Update: Piri Thomas Thwarts David Elder’s latest Rip-Off Attempt

David Elder’s various plots to fleece the elderly are not bearing much fruit lately.  His attempt to take Stanley Bard to the cleaners has now cost him and Marlene (and of course the other shareholders) a ton of money, as well as the last shred of their already tattered credibility.  And now a California judge has thrown out Elder’s appeal of an earlier decision that granted his stepfather, renowned author Piri Thomas (Mean Streets), the right to collect the $1.2 million in dividends of which Elder sought to deprive him.

To recap: Elder administers a trust, set up by his deceased mother, Betty Gross Thomas, consisting of shares representing 16% of the Chelsea ’s ownership.  The 81-year-old Thomas, a former Chelsea Hotel resident, is supposed to receive the dividends from this trust.  In 2001 Elder decided he wasn’t going to pay the dividends to Piri anymore.  So Piri sued Elder for the $1.2 million which Elder had failed to pay him. (Piri still had to pay taxes of $494,000 on the money!) 

This dispute has been going on since 2001, with Piri winning every round.  Even after they reached a settlement in March 2005—with Piri generously agreeing to pay Elder $177,500, presumably for his legal bills--Elder sued again, based on a bogus interpretation of a new law that had been passed by the California State Senate.  The trial judge tossed the case out, saying, basically, that it had already been decided.  Elder appealed again, which brings us to the present case, where the appeals court just ruled on April 10^th that there was no merit to Elder’s case, saying it was “. . .nothing more than an attempt to resurrect their prior claim under the guise of a new claim. . .”

At one point in their long battle in the courts, Piri sued to remove Elder as a Trustee for breach of trust.  For you see, Elder has a vested interest in depriving Piri of his money (as well as in prolonging the case), as, once Piri dies, Elder becomes the beneficiary of the trust.  As part of the earlier mentioned settlement, Piri dropped these charges—only to be sued by Elder in return.

            Although it appears that Elder is being manipulated by lawyers who are filling his head with dreams of becoming some sort of millionaire real-estate mogul, it doesn’t change the fact that he has proven himself both morally and fiduciarily unfit to administer the trust in question.  For this same reason, he should be removed from the Board of Directors of the Chelsea Hotel.
        Anyway, congratulations to Piri for his victory in a fight he did not seek.  Justice has been done, and let’s hope that this is finally the end to a truly shameful saga of greed and moral depravity. – Ed Hamilton

Comments

[Rob from Aus]

Three cheers for natural justice!

The news just keeps getting better for us and worse for the forces of darkness. All is not yet lost and I'll be praying in gratitude for this victory and for all of you fighting the battle on the homefront to keep strong.

It's so very heartening to read the Mr Thomas will be cared for. Thanks for all your work in keeping us up to date

*sings Happy Talk from South Pacific*

David Elder is pretending that he is the "acting Manager" of the Hotel. First he pretended to be a curator and now he's pretending to be an actor. Someday he will find his art!

Elder is stealing money from the hotel just like the residents who don't pay rent.

And all the while the taxpayers in California are footing the bill.

I'm not gonna pay another dime in rent money to this thief. Why should we pay rent now? Elder doesn't have any respect for anything. Why should we show him any respect?

Correction For the Late Comers: Residents DO pay rent, and a lot more than most. Get your facts straight.

GO PIRI!!!!!

FIRST DAVID ELDER MANAGES TO LOSE ALL RENT STABILIZATION CLAIMS IN COURT AND NOW HE'S LOST HIS OWN COURT BATTLE?

WHEREEVER WILL YOU GET ANY MONEY, DAVID?

[Another ByStander]

I'm not paying rent until this scumbag Elder is removed from the building like Stanley Bard was...

Fuck him!

[sam]

Good for Piri. God bless him.

[LP]

there is justice in this world after all.

[Blankgen78]

Anyone else feel like singing a few bars of Instant Karma???

Yeah somebody put copies of Piri's litigation against David Elder all over the lobby last night HA

Speaking of which did anybody get a whiff of the karma last night at Elder's photo show? How appropriate that his event would smell like an open sewer pipe. Nice going David! Was that your cologne?

[carroll lewis]

At long last, justice. I don't know how Elder can show his face around after all he's done to Piri, to the Bards, to the hotel.

elder shows his face b/c hes from los angeles where nobody gives two shits what anyone thinks because theyre all so absorbed with the only thing that matters -- themselves. plus hes found a small number of residents who've pinned their hopes for staying put on 'befriending' him. at the end of the day that and two bucks will still get them on the subway but thats it