 2015 XXX Advisory Service Agreement).  I will not get into all the onerous terms of the Agreement here for the sake of compactness and because it was successfully terminated on April 30, 2016 but I will be happy to provide a detailed exposition of all the onerous features of the Agreement as a follow up if needed.

There were two approved business plans under the XXX Agreement the XXX and the Ground Lease of 481 Eighth Avenue.  In the XXX which was a $2.3 Million investment (composed of a house/church building at 123 41st Street worth $1 Million and $1.3 Million in cash) by the FF in a 50%/50% joint venture to build a student apartment building, on November 20, 2015 XXX issued a written statement of the estimate of the fees which it would collect from the FF and the project joint venture in accordance with it Advisory Agreement which came to a total of $1,012,087.30 (Attachment 2. November 20, 2015 XXX JV Strategic Business Plan with Exhibit A & B Fee Summaries). This is an extraordinary amount of fees given the size of the investment and the size of the expected return to the FF. These fees were just for service with no monetary investment by XXX.

On the 481 Eighth Avenue Building 99 Year Ground Lease project, on January 13, 2016 at a meeting arranged for the FFWPU International advisory team to review the ground lease deal before it went to closing the projected closing statement showed a performance fee payable to XXX in the total amount of $23,609,658 which XXX had invoiced to the FF around November 2015 in a detailed letter requesting their performance fee (Attachment 3. Projected Closing Statement distributed on Jan. 13, 2016 in the Report Binder, Attachment 4. November 11, 2015 Performance Fee Calculation).  I asked if this amount was correct soon after the January 13 meeting.  I was told that the fee had been negotiated down to $3.3 million.  I asked to see the documentation on this renegotiated amount.  I only received the confirm‎ing documentation on this reduced amount on April 14, 2016 although I asked for it a few days after the January 13 meeting.

It was fortunate that the XXX fee for the ground lease was ultimately negotiated down to $3.3 Million but the larger problem was that XXX was entitled to around $45 Million according to their February 9, 2015 Advisory Agreement.  Even XXX must have thought this was outrageous so they invoiced the FF only $23.6 Million.  If the 99 Year Ground Lease deal had gone through the FF could have been legally liable to XXX for the full performance fee.  This is a good illustration of how awful the terms of the XXX Advisory Agreement was and the lack of business competence at the FF and the reason that the Advisory Agreement needed to be terminated as soon as possible.

Even at $3.3 Million, XXX’s fee was double that of Eastdil Secured, the biggest real estate advisor/broker in New York City, who did all of the actual marketing work for the ground lease (Eastdil’s fee was $1.7 Million contingent on closing but since there was no closing they were only paid a fee of $25,000).  Houlihan Lokey another prestigious real estate advisory firm was paid $300,000 (this was not contingent and was actually paid).

XXX was responsible for drawing up the offering terms and conditions of a ground lease for 481 Eighth Avenue but they turned out to be seriously and fatally flawed.  If the FF had completed the proposed ground lease deal advanced by XXX the high fee paid to XXX would pale in comparison to the financial and legal difficulties that the FF would likely find itself in if it had actually completed the ground lease transaction with Chetrit Real Estate Group, the highest bidder in the final round.  Fortunately a month after the intervention by the international team Chetrit suddenly and unexpectedly withdrew their bid and dropped out of the picture and although there were several more bidders behind Chetrit this ended the ground lease project since all the bidders had submitted flawed terms due to the flaws in the basic terms and conditions set by XXX in the early stages of the project.  Although neither the $23.6 Million nor the $3.3 Million fees were paid since the ground lease project disintegrated and never closed and only monthly management fees were paid to XXX about 10 months of time and around $1 million in expenses was wasted by the FF on this poorly planned aborted effort.

In order to facilitate the termination of the Feb. 9, 2015 XXX Advisory Agreement Dr. Jenkins felt it was necessary to give a new contract to XXX.  There was virtually no way to terminate the horrendous XXX Agreement without making some concessions to XXX.  Although the worst parts of the XXX contract were extinguished and eliminated from the new 2 year advisory contract with XXX (a new company of which XXX was a Managing Director and Principal) the FF inexplicably agreed to pay a monthly retainer fee of $40,000 per month coupled with an arbitrary guarantee to pay a minimum of 20 months of fees (a minimum of $800,000) without a condition or requirement that any work be performed to receive the retainer.  This was done without consulting with me as Global Asset Advisor. This is not just gross incompetence it is something even worse non arms-length insider dealing among disqualified persons (see IRS definition of disqualified person attached).  In May I was still just an advisor to the FF and did not have the authority to overturn and retract this payment provision since it had been offered and accepted by the parties already.  I had to hope for the best and look for opportunities in the future to correct if in fact the FF did not receive adequate compensating value.

