Real Estate Illusion - Crystal L. Cox - Exposing the Real Estate Industry

Tell the Truth, the Whole Truth, and Nothing But the Truth so Help me God. Stephanie DeYoung - Bankruptcy Whistleblower.

2010-02-24T19:53:00.000-08:00

PLEASE READ THROUGH ENTIRE POST -
THE TRUTH YOU ARE LOOKING FOR IS TOWARD THE END.

My name is Stephanie DeYoung. If you want to know more about my involvement in this case, go to my deposition...

http://www.summit1031bkjustice.com/?page_id=2471

Currently, I believe I am the only person who had the priviledge of an all day deposition in front of Tonkon Torp's camera man. Now when I see some of the ridiculous questions I was asked to answer, I still get blown away by their blatant disregard for human rights.

Bankruptcy Corruption

I am the creator of this Summit 1031 Bankruptcy Blog. I am an Industry Insider as an accountant, real estate investor, and an LLC interest holder.

I am also a Whistleblower and an Investigative Blogger.

These new titles were made possible by simply recording and sharing the events that I was a part of with the victims of this bankruptcy proceeding.

http://edlabor.house.gov/newsroom/2009/02/gao-nations-whistleblower-laws.shtml

I have sold this blog to Crystal L. Cox. You may know that she is an Investigative Blogger, Whistleblower and Industry Insider as a real estate broker. She stumbled on my blog and in doing so she has stumbled upon many other cases of Bankruptcy Corruption across our country.

In fact, there are many who have lost everything to this mechanism our government has created as a perfect looting tool. The powers of people like, the attorneys, judges, US Trustees offices, and the politicians keep this highway robbery undercover.

She has asked me to speak the whole truth so here we go...

Below is a story from a person who was a completely unbiased party -

"About the Summit Accomodators- Kevin Padrick Video
http://www.summit1031bkjustice.com/?page_id=254

ABOUT the infamous Padrick meeting video, when I first viewed it I didn't think it all that remarkable. Being ignorant of the facts at the time, I thought Kevin Padrick in this meeting, simply just gave a rundown of what he and his company, Obsidian Finance Group, had been up against in the month previous, and toward the end of the video it appeared that he pitched, with some practiced assurance I thought, how he and his company took pride in cleaning up distressed business situations.

As I began to become aware of the facts and the chronology of events preceding and following this meeting, my perspective changed; I came to see this video in terms of a betrayal as demonstrated by Kevin Padrick's defensive behavior toward the other parties around that table.

I also came to see how this video could be viewed as an embarrassment to the members of Obsidian Finance Group, the attorneys and others working along with Padrick and even the U.S. Bankruptcy Court. The scene viewed from a more informed point of view, whether one is for or against Kevin Padrick, is not pretty. He is, in this performance, much like a house cat spitting up the canary's feathers.

The behavior he resorts to in the video, in regard to the others, is in my estimation, an unnecessary act on his part, but none the less a telling display of the low character he stooped to with his surreptitious behavior toward, what up to that point had been, his employer, Terry Vance, and by extension Summit's Principals who were working their tails off to assist Terry in liquidating assets and wrapping up exchange business.

For me, the most revealing thing about the video was the last thing I learned- that this meeting in Bend was compelled by the Bankruptcy Judge a day earlier in Portland.

The Judge had learned, from a last minute appearance by one of Summit's representatives at a court hearing, that Padrick had not been keeping Summit's owners and the court approved Chief Restructuring Officer (CRO) informed of his actions. Actions that included Padrick's apparently self initiated and unauthorized actions with the creditors.

A little background: the CRO, Terry Vance, was contracted by Summit Shareholder’s (owners) as a part of a “debtor in possession” bankruptcy.

This person, approved by the court, is in charge of all affairs related to Summit’s Chapter 11 bankruptcy, including the contract with the financial consultants, in this case Obsidian Finance Group and Kevin Padrick.

In other words, for all intents and purposes, at this meeting and from the time Padrick and his Obsidian Finance Group had been contracted a month or so earlier, Terry Vance was Kevin Padrick's boss.

Kevin, it turned out, and as shown on the video, was an untrustworthy employee who had some time earlier, perhaps even from day one, made it his job to usurp his boss, disregard his contractual obligations and find his own way within the bankruptcy system, with his knowledge as a former bankruptcy lawyer, to gain the best position he and his company could to take financial advantage of this unfortunate situation.

Simply put, Kevin Padrick and Obsidian Finance were Bankruptcy Profiteering.

The meeting, authorized by Judge Dunn, was to be presented by Padrick to his CRO boss and Summit's owners as a recap of Padrick's (unauthorized) meeting(s) with the creditors, it is important to remember, at that point Padrick, who had been initially contacted by the Summit's owners prior to to the bankruptcy filing, and now managed under contract to the CRO was not in any way beholden to the creditors, other than promises he made them behind his employers back.

In fact by contract, Padrick's and Obsidians role was to assist in liquidating assets, in order for Summit to pay back exchangers/creditors under the Chapter 11 reorganization agreement. His role at the time was not to meet with the creditors, throw his employers under the bus and then back over them again when they complained.

If the person from Summit hadn't of scrambled and jumped a last minute flight over the Cascades to Portland to see what was going on, this unscrupulous employee would have gotten his boss fired and had his unwanted contract made irrelevant (which he succeeded in doing) and the people he screwed wouldn't have heard the backup signal for what it was.

No wonder in the video, one of the first thing heard
from Kevin is his voice crying,"Depose me then."

A comment that took the CRO and Summit's owners
by surprise (they'd merely asked, what's up?),

I don't believe an actual recap of Padrick's meeting with the creditors happened (if he had treated the creditors to the same charm he displays in the video, I doubt Padrick would have gained enough favor to collect gas money for his ride home, let alone be nominated by the creditors for the Trustee position).

It is interesting to note; the only way to compare meetings would be to compare records of both meetings. The closest thing to a record of Padrick's court compelled meeting with the CRO and Summit's owners is the video.

Justice would be served, if by means of discovery in a complaint Padrick lodged with Deschutes County against the video's existence, that a transcript(s) of Padrick's meetings with the creditors in the month prior to this meeting were compelled to be produced- to see by comparison if Padrick was in compliance with the Bankruptcy Court's wishes in providing information on what he presented to the exchanger/creditors.

At the time of the meeting neither any representative, nor the CRO, nor any of Summit's owners were, as far they knew, in an adversarial relationship with Padrick.

They were, as shown in the video, clearly a bit mystified by the lack of communication to accorded to them on Padrick's part. To their knowledge, he and his company were supposedly working on Summit's behalf to assist in liquidating Summit's assets- nothing more.

The video was made as far as the CRO and Summit's owners and their representatives knew, as much to record their comments in regard to each other's relationship to working toward liquidation of real estate assets and full payment to the creditors, as it was to pin down Padrick to what he had been doing the past month in behalf of this endeavor.

