Posted on 12/02/2022 9:17:29 AM PST by bitt
The New Georgia Project had $11 million in its investment account in August when it set out to pay $2.45 million in cash for a sprawling Atlanta compound. Less than two months later, the organization dismissed half its leadership staff, citing a lack of funds.
A series of internal documents and correspondences obtained by the Washington Free Beacon reveals the bizarre circumstances surrounding the real estate deal, which several parties close to the matter say are indicative of a leadership crisis within the Stacey Abrams-founded group. The deal was spearheaded by Erin Ferguson, a junior New Georgia Project staffer who in a group text urged senior leadership in late August to sign a letter of intent to purchase the two adjacent properties and swiftly pay a $30,000 non-refundable deposit.
But a former New Georgia Project senior executive told the Free Beacon that the rush to purchase the properties was strange, noting that the buildings needed at least $288,000 in repairs to be compliant with the Americans with Disabilities Act. The group was already locked into a $15,000-per-month lease at its current office through 2025, the former senior executive said.
The real estate deal is the latest murky financial situation involving the New Georgia Project. The group, which was founded to register non-white voters and once helmed by Sen. Raphael Warnock (D., Ga.), missed the deadline to file required financial disclosures to the IRS. The Free Beacon reported this month that the group's top accountant was fired after claiming he was unable to work there out of fear of breaking the law.
According to an Aug. 26 letter of intent obtained by the Free Beacon, the New Georgia Project sought to purchase the properties from Global Resource Partners, LLC. But Global Resource Partners never owned the properties. A real estate agent representing the Sheet Metal Workers Building Association, which owns the compound, told the Free Beacon that Global Resource Partners went under contract to buy the properties for around $1.92 million during the same timeframe the LLC was ostensibly trying to sell the properties to the New Georgia Project.
The real estate agent was surprised to learn that Global Resource Partners was simultaneously trying to flip the properties for at least $530,000. He added that he couldn't recall hearing about the New Georgia Project until contacted by the Free Beacon on Nov. 21.
...more
p
Same script the BLM folks used...Is anyone being punished for using non-profits for personal gain yet? Oh, yeah, just that guy who wanted to build a wall...
Just following the BLM property scams.
As the line from Die Hard goes: when they get sifting through the rubble, we will be living on a beach earning 20%.
More corruption of the so-called “Non Profit” organizations
Hey, this is part of her reparations ... more to come
The Dems are either going to install her as a Biden Cabinet member for a rematch or allow her to be destroyed completely for her money laundering.
Another prominent black grifter? Color me shocked. /s
You nailed it. These politicians are total grifters and now she wants to be FCC chairman so she can shake down media companies. Why doesn’t she go back to writing her soft porn.
No one is going to even dare suggest investigating Jabba the Hut.
No wonder she’s a two time loser.
As long as its in the nonprofits name there is no corruption.
Is it just me that notices nearly every single black run “charity” or organization is nothing but a scam to enrich the leaders by shaking down businesses?
Didn’t Obama campaign for Stacey Abrams’s too - just like he’s doing for Warnock?
Another fraud by the human whale grifter, Stacey Abrams. The leftist crook/lying bitch never stops.
She needs more money to funnel her Ring Rings addiction.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.