Tried to post on the C&C article about Montana State....
Long story short for those that are asking-
LCAP was "Lambda Chi Alpha Properties"- started about 10 years ago to let a separate corporation affililiated with Lambda Chi Alpha own and manage LCA chapter houses. At one time they had about 15 houses under their banner. Due to gross mis management and incompetent employees, they ran their balance sheet into teh ground and then they decided -with no notice- to liquidate all properties in 2007 and go out of business destroying untold amounts of lost alumni equity in real estate entrusted to them by individual chapters.
On a LCA bulletin board this has been debated here
http://www.greekchat.com/gcforums/sh...ad.php?t=91715
...and also here extensively with links to news articles from East Lansing about the Michigan State Chapter's house being sold out from under them to a developer.
http://www.greekchat.com/gcforums/sh...d.php?t=111777
My chapter lost about 40-50 thousand dollars over this fiasco by trusting and investing with LCAP at Shippensburg University's now defunct chapter. It's a story that isnt being told except in news articles and online Bulletin Boards with folks that were affected by it talking.
On the "end of LCAP thread" I referenced, a former staff member talks about it, and then is banned from talking about it anymore, interesting stuff to read and check out. U Mass, Montana State, Shippensburg, and Michigan State all got hit hard, I cannot speak much for the other chapters, but it was a bad deal from the get go- poorly run and managed, and then ended with a total melt down that took chapters and historic houses out with it. The news articles out of East Lansing are appalling to read if you are a Brother of our Bond.
On a good note about 90% of the chapter memorabilia we had was saved from the LCAP fiasco, and subsequent destruction of our LCAP house by the undergrads which was again due to house mis-management by LCAP not securing the property and having no plan to sell it after putting it on the market and having no tenants. Of course the undergrads were awful as well, and it was what closed the chapter in 2008.
But unlike my brother at Dayton, we still have our stuff under lock and key- about two U-Hauls worth of it. Thank goodness for that silver lining. We'll be back, so check us out on
www.phitauzeta.org and on facebook- you can link to our group from our website.
Long winded, but it's a real story about a real chapter's fall from grace, and you all asked for it!
zax
lenoxxx
Hybrid Mode