The CRO and the owners were at this time, in their minds, still all working with each other toward this end- including Padrick under the CRO's charge- all the parties, as evidenced by the video, were still on the same team. In other words, no body by making this video was implicitly trying to trap nobody.

It was Padrick's defensive demeanor during that meeting that first gave an indication to the CRO and Summit's owners of his newly revealed disposition as not being in concert with their plans to execute this bankruptcy and pay off the creditors.

Later, when the totality of Padrick's subterfuge and ultimate ambition toward gaining the lucrative Trustee position was revealed to the CRO and Summit's owners, then was the negative impact of his behavior to them understood.

They felt (and still do) that Padrick purposely crashed this business, a business that with his cooperation could have been crash landed instead.

A scenario where all exchanger/creditors would have been paid already.

It was, in retrospect, a few weeks after this meeting, that an animosity toward Padrick did arise. Where upon the video, made of that critical meeting, was reviewed in a completely different light.

From my vantage point, absent the eventual revelation of facts in this story, the video could just as well have been made into a marketing tool for Padrick and Obsidian Finance.

To an initiate of this story, like I once was, where Kevin allows himself to speak, the words sound convincing; as one puts the pieces together over time, a discovery is made; those sentiments are constructed on a ruse, his premises are fabricated to support an argument he doesn't and perhaps can't really believe in, and from the actions he has taken since in regard to ridiculously accusing Umpqua Bank for improprieties in its business dealings with Summit, one has to suppose that he was not completely honest with the creditors in their meetings either.

The facts and the truth they represent, is for Padrick in his unscrupulous ascendancy to the role of Trustee in this case, a big problem. Discovering these facts with a need to reconstruct the truth, for the rest of us, is what makes this video so important to this story."

Frank Israel

In the other bankruptcy corruption cases, the money was all gone by the time anyone had evidence to prove the looting had occurred.

As a CPA, I find it absurd that this bankruptcy system has absolutely no accountability built into it. They simply name a trustee and give him or her all the power to loot for many years and tell the creditors and the debtors that it is in everyones best interests' to give up transparency and accountability so that the court can make this move quickly so the creditors get paid back.

You are probably assumming that I just have some sort of vendetta. Well I don't.

I just don't like it when someone says they are working in the best interests' of the creditors, but their actions show otherwise. Pretty simple right!

You promise to take care of my creditors, then your actions should support this. Don't you all feel deceived when someone says they are going to help you and then they kill you?

It goes a step further, they don't service their clients in an accountable fashion. When you listen to the audio, look to yourself and see what you see. What if you were the 200 exchangers that have NO VOICE?

What if you were the debtors who were looking for help to pay creditors back and instead got Kevin Padrick? This is a problem that is much much bigger than this little story here.

There are many United States Citizens who are suffering from the aftermath of these asset rich bankruptcies. That is the Bigger Issue.

For our Nation to ignore this we are lying to ourselves about the ability for our Government to protect our money and our rights. I think it is more focused on their inability to protect our money and our rights.

How many creditors have even been contacted by Obsidian or Kevin Padrick?

How much information have you been given on this case?

In The 1031 Tax Group, LLC bankruptcy case, the Trustee sends out newsletters and lots of other information to this bankruptcy estate's creditors...

See for yourself and go to
http://trustee1031taxgroup.com/

Why doesn't the Summit 1031 bankruptcy trustee have to do the same?

Why aren't they required to be this transparent?

Why are the creditors sitting out there with relatively NO INFORMATION?

In fact, this Summit Blog, www.Summit1031BkJustices.com has more information than any given by Kevin Padrick to date.

Then we have Andrew Moore of the Bend Bulletin writing very heavily weighted articles in Kevin Padrick's favor. Wonder why?

Andrew Moore points out loans being made (this information coming straight from Kevin Padrick). Andrew Moore doesn't write that these loans have been paid off....Oh and the estate got approx 800K from the sale of his highland house.

BUT THANKS Andrew Moore for mentioning the Summit 1031 Blog...117 pages were pulled on Valentine's day. Record for a Sunday!

In a letter by Neuman written either late August or early September 2009 posted at http://www.summit1031bkjustice.com/ — a Web site operated by Neuman's daughter, Stephanie Studebaker-DeYoung — Neuman wrote that “I'm truly sorry for the pain it has caused all of the exchangers. I can only sincerely hope and pray that the assets we provided and any other monies available will result in the exchangers being made whole.”

I have to give you credit Andrew Moore for ending the article with the TRUTH...

"Bend resident Jack Robson, a creditor who initially lost roughly $50,000, says he thinks the return would be greater if there weren't so many attorneys involved. But he's not upset with Summit, he said."

“At the end of day, some people have lost a good portion of their retirement, and that sucks, but there is no malice involved in my experience,” Robson said. “They made poor decisions, and certainly who would have thought this would have been a possible outcome?”"

A ton has happened since my last post which I will share with you now. However, I think we need to first pay attention to the timeline and sequence of events...

1/1/08 - Summit 1031 held approximately $100 Million in exchanger funds. Of this $100 Million, approximately $73 Million was in Cash and $27 Million was in the form of Short-Term loans to various LLC's holding real property.

These LLC's had many investors (106 to be exact). Andrew Moore from the Bend Bulletin repeately says they had 100 or so LLC's. Well you would think an investigative reporter would get the real numbers right? Can't blame poor Andrew, he is influenced by the power and money of Kevin Padrick, so he reports what Kevin Padrick wants the people to hear.

There were only 30 or so LLCs holding real property that Summit Principals had an interest in. The other LLC's they keep referring to were set up to do reverse exchanges.

The Summit Principals had ownership interest in these LLC's only as Qualified Intermediaries. Meaning these LLCs held exchanger properties only. A separate LLC is set up for each reverse exchange.

So we are really only talking about 30 LLC's. All these LLCs had multiple members. The LLC's were liable for the short-term loans from Inland and understood there were responsible for interest and payoffs. Many of the loans Andrew Moore Mentioned in his most recent reporting were all paid back with interest.

Why doesn't Mr. Andrew Moore report this? Well Kevin Padrick wants the public to think these monies went out and never came back in...then you will stay mad at the Summit Principals.

DID YOU KNOW KEVIN PADRICK WAS,
EFFECTIVELY, HIRED BY SUMMIT PRINCIPALS
PRIOR TO SUMMITS FILING
CHAPTER 11 BANKRUPTCY
ON 12/18/08?????

Around 12/7/08 - Kevin Padrick meets with Summit Principals - Well yes they did.

You see Kevin Padrick met with the Summit principals in early December 2008. By talking with the Summit Principals about this meeting, it looks like Kevin was more than willing to help them with their liquidity crisis.

Kevin Padrick said his company, Obsidian Finance Group, LLC, was the best at helping save distressed businesses like Summit Accommodators, Inc. Good news right?

