http://www.harmonytx.org/forum/14/bond-financing-for-charter-schools/
The purpose of this Harmony Leadership Luncheon Forum is to provide an overview of bond financing. Panelists will discuss how to help charter schools through tax-exempt bond financing and discuss the importance of school bond financing, issues related to school bonds, and facility financing specifically for growing charter school organizations.
Charter Schools have witnessed dramatic growth considering many obstacles they have had to overcome. One of the main obstacles is acquisition of adequate school facilities specifically securing facility financing. Recently, some charter schools have started taking advantage of tax-exempt bond financing to fund capital improvements and expansion. Bond financing can be used for land acquisition,
Please join us in our discussion of charter school bond financing, charter operations, financial needs and opportunities for investors.
COSMOS FOUNDATION DBA HARMONY SCIENCE ACADEMIES FILES FOR AN S & P RATING-
http://www.alacrastore.com/research/s-and-p-credit-research-summary_texas_public_authority_charter_school_finance_corporation_cosmos_foundation_charter_schools-842775
excerpt below:
Standard & Poor's Ratings Services assigned it's BBB rating to Texas Public Finance Authority Charter School Finance Corporation's (TPFA) series 2011A and 2011Q education revenue bonds, issued for Cosmos Foundation Inc. (dba Harmony Schools). At the same time, we affirm our "BBB" rating on Cosmos Foundation's outstanding series 2007, 2008, and 2010 bonds issued by the TPFA and La Vernia Higher Education Finance Corporation. The outlook is stable. The rating and outlook reflect our view of the credit risks associated with the proposed incremental debt, which will support the foundation's aggressive growth strategy. The rating actions also reflect general credit risks associated with all charter schools and other risks specific to the foundation, including the need for multiple sites.
Here is Board Minutes from December 2009, when Tarim e al asked for $80 million:
http://www.tpfa.state.tx.us/csfc/minutes/CSFC%20minutes%20121409.pdf
Excerpt:
Tarim mentions there is a waiting list of 9,000 students. How can this be when the Harmony Schools only have 13,000 students? Did Tarim inflate the waiting list? Tarim show the waiting list so we can validate the students. update 1/20/2011 according to the PBS article posted on this blog Harmony schools are now saying the waiting list is 21,000 so which one is it? 9,000 or 21,000? never never have I known any student have to wait to be accepted at Harmony Science Academies
Education is not to be used by investors, it is for the future of our children not profit. Ask those hard questions and demand answers not the same Gulen Fluff or sidestepping. Refresh yourself on what a Ponzi scheme is. Here is a newspaper article about what happens when a bond-financed charter school shuts down. If anyone you know is going to attend this sales presentation "Harmony Leadership Luncheon" on bond financing for charter schools, please encourage them to hand out copies of this article.
Much to lose in charter school's slosure: Investors stand to lose millions if school closes; parents left in limbo-
http://www.allbusiness.com/education-training/education-systems-institutions-primary/14005722-1.html
So who is Umit Pecan? Why did he show up with Soner Tarim to the above board meeting?
Google his name, it says "Mercedes-Benz ML350, which is registered in the state of Illinois to Umit Pecan. However, the document that comes up when you lick on the link is:
http://www.fedreceiver.com/uploads/100311-1268355484-031010%20Declaration%20of%20Ramy%20Kassabgui-REDACTED.pdf
This document doesn't contain any mention of Umit Pecen. Notice how the document says "REDACTED," implying that some identifying material has been removed.
Notice also how this is an SEC Federal case about investment fraud, involving the Marlali Investment Corporation.
If you put the keywords "Umit Pecan" and "Marlali Investment Corporation" into Google, a few hits come up. For example this page:
http://comfibook.com/n/Mike+Pecen
which says
Recayi Pecen: University of Northern Iowa: Cedar Falls, Iowa: Umit Pecen: Marlali Investment Co.
Chicago, IL
suggesting that Umit Pecen had some affiliation with Marlali Investment.
If indeed Umit Pecen involved with Cosmo's financing was also affiliated with Marlali Investment Co., this would be significant, since Marlali defrauded investors in a Ponzi Scheme:
http://investorswatchdog.com/blog/investorswatchblog/?tag=marlali-investment-company
There is a Turkish connection:
http://www.sec.gov/litigation/litreleases/2010/lr21445.htm
A company called "Gulen Enterprises, Inc." is also involved. What is the connection?
UPDATE: 1/23/2010 UMIT PECEN, CFO FOR COSMOS FOUNDATION HAS DONATED $4,200 TO VARIOUS DEMOCRATIC CANDIDATES - INCLUDING HARRY REID IN NEVADA http://www.newsmeat.com/fec/bystate_detail.php?st=TX&last=Pecen&first=Umit
WHAT IS A PONZI SCHEME?
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes, the fraudsters focus on attracting new money to make promised payments to earlier-stage investors and to use for personal expenses, instead of engaging in any legitimate investment activity.
