Just as in Florida with Stern & DJSP, this will continue to repeat with others.
You all know who you are.
In 2007 Steven J. Baum sold all or most of his stake in Pillar to Tailwind Capital. Tailwind is a Hedge Fund that buys companies that are valued between $25 – and $100 Million. Sometime later, Ares Capital Corporation, a publicly traded company invested over $30 Million in Pillar. Both Baum & Pillar share an address.
Pillar Processing, a back-office and document-processing firm with close ties to the Steven J. Baum PC foreclosure law firm, will lay off 590 full- and part-time employees at its offices in Amherst.
The company told state and local officials that the layoffs are expected to take effect Feb. 27. Pillar is also laying off about 20 employees in Westbury, on Long Island.
“I’m not saying Baum and Pillar were not in the wrong, but according to my sources, many other firms in New York were doing the same things as Baum and Pillar,” Freedman said. “However, Baum and Pillar were the only upstate companies handling a large volume of foreclosure business, and now the work is most likely going to move to downstate firms that are still in business.”
I think we all know that they know who they all are. 🙂 Sound Off!© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.