The aggregate rent arrears pertaining Mr. Young's income producing properties in North Carolina as of November 30, 2008 were $1.8 million with $943,000 pertaining to tenancies at The Pit Stop of Durham and $857,000 at The Courtyard of Chapel Hill.
The primary factors causing this were: (1) property manager under-billings; (2) attorney failure to pursue collections; (3) tenant withholding of rent. However, this situation was yet another manifestation of the MorganStanleyGate cover-up, in that it was ALL orchestrated in order to depict Mr. Young as an incompetent, and to undermine his wealth and resources, so he could not pursue his mounting claims against Morgan Stanley.
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