Why Investigative Blogger Crystal L. Cox Says Kevin Padrick, Obsidian Finance LLC is a Liar.
There are Many Reasons Why I Claim that Kevin Padrick, Obsidian Finance LLC is a Thug, Thief and a Liar.. Many More Will Continue to Post.. in Detail .. as Oregon Attorney David Aman of Tonkon Torp LLP Law Firm sent me a Cease and Desist Requesting that I Stop saying such Facts about his Client Oregon Attorney Kevin Padrick for Obsidian Finance Portland Oregon.
In the Summit 1031 Press Release, it was announced that Summit would be declaring Chapter 11 bankruptcy, Terry Vance - Oregon Attorney was the
Chief Restructuring Officer who then, at the advisement of
Sussman Shank, Summit Accommodators, Inc.’s attorneys, hired
Obsidian Finance Group, LLC as their financial consultants to provide advice on all tax issues affecting Summit Customers and a plan to mitigate damages to the maximum extent possible of currently unfunded exchanges.
It is also my understanding that
Obsidian Finance Group, LLC was retained to review substantial real estate investments and to recommend the best method to realize value of such investments to satisfy outstanding claims.
Obsidian Finance Group, LLC is a national financial consulting firm, which specializes in distressed enterprises and assets.
Kevin Padrick, Obsidian Finance Group, LLC,, who is 50% owner of Obsidian Finance Group,
LLC, presented to the Summit Shareholders that he had friends with deep pockets who would help fund their short-term liquidity crisis. (Did Kevin
Padrick Lie ?_
Kevin Padrick, Obsidian Finance Group, LLC, never mentioned Ponzi Scheme; he just kept calling it a short-term liquidity crisis. Then later it was a Ponzi Scheme? Double Talk, Lies, Greed.. ??
The Summit Shareholders of course wanted this our short term liquidity crisis Solution, it would benefit all and get them out of hot water. But Of Course Kevin Padrick, Obsidian Finance Group, LLC Flat Out LIED..
Kevin Padrick of Obsidian Finance Group told the Summit Principals they would be back in two weeks with a proposal. Instead, they took the privileged financial information and Summit spreadsheet on the properties the Summit Principals were always from day one going to turn over to the bankruptcy estate to the Creditor’s Committee.
Who Was Kevin Padrick of Obsidian Finance Group really working for when he illegally, unethically, corruptly got this financial information and used it to make himself TONS of money?
Was Kevin Padrick of Obsidian Finance Group working for the Creditor’s Committee or Terry Vance, CRO of Summit? Looks like Kevin Padrick of Obsidian Finance had no intention on completing his contract with Terry Vance and Summit because they did not receive any proposals or any word from Kevin Padrick after Kevin Padrick of Obsidian Finance Group got what he needed to steal the Chapter 11 Trustee Job.
Kevin Padrick of Obsidian Finance Group took this privileged information to the other side and sold them something else. Something like we will sue Umpqua, we will take away interests’ from innocent people by suing them, we will sue every attorney who ever did work for Summit . Kevin Padrick of Obsidian Finance Group probably never mentioned how much assets the Summit Principals were handing over already. This way he could get more MONEY for him and cheat the Creditors.. , oh in my opinion..
Cash $14 Million
Bond $10 Million
E&O $3 Million
Note Receivable – Steve White $1.2 Million
Property Investments - $11.5 Million
Business Interests - $1 Million
The Initial Amount being handed over voluntarily by the Summit Shareholders was $40.7 Million. Summit only owed $28 Million.
Since the beginning Kevin Padrick of Obsidian Finance Group, and Tonkon Torp have taken interests’ in property from innocent investors, they passed on sales that would’ve brought more money to the bankruptcy estate, either because they weren’t going to get their 15% commission at the time or because they were trying to squash innocent investor’s who were in their way. (Thug and Thief? You Bet)
Kevin Padrick of Obsidian Finance Group also got a settlement of $16.8 Million from the Summit Shareholders, they got an unknown settlement from Umpqua Bank, and just the other day they are suing every attorney Summit ever used. Not to mention that Kevin Padrick of Obsidian Finance Group already collected the Bond of $10 Million, the E&O of $3 Million, the business interest of $1 Million and Several Million in Property Investments.
So Kevin Padrick of Obsidian Finance Group made money hand over fist for 2 years and counting, and he wants me to SHUT Up so he can keep making money.
It would be impossible to get an exact amount of what Kevin Padrick of Obsidian Finance Group and Tonkon Torp has received and disbursed. They have jumbled the books I'll bet, and taken a piece of every dirty deal.. above the law and with no oversight or transparency what so ever.
It would seem that they don’t have to report what type of money came in and what type of payments went out and to whom. No one is monitoring this money and they are dealing with Millions upon Millions.
Kevin Padrick of Obsidian Finance Group - Tax Fraud? Fraud Against the Government? Gee ya Think?
The Summit Principals also did their own 1031 Exchanges during the past years as they purchased and sold properties. When you do an exchange you have deferred gain that you don’t pay tax on until you sell the property.
When Kevin Padrick as Chapter 11 trustee did a turnover of all the assets to his liquidating trust, these deferred gains became tax liabilities to the liquidating trust. However, Obsidian Finance’s accounting staff is conveniently leaving these deferred gains out of their tax returns.
They make plugs to the capital accounts of the Summit Shareholders to get rid of the deferred gain upon the sale or disposition of the property. For an example, Kevin Padrick just gave away the Summit Shareholders’ interest in Century Drive Mobile Home Park to another owner named Jim Hull.
Upon Disposition, the trust should have recognized around $600,000 of taxable gain on behalf of the interest owned by Mark Neuman and Brian Stevens.
No such gain was reported on this tax return and the tax of $174,000 (20% to IRS and 9% to Oregon ) was never paid by the liquidating trust.
Why would Kevin Padrick of Obsidian Finance Group pay the tax when no one is monitoring his work?
Kevin Padrick of Obsidian Finance Group would rather keep this MONEY and file more lawsuits to help pad his pockets some more.
There are many more properties with large amounts of deferred gain and related tax liability that are probably not being reported. I, you can file a Whistleblower Lawsuit and get 30% of recovery of what Kevin Padrick of Obsidian Finance Group has frauded the U.S. Government.
The IRS and the Oregon Department of Revenue should really look at this, because it means there is a lot of missing tax dollars to our federal and state governments.
When will be enough money for Kevin Padrick of Obsidian Finance?
Kevin Padrick of Obsidian Finance Group - Thug and Thief will run this score out for as long as he can because he has and can get much, much more money than what is due to the creditors. He will be paying his attorneys, Tonkon Torp for cease and desist orders and lawsuits, while Obsidian Finance Group LLC gets 15% commissions on all sales and Kevin Padrick of Obsidian Finance Group spends oodles of hours working so very hard to pad his own pockets that paying back the creditors will be the very last thing he does.
Much More Coming Soon.. as David Aman, for the Corrupt Oregon Attorney Kevin Padrick of Obsidian Finance Group - has sent me a Cease and Desist so I must prove the LIES and Illegal Activity on the Summit 1031 Bankruptcy out of Bend Oregon ... So stay Tuned..
I Sure am Going be Busy Proving that Kevin Padrick of Obsidian Finance Group Oregon Lies, Commits Fraud, Breaks the Law and is a THUG and a Thief.
Crystal L. Cox
Investigative Blogger
Crystal@CrystalCox.com