Since the end of April 2017 there has been virtually no work done by XXX for the FF.  Yet they continue to be paid $40,000 every month.  I have urged Dr. Kim (Dr. Jenkins later agreed and supported the termination of the XXX contract) to allow me to negotiate an early buyout settlement but no approval was given.  As time passed and I recommended that we give a 30 day notice of cancellation which the FF has the right to do but Dr. Kim never allowed me to do so and XXx since apparently taking Dr. Jenkins position has indicated he is not interested in discussing termination of the XXX Advisory Agreement at all.

Also there is a second part of the XXX Agreement Advisory added as an Addendum for advisory services pertaining to the acquisition of air rights arising from the property next door to our property at 4 West 43rd Street which are owned by JP Morgan.  I recommended that this Addendum be terminated since the acquisition of air rights from JP Morgan failed on May 2017 due to Vornado Realty Trust, the owners of the property next door exercising their Right of First Refusal to purchase the air rights from JP Morgan.  The total fees to XXX for this Addendum agreement concerning air rights acquisition was $873,000 which would have been paid had the acquisition from JP Morgan closed. XXX has taken the position that if FF were to do any joint venture with our neighbor, Vornado Realty Trust, using their air rights in any way we would be subject to paying them at least the acquisition fee portion of their fee which could be as much as $500,000.  However, if we terminate the air rights acquisition advisory Addendum then XXX cannot assert any such claim after their 6 month holdover period expires.  We do not know if we will ever do a JV with our neighbor Vornado Realty Trust but it would be prudent practice for the FF to extinguish any lingering liabilities which can be accomplished by giving a simple, proper notice.  No action was allowed to be taken on terminating this Addendum agreement of the XXX Agreement.

There is absolutely no justification to agree to pay XXX $40,000 every month for a minimum 20 months (minimum $800,000 or $960,000 if it goes to the end of the initial 2 year term).  This is an unwarranted waste of Church funds. There is no legitimate reason not to terminate the XXX Agreement immediately.  There is no reason not to terminate the Addendum of the XXX Agreement for air rights acquisition services since the acquisition failed in May 2017.  It is a breach of fiduciary duty for the chief executive of the FF who has executive powers and responsibility over these matters to not allow subordinate executives to act in the best interest of the FF.  Yet even though Dr. Kim was repeatedly reminded of these unjustifiable expenditures and lingering liabilities he prevented any corrective action to be taken.  Dr. Kim deliberately and willfully allowed the wasting of large sums of Church funds for many years now in favor of XXX and his companies.  The total amount paid to XXX’s two companies to date is over $1.2 Million.  The damage and harm to FF would have been far far greater had there been no intervention from Korea by TM’s direction.  The continuing waste of Church funds should be remedied immediately by the termination of the XXX Advisory Agreement and the Addendum to the Agreement.  Based upon the past 2 and one half year history of and pattern or collusive and predatory behavior by XXX and the senior management of FF, XXX should be barred from ever acting as a real estate or financial advisor for FF.

(Attachment 5. XXX Fee Summary Oct. 11, 2017. Summary of all the various fees paid or contracted to be paid to XXX/XXX/XXX over the past 2 and a half years.  This draft of the summary was given to Dr. Kim and Rev. Buessing on October 12 in Dr. Kim’s office.  Many previous drafts and reports were given to Dr. Kim throughout the past year and a half.)

1. 2.    Putting the Church Tax Exemption At Risk Due to Non Arms-Length Dealing Between Disqualified Persons (see IRS definition attached).
As a bonafide Church we are entitled to, and have, tax exempt status under the US IRS code.  In general it is a violation of the IRS regulations for a Church with tax exempt status to engage in non arms-length dealings which benefits a private interest and hurts the Church and in particular such self-dealing between people who have a special relationship with the Church are doubly enjoined from such non arms-length dealings which benefits disqualified persons (Attachment 6. IRS definitions).

The entire history with XXX/XXX/XXX is not only gross incompetence on the part of FF it is something even worse, non arms-length insider dealing (an excess benefit transaction) among disqualified persons.