Kevin Padrick said he had partners with DEEP POCKETS who would help fund the short-term liquidity issues. At this meeting, Summit Principals explained the business of short-term lending, told Kevin Padrick about the properties they were willing to hand over and about the $14 Million of cash that was in the Summit bank account. At no time during this meeting did Kevin Padrick even mention the words fraud, ponzi scheme, embezzlement, or illegal.

After this meeting with Kevin Padrick, the Summit Principals approached Summit 1031's bankrupcty attorneys, Sussman Shank, with the posibility of contracting with Obsidian Finance since they seem to be the best has helping distressed businesses.

Sussman Shank agreed that it would be a good idea to contract with Kevin Padrick and his company. However, the contract should be signed after a Chief Restructuring Officer is put into place (after they filed bankrupcty)

12/18/08 Summit 1031 filed for Chapter 11 bankruptcy - DIP "debtor in possession" reorganization. In this type of bankruptcy a Chief Restructuring Officer is named and he is the "acting boss" of the reorganization to payback the exchangers.

It wasn't until the bankruptcy was filed and Terry Vance was named CRO, that the official contract to hire Obsidian Finance Group, LLC was signed by Terry Vance and Kevin Padrick.

"Click Here to See Contract Between Obsidian Finance Group & Summit 1031"

The Summit Principals chose a Chapter 11 Bankruptcy because they thought this was they way their creditors would get paid back quickly according to their attorneys and according to the financial consultants at Obsidian Finance Group.

12/19/08 - end of December 2008 - Summit Principals gathered all the information and willingly gave it to there supposed saviors, Obsidian Finance Group. Ewan Rose, said thanks, we will get you our proposal within the week. No proposal was ever delivered.

Early February - Kevin Padrick makes a presentation to the Creditors' Committee. What? Thought they were supposed to be getting the proposal to the debtors NOT the creditors??? Jeez this stuff is so confusing.

2/11/09 - Summit 1031 Bankruptcy Hearing where Creditors' Committee is pushing to replace Terry Vance as CRO with Kevin Padrick as CRO. Lucky for Kevin Padrick, at this hearing Judge Randall Dunn 's idea to resolve the matter at hand is to appoint a liquidating trustee.

It wasn't until yesterday that I received the legal document from The 1031 Tax Group, LLC case that says, "The appointment of a chapter 11 trustee is an extraordinary measure". After going back and listening to the audio from this hearing, it seems to me that this appointment of a chapter 11 trustee was originally presented by Judge Randall Dunn.

DON'T Miss Clicking Here for the Audio - Click Here for Judge Randall Dunn Abruptly decides to Appoint a Trustee

Kevin Padrick has stated in his declaration under penalty and perjury that Doc 551 "8. Ms Studebaker-DeYoung has also posted on her website what appears to be an audio recording that she made during an official court hearing proceeding, in violation of Court local rules"

"Click here to find out directly from the US Clerks office that I did properly order this audio"

From Transcript:

"Judge Dunn - Let's talk about the joint motion of the debtor and the official committe of unsecured creditors to substitute Obsidian Finance Group LLC for Mr. Vance as Chief Restructuring Officer and I have a limited objection from the US Trustee, requesting some additional time to see if this is the proper road or whether I ought to be appointing a chapter 11 trustee and I have a middle ground suggestion for the parties consideration and we may not get there today...WHY DON'T WE APPOINT OBSIDIAN AS TRUSTEE????

Ms. Vivienne Popperl (attorney for US Trustee) - Sorry your honor but that is a decision for our office to make.

Judge Dunn - I understand that so I am throwing it out as something that you should consider.
Ms. Vivienne Popperl - We will certainly consider that, but at this time we're very concerned about who is really directing this case. At the moment it appears to be the professionals.

Judge Dunn - It doesn't appear that way, there's no question the professionals are directing this case. There's no one else in the driver's seat.

Ms. Vivienne Popperl - Which is why we need a trustee and that is why we request a little extra time to get a motion and appropriate memorandum before the Court and we certainly will consider Obsidian, but we will consider other canidates as well.

Judge Dunn - Well, well, that's fine, but I'm not sure I need additional memorandum. I think that needs to be discussed with debtor's counsel and Obsidian and the committee and see where we come out. I understand why you would move for appointment under section is it 1112, whatever section and I'll ??? with that. But I think the parties should talk and do what makes sense here, but certainly if the creditors' committee has evaluated Obsidian's work to date and their potential for future work...that's going to weigh strongly in the Courts consideration in terms of the interests' of creditors and I do agree that we need someone clearly in control of the ship of state?? that is functioning in effect as a trustee would so in the absence of further direction I really would like to see Obsidian named as chapter 11 trustee, but I leave that for the parties to argue out.

Ms. Vivienne Popperl - Well then would the Court entertain an oral motion directing the US Trustee to appoint a chapter 11 trustee or do we need to file a written motion?

Judge Dunn - Well I want to here from the parties and their respective positions on that, but I don't want to trample on the US Trustee's office perogatives either so if you would be offended by such an order based on an oral motion, I'm not going to do it, but I just am suggesting that it makes sense to consider it. Mr. Padrick's here...Is Obsidian oppossed to serving in the position officially as chapter 11 trustee.

Kevin Padrick - No Your Honor subject to the parties desires.

Judge Dunn - Right so that's something I want the parties to talk about and consider because frankly at least my review of the situation with respect to the case as to what's going on...having Obsidian functioning officially in the position of chapter 11 trustee solves a multitude of problems, but what do I know?"

Steve Hedburg (Lead Attorney at Perkins Coie and worked under Kevin Padrick at Miller Nash back in the day) - Steve Hedberg seems up to help out with the appointment of Obsdian no matter what other's concerns are due to the vote on the creditor's committee. This committee is only made up of about 5% of the creditors. Did the group of creditors understand the ramifications of converting to a liquidating trust? Steve Hedberg rambles on about how creditors are voting for Obsidian no matter what guidelines are followed Obsdian will be trustee.

I can't even spend the energy typing the rest of this now. BUT I did run into another interesting tidbit of discussion between Ms Vivienne Popperl and Judge Dunn...

Cont. Transcript...

"Ms Vivienne Popperl - Your Honor I’d just like to bring to the courts attention that the Court had been granted an oral motion. I want to make sure that the Court feels comfortable having done it with no notice because 1104(a) does say that a request of a party in interest or the United States trustee, and after notice and a hearing, the court shall appoint a trustee - WELL THAT DIDN'T HAPPEN NOW Did it?

They act as if they are following the procedures, but they willy nilly throw them out the door when they don't fit their agenda. Is this whate they mean by Highest Fiduciary Duty.

DON'T Miss Clicking Here for the Audio - Click Here for Judge Randall Dunn Abruptly decides to Appoint a Trustee

Here Ms. Vivienne Popperal is referring to Title 11 U.S.C US Bankrupcty Code Section 1014 (a)

§ 1104. Appointment of trustee or examiner

(a) At any time after the commencement of the case but before confirmation of a plan, on request of a party in interest or the United States trustee, and after notice and a hearing, the court shall order the appointment of a trustee—

(1) for cause, including fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor by current management, either before or after the commencement of the case, or similar cause, but not including the number of holders of securities of the debtor or the amount of assets or liabilities of the debtor; (didn't apply to Summit, unless they are talking about Sussman Shank and Obsidian Finance??)

