Don't Wake up Yet. There is Still some Ruckus Going on and Plenty of your Money to be had. so the Media needs to Keep you in the Dark, put up a Smoke Screen and Create a Huge Illusion until all YOUR money can be Successful Drained from your US Bankruptcy Court Hoax.
These High Profile Bankruptcy Cases have some Things in Common, they Control the Media Like Jeff Manning's Twisted perception of Reality on the Summit 1031 Bankruptcy. These Cases seem to have banks in on their little Game, such as Umpqua In this case.
See, just as the JP Morgan case and the 20 year bankruptcy case turned into hundreds of millions of fraud... if the banks seize notes, or do some Slide of Hand to Work with the Trustee, then guys Like Kevin Padrick and his Cronies WIN.. the Bank Cartel ... well they win too and YOU the Real Victims, the Creditors, the Real Estate Consumers.. Well YOU LOSE !!
Possibly Kevin Padrick has something on the Umpqua Group... or Possibly there is Big Money and Side Deals, or Maybe Obsidian Finance - Kevin Padrick threatened to NEVER release the Properties the banks need off the books unless the Bank plays along. Oh but was Umpqua asked to Lie about Summit 1031 and Did Umpqua REFUSE... just speculating of course.. and so did Kevin Padrick have to Summons Jeff Manning for Christmas Eve Smackdown... ( Just Speculating again Of Course) ... and did Jeff Manning Conjure up some Investigative Reporting to make Umpqua look Bad and Summit Look Worse to Keep you off the Scent of Your Money ?
The other thing in common with many of These High Profile - Big Dollar US Bankruptcy Court Proceedings is that there is no real investigation as to where the Creditors, the Real Victims money really is... The Department of Justice seems to really be fully Duped into believing that their US Department of Justice Bankruptcy Trustee is Ethical, and Really is acting with the Highest Fiduciary Duty... when What I am seeing is in Reality That is Just NOT the Case.
YES it would not be in the Courts Hands if it were not for some business phopa or corruption within the original company that went bankrupt. However bankruptcies happen all the time.
Surely there is a Checks and Balances system somewhere that would keep the corruption to a minimul and surely there is some Watchdog Procedure in place to make sure that the US Dept. of Justics Trustee involved does not have a conflict of interest of some kind and that they are Really Acting with the Best Interest of the Creditors in Mind....
From what I see the Corruption, the Pay Offs, the HUGE hourly wage, the Real Estate trade offs, the Side Deals, and the Cronism on Steroids, and the Corruption in the Bankruptcy Attorney Fraternity .. Well it is All Legal in the US Justice System so Sit Down and Shut Up.
Never assume that Umpqua is innocent, with the article I am going to post below, note that Jeff Manning is really looking like he is protecting those who are REALLY getting the Summit 1031 Exchange Bankruptcy Money ...
Jeff Manning Seems to want the Summit 1031 guys to stay in the limelights as to distract you from the Real Players using your Money RIGHT NOW to make their lives better while you suffer.
While Obsidian Finance, Kevin Padrick and his Cronies seize your property, tie up your money, and Pay themselves incomprehensible amounts of money to do it.. well guys like Jeff Manning would have you believe that Obsidian Finance is just doing their job, and that it is all the Fault of Summit 1031.
Jeff Manning wants Umpqua to "tell on" the Summit 1031 boys in order to see them hurt more by all this.... the thing is Summit 1031 Went bankrupt, it happens, businesses do that .. don't loose site of Who Really has Control of your money and has had for around a year now.
The first time I had a client turn their money over to a 1031 Company and that company tell them they had to leave the money their for 6 months, and that the client got no interest, well I was certainly not impressed at the lack of Consumer Protection in the 1031 Industry. Just as all the ENTIRE real estate industry, there is no real oversight, no really consumer protection of ANY kind and No Way to STOP the Powers that be from Running Over, Violating, Lying to and Walking all over the Real Estate Consumer.
The Point? Well STOP all the 1031 Companies from being able to do this. Use a Friend for a 1031 Exchange, Lobby to Change IRS Laws, Complain to the IRS... Do not sit there and persecute ONE Company when they are ALL doing it. They all make money off of your 1031 Exchange and Really Changes need to Be made in the 1031 Exchange Industry as a Whole.
On that Subject, Shame on the 1031 Companies Out There RIGHT NOW marketing the Demise of Summit 1031 and Saying How Much better they are and THEY would Never Do that.. BULL .. Do not Believe that Gibberish... The 1031 Exchange Industry is Out to Get you.. the IRS allows it.. it is just the way it is.. you have to know more about it all, change laws.. it is a Much Bigger issue then the Summit 1031 Bankruptcy - this is just bringing issues to the light..
The Point of Jeff Manning yammerings on the Summit 1031 Case and Trashing Umpqua is to Keep you Fired up and hating the Summit 1031 Company. This is Part of a Big Media Trick so that you don't really see whose bank account YOUR MONEY is ending up in.
