Holy Cow, this is a Serious attack on YOU the Consumers - the Creditors who are hurt in all this. And if Kevin Padrick of Obsidian Financial get 5 years to do it, then the Consumers tied up in all this are at the Mercy of ONE Man, and he Obviously Values Money and Power Trips over
Yes Summit 1031 Exchangers made a bad real estate investment, many are taking it on the chin during these times, but instead of making it right by the consumers. Kevin Padrick, Trustee, is getting in the Way of Real Justice for Consumers and he talks about "We have a Melting Ice cube" - HE is the one melting it and 5 years of Legal Fees at $600 an hour to liquidate, that is down right consumer fraud in my book. Kevin Padrick of Obsidian Financial will eat up all of the Money and NO consumer will ever get justice. Not because Summit 1031 made a bad investment and LOST your money.
It is Said that Summit 1031 had the Money to pay you, they had a 10 million bond, millions upon millions in cash, and a million in E and O insurance
Summit 1031 should not have naively invested Real Estate Consumers Money, they made a very poor choice, however, the Trustee, the one tying up the money and assets now and keeping it from given the Real Estate Victims any kind of Relief Seems to be Kevin Padrick of Obsidian Financial.
With the Money he has already used up since Dec. There will be nothing left by the time he gets around to actual liquidation and getting the Real Estate Victims in all of this ANY kind of Financial Relief.
It is said that "Summit 1031 made some risky choices, and they imploded with the RE market. If he had put the exchange funds in the FDIC guaranteed accounts that he stated he would in his marketing materials, none of this would be happening."
I don't think there is much doubt that Summit 1031 screwed up, but when you get to the point of Justice for the Real Estate Consumers and Greedy Attorneys soak up what the VICTIMS should get , well then more to the story needs told.
These Real Estate Victims, have lost a lot, and FDIC protection or not their still was Asset and Money enough to get these Real Estate Victims some Financial Justice, but Kevin Padrick is making it so they will never see any financial justice.
Kevin Padrick also seems to have odd meeting with the Creditors, and there are rumors of secret deals... and Kevin Padrick playing both sides of this deal. I am sure this is not true, but hey that is what I am hearing. As usual I encourage you to gather information and to think for yourself. Don't believe me, don't believe any ONE source, do your homework Find Out the Truth for Yourself.
I heard the legal fees were already over 1.4 million - More details on that later... However it certainly looks like the attorneys will end up with all the money, why the Bankruptcy Courts and the Department of Justice allows this attack on Real Estate Consumers is beyond me.
There are creditors suing trying to get ahead of other creditors. It is said that Stevens and Neuman of Summit 1031 just want to get the creditors paid but Kevin Padrick of Obsidian Financial won't allow it to happen.
Kevin Padrick is in a VERY good position and stands to make too much money from the assets of Summit 1031, so he greedily holds everything up while you the Real Estate Consumer (the Creditors) suffer. You lose your liefs work over ONE Man's Intense Greed, and seriously taking advantage of Bankruptcy Laws and abusing his power as a Trustee.. why can't he be FIRED or Removed from this, he is obviously hurting the Consumer and as usual No One cares about the Rights of the Innocent Real Estate Victims out there that have lost millions, lost businesses and ranches and now it is all going to be gone due to greed.
The IRS makes 1031's legal right? But What, they have no Rules, Oversite, Checks and Balances or Procedures in place to protect your Money that is with the exchangers that they Get to Legally invest for the time of your exchange in which they have YOUR money interest free, as set up by the IRS. But the IRS is no where in sight when you lose everything.
Kevin Padrick is said to be turning down offers to settle, this hurts Real Estate Consumers and no one can Make Kevin Padrick of Obsidian Financial Do the Right thing. Why?
This is a quote from a Forum talking about this, I won't link to the Forum because the F Word is way to out of control over there.. anyway here is the quote,
"It seems Kevin has a new phrase he learned called "PONZI SCHEME" and thinks by using it at court it may gain him some more leverage. I think if someone walked into court with 15 million to pay the creditors, Kevin Padrick would fight it because he wouldn't get his 16%. Google him and see he is the one living the lavish lifestyle and at whose expense? It is just an absolute shame that this has spiraled so far out of control and the only ones profiting from it is the attorneys and Kevin Padrick (obsidian Finance)."
More Food for Thought at the Links Below
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