(2) if such appointment is in the interests of creditors, any equity security holders, and other interests of the estate, without regard to the number of holders of securities of the debtor or the amount of assets or liabilities of the debtor; or (this is very arguable)

(3) if grounds exist to convert or dismiss the case under section 1112, but the court determines that the appointment of a trustee or an examiner is in the best interests of creditors and the estate. (doesn't look like it applies to Summit)

Please See Attached. It also says "The appointment of a chapter 11 trustee is an extraordinary measure" and the it "should be the exception, rather than the rule". "The decision to appoint a chapter 11 trustee is a factual determination entrusted to the discretion of the bankruptcy judge".

I bet the US Department of Justice knows
this proceeding did not follow the legal procedures.

After listening to this circle of players go on and on about replacing the Chief Restructuring Officer, Terry Vance, with Obsidian as Trustee. Seems everyone is in agreement right? Only Brian Steven's attorney, Foraker seems to be mind boggled by the happenstance of this hearing.

Who was representing the Debtor? Who was representing the 200 creditors?

They decided this in a matter of moments and they seemed to all really like the idea. Why follow any procedures? Who cares about who is doing the job? Who cares about anybody? Seems like they are havin a good time entertaining themselves with how do you get Obsidian in Control of the Estate and the Assets???? For my common sense brain this is So Confusing.

In Sharon Steel Corp "the standard gives the.... court discretion to appoint a trustee when doing so would serve the parties' and estate's interests". In Ionosphere Clubs, Inc. the standard for appointment of a trustee should be...... "facilitation of a reorganizatoin that will benefit both the creditors and the debtors".

Courts have considered several factors including "the benefits derived by the appointment of a trustee, balanced against the cost of appointment".

It seems to me this was a rather rash decision and it was happening no matter what happened at this hearing. What are your thoughts?

Did you think that was it??? No there is more...

As you can hear for yourselves, the Judge says we can have this presentation...

I worked out the schedule with Kevin Padrick & the Summit Principals to hold the Presentation at the Summit Bend Office at 10:00AM on 2/12/09. Kevin Padrick was an hour late to the presentation. There was much discussed about the bankruptcy proceedings during this hour of waiting amoungs some other fun chatter. I forgot I had the camera on the webcam for the duration of Kevin Padrick's tardiness.

There is no way I could have scripted the discussions and events that occurred. I like that it is an accurate representation of what what going on at that point in time and how there was a HUGE disconnect between what Terry Vance and the Summit Principals knew and what the Portland courtroom was basing motions and orders on.

Why weren't Terry Vance and Summit Principals able to have their own say about appointing a Chapter 11 Trustee. Susan Ford did not represent Terry Vance, she just spoke for him.

Also why is there not a conflict of interests for the Debtor's Attorney, Sussman Shank, to serve as counsel for the Liquidating Trustee, Kevin Padrick??? Seems a slight conflict, but what do I know.

The Hearing was on 02/11/09.
We had the presentation on 02/12/09.

The night of 2/11/09 I researched on the internet about this type of situation where I ran across the recording of court authorized meetings that were semi-public (Since Judge Dunn said all interested Parties would be interested in this presentation and from this, I believed I was able to come that it was a semi-public meeting. You can record a semi-public meeting if the camera equipment was not concealed. I did not conceal the camera equipment.

Kevin Padrick reported by so-called "illegal recording" to the Bend Police department in July 2009, just after he noticed it was on the Summit Blog. After some investigation and checking with my attorney we found out the investigation was going nowhere.

On January 5, 2010 I received notice that I was being charged with 2 misdemeanors of "illegal communication" related to the recording and the divulging of this recording.

Besides the fact that the investigation is stale, there are a few issues that seem fishy regarding why the DA incorrectly filed this claim.

A. The officer thought I told him, in July 2009, that I set up the recording computer in the "middle of the conference table". The officer apparantly next, thinks he found an inconsistency because he said it was readily apparrent that I set up the device on the "back counter behind the Summit Principals."

I think the officer erred twice here.

1. The device was facing Obsidian (the three people who are complaining (Kevin Padrick, Ewan Rose, & Ryan Norwood) - thus it was unconcealed, even by the officer's standard.

2. The officer did not follow me (comprehend me (understand the importance of what I was saying)) when he interviewed me 4 months after the recording, in that he did not correctly quote me where I told him how the computer was set up. My own package of evidence should have jogged his memory.

B. Padrick, Rose, and Norwood were the only individuals interviewed by the officer besides me.

It seems that an unbiased officer (or rather an officer that was not being harangued by some powerful attorneys) would have interviewed Terry Vance and the other people who saw where I set up the computer.

It looks like the first Deschutes County Deputy, likely contacted by Obsidian Finance, probably closed his investigation without criminal finding against me. Obsidian next pushed the Bend Police officer to follow up over 5 months after Padrick's initial complaint.

Next, the officer passed the buck (not a common practice) to the District Attorney's office without a citing or closing the case.

Next, because the District Attorney's office (who also probably initially declined the case) to follow up. In other words, in all likelihood, at every step of the process, Obsidian had to resurrect the case, that otherwise would have remained close, by pressing things.

Don't pass up clicking the links below
they tell the rest of the story.

Part 1
http://www.megavideo.com/?v=F6Y3A7FZ

Part 2
http://www.megavideo.com/?v=QN1DNBUL

Transcription

Part one:

Tim: The big thing is that you get the sound not so much the picture.

Stephanie: Ok, and so is it.

Brian: Is Kevin not coming here?

Tim: No, he’s coming here.

Stephanie: He’s just running late.

Tim: Ewan and Ryan are here already.

Stephanie: Here. Jan. Jan.

Stephanie gives the camera to Jan.

Brian: My attorney, two days ago, said it is a done deal. Obsidian is going to be - and start working on a relationship here. I was like; I mean what a change yesterday.

Tim: They made that change.

Mark: Well, I kind of got a little bit of the same thing…yah know. I just said, I am not in favor of these guys, I don’t trust them. I don’t trust them a bit. They are expensive as hell. They haven’t shown us one thing and he’s (Bankruptcy Attorney) kind of giving me the, “O.K, well I could say that”, yah know, “Are you sure you want me to say that?” (Mark to the attorney). You guys are screwing us anyway on everything, so whatever.

Stephanie: But the main thing is that the Judge can decide, right? So he (Judge Dunn) has the ear of the committee right now and the committee wants these guys (Obsidian), so unless there’s some good reason why…

Tim: Yeah, and we just need to be very objective in our analysis of it and...

Stephanie: Yes, we can’t be. Yah know…it’s just gotta be…here’s the deal and look at this in the business way of why it will not work or why it would work.

