October 20, 2014
By Bob Coleman
Editor, Coleman Report
Thirty-year-old Nik Patel has agreed to sell everything and turn the proceeds over to Pennant Management amid allegations of a $179 million fraud.
Also on the block is his $4 million residence and another house in Orlando.
Then there are the hotels:
· Crowne Plaza Orlando
· Doubletree by Hilton Hotel (Orlando)
· Renaissance by Marriott (Orlando)
· Crowne Plaza Saddle Brook (Saddle Brook, New Jersey)
· Four Points by Sheraton (Peoria, Illinois)
The first order of business is to cut a check to Pennant for $6.1 million from the balance of the First Farmers Financial checking account.
Orlando Sententinel’s Paul Brinkman reports Patel’s attorney admits the selling of the assets will not satisfy Pennant’s claim.
Mr. Patel remains free on bond while he faces criminal fraud charges