XXX is a close family friend of XXX and XXX and the employer of XXX the son of XXX and XXX.  XXX is the executive in charge of Church properties in XXX like the XXX and XXX among others.  XXX is the XXX of the Office of the XXX, True Mother. XXX has been working for XXX for approximately X years, the entire time that XXX has had an advisory contract with FF.  XXX is in a XXX relationship with XXX.  Even though cohabitation is one of the most grievous violations of church teachings and receiving the Blessing is impossible while in a common law marriage, XXX is promoting XXX to XXX to receive the holy marriage blessing while they are still living together.

XXX XXX has virtual total control over XXX.  XXX along with XXX deputies keep … XXX since becoming XXX’s deputy is now not just XXX deputy but is the Chairman or the de facto head of numerous Church XXX Foundations and recently became the overt XXX of the XXX of FFWPU and is the CEO of numerous business entities.

It is because of the special relationship with the XXX and their backing, sponsorship, protection and constant recommendation and positive reporting that XXX receives, through the cooperation and collusion by XXX, special consideration and excess benefits on contracts and has free reign over the asset management work at the FF.

XXX, XXX, XXX and XXX are all disqualified persons.  By allowing a person with vast influence over every aspect of the running of our worldwide Church and the FF USA through appointment and promotion of XXX team members who are willing to collude with XXX and elimination of those who insist on objective, truthful, independent reporting to TM and by facilitating the channeling of illegal excess benefit transactions to XXX’s friends and family members, XXX is not only breaching his fiduciary duty but also putting the FF at risk of losing or at least tarnishing the tax exempt status with the US IRS.

The contract with XXX’s company should be terminated immediately and the past payments examined for excess benefit transactions.  An audit should be conducted to examine whether there are any other transactions with disqualified persons at the FF and its subsidiaries.

1. 3.    Allowing the Wasting of Church Funds and Assets by Continuing to Operate the New Yorker Hotel, a Hopelessly Money Losing Business and Jeopardizing the Church’s Tax Exempt Status By Ignoring Prudent Investment Rules.
This year the New Yorker Hotel (NYH) will lose approximately $12 Million, the biggest loss in a single year ever.  Over its entire history the NYH has lost nearly $35 Million.  Unfortunately the huge losses will not improve next year or in the years to come so the pace of the growth of the deficit will be staggering.  This is due to the inexorable rise in direct operating costs (5.55% compound annual growth rate (CAGR) in the 11 year period 2006 to 2016) which is driven by the hotel workers union contract which can never be terminated and by the never ending capital improvement budget required every year (15% CAGR) to operate as a minimally competitive hotel plus other inexorably rising costs like real estate taxes (9.33% CAGR).  The deficit created by these inexorable cost increases is worsened by self-inflicted management mistakes like the XXX Franchise Agreement which adds 5-7.5% to the cost but produces only a minimal gain in revenue. (Attachment 7. 2006-2016 Historical & 2017-2021 NYH Projected P&L and Cash Flow, Attachment 8. 2017 NYH Actual (through August 2017) and 2017 Full Year Forecast Monthly P&L)

The NYH uses 62% (680,000 SF out of 1,090,000 Total SF) of the 481 Eighth Avenue Building and produces a $12 Million annual loss.  Of the remaining 38% (410,000 SF) of the building 18% or 200,000 SF is used by the FF or a subsidiary of the FF (Manhattan Center Productions, Inc.) or is still vacant.  Only 19% of the building (210,000 SF) is generating rental income yet it produces the entire useable net income of $10 Million from the 481 Eighth Avenue Building.  But actually when you consider that the FF is responsible for funding the deficit incurred by the NYH the correct assessment of the financial performance is that the 481 Eighth Avenue Building, consisting of 1,090,000 gross SF, in the hottest submarket in Manhattan (Midtown West, Hudson Yards) produces virtually zero net income due to the losses at the NYH.  All the net income produced by the 19% of the building leased to paying tenants is being consumed by the NYH losses.