Mark: I think unless they got something…I don’t know what they could have.

Stephanie: But the $100,000 is considered a retainer that you guys paid so it’s not gone and it would go towards whatever or it would be refunded. I asked the Judge!

Brian: Well most of it’s gone.

Mark: Most of it’s gone.

Stephanie: Most of it’s gone already?

Mark: Yah, they’re going to get paid. They’ve already agreed.

Brian: It’s was like $60, probably like $80 now.

Tim: Oh, do you know that?

Brian: I heard them say $60 and after this hearing, this meeting here and you’ve got three guys here, yah know

Mark: Yah, that thing is not going away.

Jan: Well is it like anything else? Upfront they say what all this is going to cost so that at the end you’re not going, ok that’s the bill? Where is it that you can…?

Mark: They need to do a budget. How do you do it without a budget?

Jan: …say give us an estimate?

Stephanie: The thing is so...Vivienne is going to…I need to contact Vivienne with our concerns and what things we have today ASAP so that is our only focus – K?

Mark: Do you have Obsidian’s agreement? I meant to grab it…

Brian: I bet you I do?

Brian leaves the room

Tim: I have it. Just one copy of it, but.

Mark: That’s ok; I just need it for…

Stephanie walks around the table.

Tim: I mean this is all we have is kind of this outline…it’s very little detail.

Mark: No, no, no their…Oh, oh yah, yah…that’s what I want.

Jan: Brian’s got something he is holding...

Brian comes in

Stephanie: This has a camera on it. You need to leave this and tell them not to mind this. I already asked Terry and he said fine, bring it in.

Jan: OK

Mark: Is it really pointed in the right direction.

Jan: So this is taping now?

Stephanie: Yah, it’s taping now.

Brian to Tim: You know what I don’t like about this agreement…was just this one paragraph here about. That they are supposed to be engaged by the company and giving us…

Stephanie: Brian can you sit over there?

Brian: Do I get to be on TV that way?

Stephanie: No, do you want to be on TV?

Brian: No.

Jan: We want them to be on?

Stephanie: Yes.

Jan: Ok. Steph, do you want to sit here and I can sit?

Stephanie: No.

Mark: Make sure Lane sits there.

Brian Leaves

Jan: Tim’s very calming.

Stephanie: Yah, I know.

Tim. But yah know, when I am on the edge, when I flip over, I’m not pretty.

Laugh

Tim: Mark’s probably seen me a couple oft times, but yah know, I can go on a rant pretty easy.

Mark: I don’t mind it if it’s not directed at me. When it’s directed at me, I don’t really like it that much.

Laugh – Stephanie Leaves

Mark: This is the paragraph that concerns the hell out of me.

“It is not one of OFG’s right to be paid from the Summit Estate for all matters not directly related to the assets such as general services, tax related services, including claims mitigation and claims and distribution calculations.

Further, all services not directly related to the collection of the assets such as providing testimony, responding to subpoenas and other forms of discovery participating at the request of the advisory committee and any other groups and sub-groups of creditors in identification of third-party claims shall be OFG’s standard.”

Terry Vance Comes In

Mark: And my question is - What’s the budget there? You must have estimated what this is going to be.

Jan: Yeah get the number, what’s it gonna cost?

Mark: That could be a huge number, but I am still saying, just by landing this job at 15%, doing nothing but listing all this with realtors. If you say the cash proceeds are $10 Million, it’s almost $1 Million bucks for doing nothing. They don’t have to do anything. It’s already whatever it’s worth. It’s built in. Just for accepting the offers. Terry, if I’m in jail on August 14th, are you going to call and wish me a happy birthday?

Terry Laughs

Mark: You should.

Terry: Send you the proverbial cake?

Mark: Yah

Stephanie: So, do you think you could attend?

Terry: I can do anything I want

Stephanie: I want to know if you want to attend.

Terry: Well, it’s going to be interesting.

Stephanie: I think it would be beneficial if you attended.

Mark: I think it keeps it real honest.

Terry: That’s an impossibility!

Mark: Laugh, ok…

Terry: Maybe it will improve my perspective.

Jan: Do you think somebody needs to be writing anything?

Stephanie: I am. I’m typing.

Mark: I am too.

Terry: Do you got it on now?

Stephanie: Yah.

Terry: So you’re just recording it right?

Mark: You being here it just helps with accountability.

Jan: Enough people are here listening.

Mark: Is Kate (Brian’s daughter) coming? Did they invite Kate?

Kate Enters

Stephanie: She is trying to find me.

Kate: Oh, there you are.

Kate gives Stephanie Coffee

Stephanie: Thank you.

Jan Leaves

Terry: Who are we waiting for?

Tim: Kevin, I think?

Stephanie: Kevin. He said he was caught in Sunriver due to the snow.

Mark: Apparently, he is not very experienced in snow.

Stephanie: Or maybe...he might have been driving back this morning. I couldn’t tell.

Terry: He doesn’t drive, I don’t think.

Stephanie: He doesn’t?

Tim: He flies.

Terry: He flies.

Stephanie: Oh, maybe he was flying back this morning.

Mark: Maybe, there’s fog down there.

Tim: Quite often.

Mark: That could be. Seriously!

Stephanie: He said 10. Oh it’s 10.

Mark: Well you guys…do you just feel like nothing is true in life after Arod? Can’t trust anybody!
Jan Enters

Tim: Baseball, its.

Mark: Miguel Tahatta pleads guilty to lying about his teammate using steroids.

Tim: I think America’s pass time needs to become Lacrosse

Terry: Yep.

Tim: Much premier sport.

Terry: Yep.

Jan: And the Phelps thing just makes me so mad.

Tim: Baseball has effectively de-throned themselves as America’s pastime.

Terry: They sure as hell have, haven’t they? They’ve pretty well killed themselves.

Mark: But you know.

Terry: Any I thought Selig comments were really stupid.

Tim: I never thought him to be much of a leader.

Mark: Who Selig. Yah, he sure gets paid a lot of money for leaving an all star game in a tie.

Terry: No kidding.

Mark: You can’t do that. Yah, you know….I don’t know. You gotta just go we’re cleaning this up. You gotta take that error and just go we can’t count this error or anybody…

Terry: Who the hell cares? I mean realistically. How do you know Babe Ruth wasn’t on something rather than just the bottle?

Tim: Cigars and bottle.

Laugh

Terry: Exactly.

Tim: Because they didn’t have synthetic steroids then.

Mark: I don’t think I’d care if it didn’t make such a significant difference in their performance. I mean all of a sudden, these guys are hitting 70 or whatever home runs a year and stuff.

Jan: Laughs

Mark: You can take these guys and look at them and go Ok this isn’t right.

Terry: Who’s that character from the Denver, Broncos? Oh a Romanosky…Jesus…I mean he was one of the first, I think?

Tim: Was he?

Mark: I think all the Steelers were and they’re all dead. That’s what you get.