And so that you won't even care that your property is being unjustly tied up and that millions are charged for attorneys to screw you over and well they get 5 years to do it. Cha Ching.
I am betting that you, the Real Estate Consumer is smarter then this. I am betting that you can see what is really going on by looking at all the proof, all the documents.. and that you will soon STOP pointing the finger at Summit 1031, and Get active about Getting your Money back Right Now...
Summit 1031 is out of business, they are bankrupt, it happens every single day of the year to someone. Get over it... Get Your Moxy up and Fight for Your Money... months go by, a year goes by and instead of joining the fight to STOP Kevin Padrick - Obsidian Finance from Draining your Money... instead of Demanding Accountability from the US Justice Trustee - and instead of demanding a Real Investigations as to What Happened from the MOMENT that Summit 1031 Went Bankrupt .. you Seem to Want to Focus on the Alleged Crimes of the Summit 1031 Owners.. and this is Exactly what "THEY" want you to do .. in order to take the pressure of them and Your Eyes of Them as they REALLY pocket your Money..
Umpqua is certainly NOT innocent, ALL the banks - lenders and the Entire secondary mortgage industry got Greedy, Very Greedy... Real Estate Values were FAKE, the Bubble was falsly growing daily .. monthly and the FALL well Predictable by them.. of Course.. they let appraisers bring in values of homes for at LEAST 10% more then they Knew the home was wort... Read Confessions of a Mortgage Broker - Confessions of a Sub-Prime Lender... All these Guys were in on it and the Real Estate Consumer Paid the Price and Continues to Pay the Price.
This SHOULD in NO WAY distract you from the Corruption Allowed in the US Bankruptcy Courts. Try and Not look at what Jeff Manning is Selling you, look beyond your hatred for those who lost your money and look at How Much Money, Bonds, and Insurance was available from Day One. And the Facts of What has Happened Since.
Look at how the Court Appointed Trustee changed when HUGE Dollar Signs started entering Kevin Padrick's Dreams.. .. Who appointed Kevin Padrick, who was out of town at the time, what US Trustee has looked the other way and what PAST connections did they have with Kevin Padrick.
With the Right Connection in the US Bankruptcy Trustee System you Can Move Money, Steal Money, Pay outrageous hourly wages, seize and trade properties, make unprecedented side deals and create more money then the Summit 1031 boys ever imagined... and all you need to complete your Creditors Hoax is a US Department of Justice Bankruptcy Trustee On your Team Somehow - Connected to you or PAID by you in Some way and your Illusion of Grandeur is Complete and Fully Lacking in Accountability on every Level of the Judicial System.
When you actually Read Documents upon Documents of Proof, watch the videos of Secret Closed Door Meetings and Really Put all this Together You begin to See a Real Pattern of Corruption, and from what I am seeing and information sent to me, this is in Bankruptcy Courts across the US and is Certainly Not Limited to Oregon Bankruptcy Courts. This Leads me to Believe that the Real Nationwide Problem is the Accountability at the US Department of Justice. Otherwise How can this stuff continue to go on Decade after Decade?
Crystal L. Cox
Real Estate Industry Whistleblower
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Note: You know what Pays Big Media Bills Better than those HUGE Ad Dollars? Hmmm.. Let Me think... Could it Be the Actual Buying of the News itself... ?? Just Things to Think About.
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Another side Note Here, a Question Really...
I don't much like my Father, he and I well we never really saw Eye to Eye on anything.. he was simply mean - and in no way someone that I would ever want my Tastes, my Morals, My Judgements based on .. and Like many of you I have borrowed money from my Father over the years, once for a car and little things here and there in my 20's and well I Never Once asked him where he got the Money nor Did I even Care...
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Another side Note Here, a Question Really...
I don't much like my Father, he and I well we never really saw Eye to Eye on anything.. he was simply mean - and in no way someone that I would ever want my Tastes, my Morals, My Judgements based on .. and Like many of you I have borrowed money from my Father over the years, once for a car and little things here and there in my 20's and well I Never Once asked him where he got the Money nor Did I even Care...
You see many of you out there have fathers that think for themselves, that act without your permission or even your influence ( SHOCKING). And many of you would never EVER want me to write a piece on you, or anything about your life that claimed you were a certain person, believed a certain way or that you were Lying or twisting Reality just because your Father Made a Business Mistake... or Really because of any move your father made or word he spoke.
Should any of You Discredit the Amazing Investigative Reporting, the Extremely Detailed Account of all this with Tons of back up Data ... that Stephanie Studebaker-DeYoung has Fully Laid out of for you at www.Summit1031BkJustice.com - Well then You are Missing out on the Detailed Facts of This Case and You are Blinded by a Reality that is Not Based in Truth.
READ - Think - Gather your Moxy - stand in the Truth and Fight Kevin Padrick, Fight the US Trustee in on all this and Ask More Questions.. Such as who is on the Creditors Committe.. how did that happen and why.. who is in first place for money.. who has already gotten relief... Speak up Creditors... The Illusion is Almost Complete Now and the Only thing Between you and your MONEY is Your Voice.....