By any metric the 481 Eighth Avenue Building should be producing a minimum of $15-25 Million of net useable income every year, not $0.  But in order to get to a minimal, rational return on the 481 Eighth Avenue Building asset it requires massive restructuring and professional financial engineering in order to implement a new strategy which overturns decades of neglect and unprofessional management.  The NYH has survived until now only because the value of the 481 Eighth Avenue Building has grown steadily over time and this has allowed the FF to keep borrowing from the bank year after year to fund the deficit.  The total debt on the NYH (guaranteed by FF) is now at $110 Million.  No more borrowing on the 481 Eighth Avenue Building is possible even though there is plenty of asset value remaining because the cash flow from the 481 Eighth Avenue Building is so low and rapidly getting smaller due to the growing and permanent deficits of the NYH.  It is likely that we will not be able to organically maintain the $11 Million of free cash flow from the 481 Eighth Avenue Building that we are required to maintain by the covenants in the loan agreements with the lender bank by the end of the first half of 2018 (Attachment 9. 481 Eighth Avenue 2015-16 NOI calculations submitted to the bank).  We will have to start paying our lender bank large chucks of the principal of the loan once this cash flow covenant is breached.

It will not be long before FF will be forced to sell major assets like the 43rd Street property in order to fund deficits and repay bank loans.

In May 2017 with the support of Dr. Jenkins I presented these findings to Dr. Kim and convinced him of their validity and the coming consequences of not dealing with this dire situation proactively. He authorized me to work on a fundamental restructuring deal which I did immediately and was prepared to execute the implementation phase by August 2017.  At that point Dr. Kim told me to halt all restructuring efforts and said that the NYH and the 481 Eighth Avenue Building would continue to operate pretty much as it had been in the past.  I do not know whether he was genuinely interested in dealing with the NYH problems in May 2017 when he approved the restructuring effort or he was just lying or humoring me or buying time until he could find a way to eliminate me from FF asset management.  Perhaps he will do a restructuring deal for 481 Eighth Avenue after I am gone and XXX can run the project and collect his exorbitant fees.

Continuing to operate a for profit business which has no prospects for financial success just wastes the Churches resources and contravenes the prudent investment requirement which the executives and board members of a Church are required to follow.  The executives and the board not following these mandated principles means that these executives and board members are not abiding by their fiduciary responsibility and also is putting the Church’s IRS tax exemption at risk.

For a myriad of financial, legal and practical reasons the FF needs to exit the hotel ownership and management business and fundamentally restructure the 481 Eighth Avenue Building asset.

For Dr. Kim to ignore these realities and not only not remedy them but prevent an executive with the requisite professional skills and experience from remedying them is more than just incompetence.  It is gross negligence at best and could possibly well be conspiracy to harm the FF for the benefit of certain favored individuals.  
1. 4.    Jeopardizing the Church’s Tax Exemption Status By Continuing to Fund the Endless Deficit of the Washington Times Business and Operating A Fully Political Daily Newspaper Within the FF.
Dr. Kim and senior executives at FF have been lying for years about the financial performance at the Washington Times.  The Washington Times has never achieved breakeven and it is highly unlikely to do so in the future.  If you include the underperformance of the real property which the Washington Times newspaper company occupies the Washington Times will lose $5 Million this year.  Again continually wasting Church assets on a for profit business that has little or no prospects of financial success is contrary to the prudent investment principle which a church is obliged to follow.  Not following this rule is again putting the Church’s tax exemption status at risk.

In addition, running a full daily newspaper in the nation’s capital which deals with the whole gamut of political issues is inherently at odds with the principle that a church not engage in lobbying, promotion of legislation and supporting political figures.

For these reasons the Washington Times should be moved out of the FF organization and put into a separate private foundation which does not have or want to seek church tax exemption status.

1. 5.    Wasting Church Funds by Gross Negligence in Tax Planning Resulting in Payment of Nearly a $1 Million per year in Unnecessary Taxes
I have pointed out to Dr. Kim and also to XXX the negligent manner in which tax planning is handled at the FF subsidiaries.  I have already identified and pointed out to them at least a million dollars of tax savings which the FF can achieve very easily.  Unfortunately Dr. Kim has never shown the slightest understanding or interest in implementing or even investigating these rather simple methodologies.  There have been a number of very promising business opportunities which could benefit the FF significantly which I have brought to their attention but again Dr. Kim and XXX have not shown the slightest inclination to investigate or discuss them (For example a proposal from Live Nation to master lease 311 W 34th Street building for $3.0 Million Triple Net Rent per year, 2 years rent of $6.0 Million payable in cash in advance, $5.0 Million capital improvement investment made into the building at their expense plus 40% of the net profit from their operation. Attachment 10.  August 7, 2017 Live Nation Proposal).  I can only surmise that either they are incompetent or they think that I am incompetent or they are simply not interested in my having any role in executive business management at the FF notwithstanding the fact that TM requested me to come here specifically for such a mission and role.