Brian and Stephanie Enter

Tim: Don’t leave the Raiders out of that discussion.

Mark: No, no.

Stephanie: He’s running another 10-15 minutes late.

Stephanie picks up the laptop and is working on it

Mark: You know what they are doing today…this is just mind boggling. The South Carolina detectives…they’ve arrested 8 people.

Jan to Stephanie: So this thing has a camera on it…oh yah…there we are.

Part Two

Stephanie sets camera up on back counter and situates it.

Mark to Stephanie: So you think…I mean Vivienne is a pain in the ass!

Stephanie: I think she’s OK. I mean she came and searched me out.

Mark: But, but Vivienne…whispering…

Stephanie: The only thing I am concerned about is that it is taking so much time already.

Mark: It’s taking so much time. I am going to put that back on Susan (Susan Ford of Sussman Shank). I mean it’s like you haven’t even set up a Conduit for us to transfer assets. In fact, you said no.

Terry: Well part of the reason for that was to make sure there was some stipulation or agreement by the creditors’ committee. That they weren’t just going to start attaching everything. That’s all part of the 105 Injunction.

Mark: So was there any talk yesterday about the whole Tennant thing.

Terry: That’s where the biggest problem is in terms of blocking this whole mess. As far as I’m concerned it came right out of the creditors’ committee, of which, Obsidian has been totally responding to the creditors’ committee.

Mark: Right.

Stephanie: Right, but the Judge seemed to say that unless you guys…basically the creditors’ committee convinced that Obsidian will do the job they say they are going to do and they’ve given them a presentation and they had a vote.

Mark: I talked to one of them…well I didn’t but that one (creditor – Rolland Andrews) – Scott (Scott Adams) said he was going “At that presentation they gave us some bull shit. They are expensive as hell. I don’t even understand what all these people want.” He’s on the creditors’ committee and he sees it.

Stephanie: So anyhow, we have to figure out a way to get this (whole mess) into the right hands if we can.

Jan: Seems like the person or the party who’s spent the most time actually hands on knows the most and should be…

Stephanie: And Susan did agree with…I said that Terry has a working knowledge. He’s been working there (Summit) day in and day out trying to find out what’s going on here.

Jan: I mean that’s a slam dunk. He knows more…

Stephanie: She (Susan Ford) reiterated the same thing and no one seemed to have a problem except this Tennant group because they can’t get what they want

Terry: Exactly.

Stephanie: So now they want to just appoint a Trustee so that they can just to get things going.
Terry: You know it would have been a long time ago if they would have just gotten out of the way.

Mark: How come no one brings this up at the hearings?

Terry: I don’t understand that.

Mark: Why do we have attorneys who sit there and can’t even bring it up as an issue?

Jan: It makes you feel like you should be present at all of this stuff if it’s in Portland.

Stephanie: Well that’s why I think…I don’t know…be there because when I went there the attorneys did bare minimum for you guys.

Tim: How long was the hearing, yesterday?

Stephanie: An hour and…

Terry: Did they even address the injunction?

Stephanie: K what’s what’s…No. I don’t think so.

Terry: The original reason for that meeting or the hearing yesterday was to rule on the injunction…

Tim: To extend it.

Terry: Well extend the TRO and figure out whether…

Stephanie: They did it. They did do an extension of the TRO. Then the talked…the only things that they had on there was that and whether to get you (Terry) out and Obsidian in.

Terry: Well I guess the extension was the TRO. I’m not sure of the injunction.

Mark: You know Bob (Bob Vanden Bos - Mark’s bankruptcy attorney) calls me up yesterday and says, “Well I need to know if you agree to extend the injunction or not. What do you want me to do?” Do I have a choice Bob? “Well if you say no, they’ll just do this and that.” Why are you wasting your time calling me and asking me anything?

Tim: He has to sign it.

Mark: I know it’s just a ridiculous conversation we’re having right now. I get tired of you asking me all this shit that I don’t have a choice on.

Stephanie: Well so anyhow he gave me something to sign that would give me power of attorney to do whatever

Tim: Who, Bob Vanden Bos?

Mark: Well I’m not sure that’s a good thing.

Laugh

Terry to Mark: You gave her power of attorney?

Tim: Now we have a whole different worry.

Laugh

Stephanie: He’s all – “Are you sure you want this job?” I said, well I don’t know.

Tim: I got a whole new worry now.

Stephanie: Whatever.

Mark: Yah at the next hearing we’ll have the Santa Rosa police there going “Let me tell you about this one.”

Stephanie: Hey, if I wouldn’t have gone there yesterday this would have gone through the Trustee (US Trustee) quick and you guys have no say.

Jan: And what’s it looking like to them when nobody is there to…I mean does it look like…well I guess they don’t care and their not.

Tim: Why can’t we get better advice from our attorneys?

Jan: It’s frustrating that way.

Mark: I mean we pay them a lot of money and…

Stephanie: When Bob called me back after I told him why I need to be there (at the hearing) and he said “OK” and he got off the phone and he talked to Summit’s bankruptcy attorneys and they said “It wouldn’t be a good idea she comes…they are going to choose Obsidian anyway. There’s just no way.” I said you know I have been told…

Mark: Susan is such a…she can be pushed around.

Stephanie: It was the guy attorney.

Tim: Oh, Tom (Tom Stilley)

Mark: Tom

Stephanie: I said - Ok I have been told several times by attorneys what will and will not happen and I don’t believe that they always know and so I am going to go down there and
I want to at least be there present so that if there is a chance and something happens, great, but if nothing happens then I don’t lose anything.

Jan: You have to try.

Mark: I think there is a pattern of what they tell you is going to take place…they’re wrong every time so why do we…

Tim: They’re guessing and they control things in a controlling environment.

Stephanie: My experience is with attorneys is they always tell you what is bad that is going to happen and sometimes it does and sometimes it doesn’t.

Terry: Do you have considerable experience?

Mark: Yah, there you go Terry. Good question.

Stephanie: That’s why I’m not scared to go over there.

Tim: Terry, don’t go there.

Laugh

Mark: You don’t want it to get dark.

Laugh

Tim: You know I did this stuff with the trucking company that filed bankruptcy, we used Barry at Sussman Shank and he said, “I understand there wasn’t a criminal aspect and I understand there wasn’t the amount of money”

Mark: Well let’s bring Barry back.

Tim: He said “You go and you explain openly to everybody where you’re at and what you’re trying to do and that you’re doing the best that you can. If anyone has questions for your attorney, have them call me.” I think my retainer for their services was $5,000 and he gave me $250 back when it was all done. Granted it wasn’t the scope of all this, but it’s…what diffused a lot of people was me saying look I’m not running away, I’m doing everything I can to take care of this problem and you know you can fight it but al it’s going to do is throw us in bankruptcy. Well, of course, we are already in bankruptcy but it seems to me like that face and saying…

Mark: Nobody knows that we’re not running away.

