Thursday, November 21, 2024

"Unhand Piermont!" To Wall Street: Told 'Ya!

 
M E M O R A N D U M
 
To: All Municipal Bond Professionals – Wall Street, And Elsewhere
From: John J. Tormey III, Esq.
Date: Thursday, November 21, 2024
Re: Village of Piermont, New York Municipal Bonds - Currently Rated By Standard & Poor’s - CUSIP Base #720798.
 
Distribution:
futurenow@futurenet.com (Moneyweek)                            
info@troweprice.com (T. Rowe Price)
MarketSupervision-US@ice.com (Intercontinental Exchange)    
michael.scarchilli@arizent.com (The Bond Buyer/Arizent)
MSRBSupport@msrb.org (Municipal Securities Rulemaking Board/MSRB)
mutualfunds@usnews.com (US News and World Report)
press@dotdash.com (Investopedia)
research@sifma.org (Securities Industry and Financial Markets Association/SIFMA)
support@barrons.com (Barron’s)
by web-form and mail: (Fidelity Investments)
by web-form and mail: (JP Morgan Private Bank)
by web-form and mail: (Merrill Lynch Wealth Management)
by web-form and mail: (municipalbonds.com)
 
I trust that you and your colleagues will recall my prior memorandum to each of you dated August 10, 2024, wherein I provided you and your respective companies important and timely information about the Village of Piermont, New York’s financial distress:
https://unhandpiermont.blogspot.com/2024/08/takin-it-to-street.html
https://unhandpiermont.blogspot.com/2024/08/found-her.html
https://unhandpiermont.blogspot.com/2024/08/analyze-this.html
 
Today the Office of the New York State Comptroller (OSC) confirmed to me in an e-mailed writing after my phone call with that office, that OSC has commenced a “Risk Assessment” of Mayor Bruce Tucker’s Village of Piermont. Further details appear here:
https://unhandpiermont.blogspot.com/2024/11/newsflash-office-of-new-york-state.html
https://unhandpiermont.blogspot.com/2024/11/vacuuming-bruce-tuckers-detritus.html
https://unhandpiermont.blogspot.com/2024/11/something-to-talk-about.html
 
A redacted copy of OSC’s e-mail to me of today, can be found at this link:
https://unhandpiermont.blogspot.com/2024/11/newsflash-office-of-new-york-state.html
I am also attaching/enclosing an unredacted copy of that same e-mail, to each of you with this memorandum. The unredacted text of OSC’s text has not yet been published.
 
For the sake of the innocent bona fide purchaser bondholders out there, and the stability and integrity of the bond market generally, your renewed attention to the economic instability of the Village of Piermont will be most appropriate and very much appreciated. Thank you.
 
Very truly yours,
 
John J. Tormey III, Esq.
Resident of the Town of Orangetown, New York