Shawn Miller and Steven Davis Launch New Real Estate Enterprise
“We appreciate the team's hard work and effort over the past four years, and we wish Shawn, Steven, Tim, Gene and Brian success in their new venture.”As part of their transition, Miller, Davis and their 5 Arches colleagues will become owners of a subsidiary of Arch Bay formerly utilized as a mortgage origination business. "We are excited to be pursuing new real estate and mortgage businesses just when we hope real estate markets are beginning to turn,” said Mr. Miller. “We are proud of the work we've done and wish Arch Bay continued success."
Arch Bay, which is backed by York Capital Management, will continue to focus on working out its pools of distressed mortgages, supported by Arch Bay’s other senior managers. York Capital partner William Vrattos added, "We appreciate the team's hard work and effort over the past four years, and we wish Shawn, Steven, Tim, Gene and Brian success in their new venture."
Major Shake Up at NPL Investor Arch Bay Capital?
Arch Bay’s backers include private equity money, including a group called York Capital. York did not return a telephone call placed to them Friday morning.
One NPL investor said senior management at Arch Bay was summoned to York for a recent meeting. “York didn’t like what they heard, confiscated their laptops and that was it,” said this investor, requesting his name not be used.
Another NPL invested added: “They [senior management] got locked out. The York guys are taking over.”
Little is known about Arch Bay’s NPL investing activities. The firm has kept a tight lip on its staff, and has declined to talk publicly about its deals. But players in the market say the firm has bought roughly $1 billion of NPLs since 2009, including a $600 million portfolio of troubled mortgages from Wells Fargo & Co.
About a year ago Arch Bay took at stab at starting a de novo mortgage company, but then pulled the plug on the idea after hiring several employees.
Until recently, Arch Bay billed itself as “one of the nation’s leading investment firms specializing in the real estate and mortgage industries.”
NOW CALL ME SKEPTICAL HERE , BUT FIRST THIS BUNCH STARTED 3 ARCHES , THAN SUPPOSEDLY SOLD THAT, THAN THEY STARTED ARCHBAY AND GOT BOOTED TO THE CURB BY YORK CAPITOL,WHO TOOK THE LAPTOPS AND SET OUT TO DUMP THESE NPLS. DID I FORGET TO MENTION , ALOT OF THOSE NPLS WERE FROM LONG BEACH, WASHINGTON MUTUAL AND DEUTSCHE BANK.. CAN YOU SAY FULL OF FRAUD.. INVESTORS GOT WISE ON THIS DEAL :)
NOW YORK WISHES THEM LUCK? LMAO .. I BET..
SO NOW THESE SAD SACKS ARE AT AGAIN, WELL YOU SCREWED INVESTORS ONCE, LETS HOPE THEIR SMART ENOUGH NOT TO GET SLAPPED TWICE.. OBVIOUSLY YOUR SCORE CARD IS ---FFFFFF AILURE. WATCH OUT FOR THEM ,THEY ARE NOW 5 Arches, LLC, CHANGE YOUR NAME, BUT YOUR STILL THE SAD SACK LOSERS YOU HAVE ALWAYS BEEN.