Terry: And because the Judge quoted directly from my affidavit at the previous hearing regarding…then and he asked both the creditors’ committee and Susan and Tom, “Why the hell we can’t get something done. It says right here…Mr. Vance said right here that the debtor…all of the principals are cooperating to the best of their ability and they’re willing to make every effort.”

Stephanie: And they reiterated that yesterday too.

Mark: But that’s who they aught to be asking…Susan…because I just don’t believe she takes charge of this. She gets moved around by everybody and I even saw it that day with Vivienne where she just buckles.

Stephanie: She did do an OK job presenting and she validated the points I had brought up as far as you (Terry) and the work you’ve done. She reiterated it with the Judge. She kind of supported me up there when I wasn’t yah know but…I don’t know. I don’t know what their job is exactly to do.

Mark: Their job is just to get paid.

Tim: I think that’s another reason why we have to be there, if not for ourselves, it also holds her accountable, but it also gives her something to support instead of just going with whatever direction things seem to be going.

Mark: I think you’re right. I think it holds her accountable while we’re there.

Stephanie: And the Judge seemed to want to get this resolved quickly. Like sooner than this date..they set a court date for the 20th…Umm…

Mark: It’s the end of the extension of the TRO.

Stephanie: Right, but he wants to figure out the trustee deal prior to that except for Wednesday.

Terry: Except for Wednesday?

Stephanie: He’s gone Wednesday or something.

Mark: You know one of my biggest fears is that…like in these LLC’s…that all of our partners who are innocent parties to this whole thing just get run over. That’s just a huge concern to me.

Terry: Run over by?

Mark: By whoever the Trustee is…they just go into these LLC’s and they want you to just sign your rights over and then we get control and we do whatever we want. I just want someone with the best results…

Terry: Well isn’t that defined in the operating agreement, though?

Stephanie: It is.

Mark: Well yah but my attorney is going…well no you know there’s operating agreements…I pointed out…

Stephanie: But their going to get in default.

Mark: I pointed out that like on Smith Brothers…if I assign it, I don’t have any ownership. I want to ask Kevin specifically about Smith Brothers…I’m going to ask him about Century Drive Mobile Home Park…If he knows that if we assign our interests’ that it immediately puts them in default.

Stephanie: I asked him about that and he kind of pushed it aside, but said that “There are ways to deal with that.” So I want to know exactly what ways you say there are to deal with that because he says, “The seller doesn’t always get the property.” How do they not when you’re in default?

Mark: When I look at Century Drive Mobile Home Park…it’s like ok…put it on the market…can we get anything for it? Why are you putting it at risk if we’re cooperating…just leave it where it’s at…let’s see if we can sell it for an amount to get some money to the creditors.

Tim: And preserves the interests’ of our partners.

Mark: Right, right.

Kevin Enters

Kevin: Hi gentleman and ladies.

Stephanie: Hi. Come on in. Those are your seats. I will get the rest of the men. Ran into ice and fog?

Kevin: Yes.

Stephanie: That’s always a challenge.

Kevin: I had to get the plane out of Aurora. Umm. Ok so who are we meeting with?

Tim: Well I think the four principals will be here and this is Jan Neuman, Mark’s wife.

Jan: Mark’s wife.

Kevin: OK.

Tim: And then Stephanie Studebaker, Mark’s daughter, who was at the hearing yesterday and spoke on our behalf I guess.

Kevin: K.

Long Pause

Kevin: Terry do you have a minute?

Terry: Yep!

Kevin Exits with Terry

Long Pause- Stephanie Enters

Stephanie: Brian’s missing in action. (Laugh) I don’t know where he is.

Tim: He needs to come in and this meeting needs to get started.

Mark: He’s hard to track.

Jan: He was just in his office with Kate just a minute ago.

Stephanie Exits

Mark: He was lost in an airport for over two hours.

Ewan: You know one of our, both of our principals have the same issues.

Ryan: They are not the easiest guys to find.

Mark: That’s one of my best stories. I gave up looking for him so I went to the bathroom. All of a sudden I heard a cell phone ring and he answers it in the stall next to me.

Laugh

Long Wait and Chatter

Stephanie, Kevin, and Terry Enter

Stephanie: So we have to organize the meeting…in order to have Terry here right now we have to organize this meeting into two parts…One part is an interview…

Stephanie: And we can have Terry here in on that…

Kevin: No, No…for neither or those parts. I just got done saying that…for neither of those parts. If you want to ask questions about what we’re doing in the case, I’m happy to have that with everybody.

Stephanie: Ok. That’s what we’re doing first.

Kevin: If you have a question about that, but if you want to do an interview or have a presentation. I want to do that separately.

Stephanie: Ok. So that part we’ll do second. The first will be whatever you just said we could do with Terry.

Kevin: If you have questions about what we’re doing in the case, I’m happy to answer them.

Stephanie closes door

Stephanie: Ok, who wants to start with questions about the case?

Posted by
Stephanie DeYoung
Bankruptcy Whistleblower
Investigative Blogger

David Aman, Kevin Padrick and the Behind the Scenes of a Major Oregon Bankruptcy, Summit 1031 Bankruptcy - Demand Transparency. Where is the DOJ ?

2010-02-22T10:05:00.001-08:00

More on the Most Transparent High Dollar Bankruptcy Ever,
as the Internet - Investigative Blogs plays out the REAL details
of ONE Mega-Dollar Bankruptcy... Who Wins - Who Loses and
who Really Pays the Price ?

I am Doing an indepth Investigative Blogger story on the "Behind the Scenes of an Oregon Bankruptcy". I have been Bloggin' on the Summit 1031 Bankruptcy for over a year now, and in that I have learned a whole lot about Bankruptcy Courts and the HUGE room there is for Corruption, pay offs, set ups and the dirty little tricks that are used to take as much money out of a bankruptcy proceeding as possible for the Bankruptcy Attorney, their Attorney, their Law Firm, the Department of Justice Trustee, the Insiders (moles) on the Creditors Committee and Much More...

Since Writing on the Blatant Real Estate Consumer attack coming out of the Summit 1031 Bankruptcy in Oregon, of which I mean, YES the initial attack and loss of the Real Estate Consumers MONEY and then an even bigger attack, as the Bankruptcy Courts, the Bankruptcy Trustee, Old Friends, Conflicts or Interest and the Oregon Attorney Fraternity ... step into amazing blatant GREED to take the money that was left from the Summit 1031 Bankruptcy for themselves, as much as they could put up a Smoke Screen to justify as legal that is.

Anyway, since writing on this Oregon Bankruptcy, I have had documents and stories sent to me of bankruptcy courts, and victims of those bankruptcies ... and I can see an Amazing Pattern of Corruption that involves, Attorney Connections, Conflicts of Interest, the DOJ Trustee falling to temptation and greed, Illegal and Unethical court proceedings at all levels, and decades of YES, indeed, Conspiracy of the Bankruptcy Trustee the US Bankrupty Courts, and the Bankruptcy Attorney against the Creditors - the Real True victims in a United States Bankruptcy Proceeding.

