Ted Parker Death: Prayers have been called by the Lumberton, North Carolina community for the family of a former businessman who died tragically. Former Lumberton, North Carolina millionaire and ex-owner of the Lumberton mansion tragically passed away Tuesday. Teddy Dale Parker died from a self-inflicted injury following depression and mental anxiety.
According to reports, Teddy Dale Parker was pronounced dead from an apparent suicide. Ted was found dead on Tuesday, Jan. 9, 2023. Teddy Dale Parker was a well-known name in the North Carolina communities. He made his first millions selling Mobile Homes. He owned the Ted Parker Mansion located at 7446 Highway 72, Lumberton, NC.
What Happened To Ted Parker?
Law enforcement agencies in Robeson County were called to the residence for a personal incident report. According to reports, Ted was located suffering what officials described as a self-inflicted injury. He was pronounced deceased and the cause of death was ruled as suicide.
Who Was Ted Parker?
Ted was a mobile home mogul. Ted was the owner of the famous mansion located on the edge of Lumberton. The home which sits on a 115-acre was later sold to Chinese investors after the Ted Parker Home Sales (“TPHS”) became bankrupt in 1998. In 1999 the home was valued at $19 million.
Inside Ted Parker’s Former Mansion
Ted recruited a Swiss woodworker, designed the pool that overlooks the Lumber River in the style of a resort in Puerto Rico, and incorporated chandeliers that were originally intended for the performer Michael Bolton. Parker bore the financial burden when the North Carolina Department of Transportation declined to excavate a turn lane along an otherwise deserted segment of N.C. 72 in a rural area.
He had a hunch that the 13,000-square-foot residence would draw rubberneckers squeezing past the mile-long barrier that separated him from his 115-acre estate. Particularly since a “for sale” sign was erected several years ago, he was correct. Six bedrooms, an elevator, a home theater, two boat ramps, a sauna, and ten restrooms, one of which features an integrated barber chair, are all featured in the mansion.
Parker founded his mobile home company in 1980 and sold it to General Electric and Ardshiel, a GE-affiliated investment firm, in 1998. In North Carolina, mobile home sales peaked in 1997 at almost 33,000, compared to around 3,000 last year. Ted Parker Home Sales, situated in Lumberton, declared bankruptcy in 1999. All its 42 dealerships were closed and all 375 employees were laid off.
Ted Parker Bankruptcy Story
According to a court filing, Ted Parker Homes Sales was reportedly involved in several fraudulent methods that allowed Parker to siphon revenue from the company while inflating TPHS’s value. TPHS bought its mobile homes from manufacturers directly, and each transaction was completely funded by a “floor plan lender.”
In exchange for a security interest in the home, quarterly interest payments, and a guarantee by TPHS to reimburse the purchase price when the house was sold, the floor plan lender paid the full invoice price directly to the manufacturer. TPHS, on the other hand, had secret agreements with the manufacturers in which the manufacturers provided cash rebates and kickbacks to TPHS but did not cut their invoice prices to pay the rebates.
TPHS did not require cash upfront to purchase new homes because it received financing through floor plan lenders. Because the producers promptly provided TPHS with cash refunds, TPHS was able to expand its cash on hand by purchasing goods.
TPHS documented the rebates and kickbacks as income when they were received but did not offset their liabilities to the floor plan lenders, giving the impression of profitability. Parker also stole money from TPHS by using related firms and self-dealing. To keep sales going, TPHS directed its sales workers to make “short down payments.”
TPHS would issue cheques to consumers for worthless trade-in homes under this method. Customers would cash their TPHS checks and use the proceeds to receive a bank check. Customers would then present the bank check to TPHS as a bogus cash down payment, allowing them to qualify for a mortgage. However, sales would eventually fall behind the purchase of homes from the manufacturers, and the company would be unable to sustain itself under the weight of enormous loans from floor plan lenders.
Parker decided to sell the majority of his investment in TPHS in the spring of 1998 and recruited Geneva Corporate Finance, Inc. (“Geneva”) to search for suitable buyers. Defendants submitted fraudulent financial information to Geneva for inclusion in an Offering Memorandum, which Geneva distributed on Parker’s behalf.
In April 1998, Ardshiel, Inc., an investment business that locates investments for Plaintiffs, obtained a copy of the Memorandum. Ardshiel believed that TPHS was a viable investment based on the Memorandum and its deceptive facts and began negotiating for Plaintiffs to acquire an interest in TPHS. Defendants furnished incorrect information about ZPHS’s typical and projected sales during the talks.
Defendants effectively concealed their deceptive revenue recognition techniques as well as the nature of TPHS’s overstated rebates from home manufacturers. On December 14, 1998, the Plaintiffs signed agreements under which they acquired a major interest in TPHS.
Plaintiffs obtained 60% of TPHS’s common shares and a $3 million note through a succession of holding entities. Parker received $32 million in cash plus notes with a potential value of $69 million, $7 million in preferred shares, and $5 million in TPHS assets in exchange, through a holding company. TPHS received a cash payment of $10 million.
Some of the accused were given fresh job offers that included stock options in TPHS. Following the settlement, TPHS gave large compensation to the defendants. Defendants remained involved in TPHS’s operations after the closure and continued to hide TPHS’s poor financial status. As a result, the Plaintiffs financed $5,655,000 to TPHS and related firms in the summer of 1999 to assist TPHS with what the Plaintiffs believed were temporary liquidity concerns.
Defendants sought to conceal their deception long enough to launch an IPO. However, TPHS and the holding businesses were unable to keep solvent and filed for bankruptcy in June and July of 1999. TPHS sold the majority of its assets in September 1999 for $1.2 million and the assumption of various obligations. Read further here.
Ted Parker Obituatry and Funeral Arrangements will be Released by the Family
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