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Here is the Jeff Manning Twist of Reality for you To Chew On.
" Judge releases report on Bend real estate case
By Jeff Manning, The Oregonian
December 24, 2009, 6:33PM
Umpqua Bank knew as early as March 2007 that the owners of Bend-based Summit Accommodators were diverting millions of dollars from their clients' accounts to fund their own real estate projects, according to a newly issued report by the court-appointed bankruptcy trustee.
Rather than blow the whistle on what may well turn out to be one of the landmark criminal fraud cases to come out of Oregon's real estate crash, Umpqua kept quiet, continued to reap substantial dividends from the large deposits Summit offered and helped finance some of the real estate projects with $6.3 million in loans, the report claims.
The trustee's report was released by U.S. Bankruptcy Court Judge Randall Dunn Wednesday after the bank fought to keep portions of it secret. It reveals much about the relationship between Umpqua and Summit, including the fact that Umpqua's most senior executives for months considered whether the bank should buy Summit outright.
In the end, bank officials opted against such a deal, suspecting they were being played as "suckers," according to the report. That proved a shrewd move for Umpqua, but it didn't do anything for Summit's unsuspecting customers.
"Umpqua knew that other 'suckers' were readily available: namely (Summit's) new exchange customers who were being signed up and whose money was being put at risk," said Kevin Padrick, the Bend-based trustee, charged with returning as much money as possible to Summit's former customers. "While these 'suckers' unknowingly took the risk that Umpqua Bank was unwilling to take, Umpqua continued to profit by providing services that allowed the (Summit) shareholders to continue their scheme."
Padrick filed a civil lawsuit against Umpqua last summer claiming the bank aided and abetted money laundering.
Umpqua vehemently denies those charges and it fought hard to keep portions of Padrick's report under wraps. John Spencer Stewart, a Portland attorney representing the bank, said repeatedly in U.S. Bankruptcy Court that the Umpqua documents Padrick sought to release were more "strategic" than illuminating.
"They're intended merely to embarrass the bank," Stewart said.
Umpqua has so far succeeded in keeping a host of internal Umpqua documents, that Padrick had hoped to include with his report, out of public view. The battle over the release of the internal bank documents will take place in January.
Summit was a so-called facilitator of 1031 tax-free exchanges, a hugely popular tax strategy. It's role was simply to hold their client's money while they concluded their property exchanges.
Summit moved much of its banking business and more than $15 million in deposits to Umpqua in 2005.
"WOW!!! What a day in Central Oregon," former Umpqua President David Edson raved in a subsequent email to his Bend-area managers. "Keep the pedal to the metal and we'll own Central Oregon."
The relationship grew closer, beginning in May 2006, when the two sides began talking about Umpqua buying Summit.
The talks were still going on 10 months later. On March 2, 2007, the Summit principals met with Umpqua executives, including CEO Ray Davis and Edson and others.
In a memo to the gathered bankers, Summit executive Lane Lyons delivered a bombshell. Instead of holding its clients' money in highly liquid short-term accounts, Summit had invested about 17 percent of it in a variety of "local real estate ventures and businesses."
The investments "allowed Summit founders to build substantial net worths ..." the memo stated.
The Lyons memo disclosed one more bit of big news: the real estate investments had put the company in a cash-flow pinch. Summit proposed that an acquisition or injection of capital by Umpqua could solve that problem.
Some Umpqua executives were underwhelmed with Lyons' pitch. Brad Copeland, Umpqua chief credit officer, said in an email, "This is just nonsense and the guy is clearly desperate."
It's not clear how serious Umpqua ever was about acquiring Summit. The two sides had periodic meetings as late as the fall of 2008, when the real estate crash was well underway and Summit executives desperately tried to fend off disaster.
By late in the year, some bank officials were speaking the obvious -- that linking up with a company that for years had been helping itself to its clients' money was a terrible idea.
Bob Campo, a bank employee, predicted in a Dec. 6, 2008 email that Summit would get mired in civil litigation if it failed to produce its customers' cash.
"Do we want to be even on the periphery of this world," Campo asked, "much less enter into some of equity position that may entangle us in their business issues?"
But Umpqua already was entangled to some degree. It had loaned more than $6 million to various individual real estate projects headed by Summit principals and it was earning nice profits on Summit's deposits, which ultimately grew to more than $78 million.
Thirteen days after Campo wrote that email, Summit filed for bankruptcy. Customer lost $29 million, Padrick said.
"I'm sure glad we didn't get into bed with these guys," Copeland said in a subsequent email to bank CEO Davis. "I suspect there are some significant fraud issues involved and our records will be subpoenaed. This will probably get very ugly."
Jeff Manning : 503-294-7606 "
Link To Full Article and Source:
http://www.oregonlive.com/business/index.ssf/2009/12/
judge_releases_report_on_bend.html
Umpqua, Jeff Manning, Kevin Padrick, Obsidian Finance
