We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.
The purchasers involved in the transactions involving IPNs that we know about at this time are George Kalivretenos, Sun Holdings, and Hickory Promotions. The funds are purportedly being held by Lawrence B. Wren (or Wrenn).
If you are handling any transactions involving any of these parties, or if you receive a verification that any third party is holding the deposit “through and sponsored with an IPN through The US Treasury Department, representing the funds for the transaction”. Please do not proceed any further with your transaction until you have first contacted Fund Underwriting Counsel.