Now due to ONE Oregon Bankruptcy Whistleblower, those "highest fiduciary duty" folks behind the scenes of the Summit 1031 Oregon Bankruptcy ... well they have stepped it up a bit and seem to be trying to give tiny amounts to the Real Estate Victim here and there, and do some of the things that the NOT paid ... in the Oregon Bankruptcy.. whistleblower suggested to them. Though they would never admit that, after all how would they justify MILLIONS in pay to do something one of the insiders told them from the Start for FREE ??

As I cover the Summit 1031 Bankruptcy in Great Detail on my Real Estate Industry Blog Network, my Industry Whistleblower Network, my News by the People for the People Network and my Bankruptcy Corruption network - We will Explore:

Oregon State Law, Federal Bankruptcy Laws, Oregon State Bar Ethics and Laws, Bankruptcy Laws and Ethics, Whistleblower Laws, Bend Oregon Law (ya Know "Local Flavor") and also we will discuss the Duties of a Department of Justice Bankruptcy Trustee - what qualifies someone to Be a Bankruptcy Trustee for the Department of Justice and just what High Profile, High Finance Position they are in - once they get this supposed Highest Fiduciary Duty Job ?

I will show you Codes, Laws, Ethics - Standards of Practice in Bankruptcy Laws and Court - What they see they are SUPPOSED to do and what THEY Really do.

I intend to show you how to Complain to the Oregon State Bar, how to File a Criminal Complaint without the Cooperation of an Oregon Attorney Fraternity Member, how to Complain to the Federal Courts on Bankruptcy Corruption in Oregon, and in this... keep track of names, who throws your complaint away (Obstruction of Justice), who ignores your complaint, and who is protecting who... we will be posting your story on that as the Justice System denies your rights - sorry but this is to be expected from my perspective at least for the first few YEARS.

We Shall Stand Witness in Great Detail to See if John Kroger, Oregon Attorney General really is ALL about "Open Government" and "Transparency" in the State of Oregon.

In all this I am asking those Smart, Savvy "We the People" Folks out there that read www.ObsidianFinanceSucks.com and www.Summit1031BkJustice.com - actually read the documents... and those who watch the videos at http://www.youtube.com/user/Summit1031Bk
let us now What if ANY Illegal Actions or Behavoir Jumps out at YOU.

email Investigative Blogger Crystal@CrystalCox.com

There is Something Very Wrong in the Oregon Summit 1031 Exchange Bankruptcy and we need to get to the bottom of it, in order to Reform Bankruptcy Courts Nation Wide and in Order to Really Have Transparency and Open Government as John Kroger, Oregon Attorny General Brags about being in to... on the Oregon Attorney General Website.

Also let me know any tips you have on the Conflicts of Interest of those on the Creditors Committee in the Summit 1031 Bankruptcy or any other Conflicts of Interest that led to this Bankruptcy being taken over by Kevin Padrick of Obsidian Finance in Oregon and led to David Aman of Tonkon Torp LLP.. being involved, and ALL the HUGE Pay Checks.. everyone is getting on the backs of those I am here to Defend.. which is the Real Estate Victims...

Note to Post:
the Highest Fiduciary Duty of ALL involved in the
Supposed Protection of the Summit 1031 Bankruptcy Victims
is TO Suppress the Truth, Silence a Whistleblower and Control
the Flow, the Transparency of the Documents - the Details of
the Summit 1031 Exchange Bankruptcy...
Real Estate Victims - YOU LOSE !!

Posted Here by
Investigative Blogger
Crystal L. Cox
Crystal@CrystalCox.com
the Real News

NAR Does Violate Anti-Trust Laws - Every SINGLE Day -

2010-01-28T23:05:00.000-08:00

More Tricks NAR uses to be a Cartel, and MAKE you Join "NAR" or you can't Play

Crystal L. Cox
Real Estate Industry Whistleblower

The National Association of Realtors is a Monopolistic Giant that is Above ALL Anti-Trust Laws, and because NAR Lobby's - Huffs and Puffs and Spends Millions a Year (Literally) Lobbying for what is Good for NAR and Bad for Consumers, well NAR is to Big for the Department of Justice to Really do anything to Fight them.

SO they have to cut deals and create illusions.

Meanwhile the National Association of Realtors
NEVER has to admit that they Really do actively
Violate Anti-Trust Laws Every Single Day..
Non-NAR
Now we now that NAR members boycott members who charge less commission, we know that NAR members boycott local Real Estate Magazines that Allow Companies that want to Market a For Sale by Owner... now these Magazines make BIG Money from Real Estate Companies with Lots of Listings SO the Magazine Does What they are TOLD too, Right?

It Violates Anti-Trust Laws TO not let Non-NAR Real Estate Agents, FSBO Marketing Companies or the Sellers themselves market in local real estate magazines. However NAR is above Anti-Trust Laws, meanwhile those BIG Tech Companies like Intel Corp. and APPLE have to pay HUGE fines seems like every year in order to make deal for the Anti-Trust Violations.

Why is the National Association of Realtors protected from all this?

Who is Protecting NAR and How Much are they Paid to Look the Other Way?

NAR acts like, and the Department of Justice seems to blindly believe, or pretend they do, that Realtors don't participate in Anti-Trust Violations and the NAR in no way promotes Anti-Trust Law Violation behavior in their Agent, "Realtors". Yet along with Magazine Boycotts, Boycotting agents that charge less, and blatant "Standard Commission" Practices that REALLY Do happen.....

We also have the, Well if your not a "Realtor" "NAR" member - National Association of Realtors Cartel Member TELL non members they won't show their listings because they are not guaranteed to get PAID - this Greedy behavior ... promoted by NAR is Flat Wrong, and designed to AGAIN force us to be NAR members... the "REALTORS" can show our listings they just won't - all they have to do is submit a Commission Agreement with the Purchase Agreement - that Simple Happens all the Time... yet NAR members tell their Agents and Yammer about it in groups that You won't get PAID don't show her LISTING... WHAT?

Flat OUT Lies brought to YOU by the National Association of Realtors !!!

Now on Top of this THEY make it Almost impossible to SHOW their listings because they are often to Busy to accompany you if your a Buyers agent, which is Really in the Sellers best interest because the Seller's Agent - so they won't go open it for you - or go get the key from the lock box so you can use it - you can't get a "Supra Key" the Magic "Realtor" key if your not a Member - so yet another way that NAR promotes Monopolistic Behavior and Pushes out Real Estate Broker that ARE not Members of the Realtor Club.

This is AGAINST the Law of the United States of America
and the National Association of Realtors is Above those Laws.

Crystal L. Cox
Real Estate Whistleblower
Crystal Cox Blogger

Corrupt MLS Data - in Which the Entire Real Estate Industry and Secondary Loan Market is Built on.. by Crystal L. Cox

2010-01-28T20:35:00.000-08:00

Crystal Cox Ten Lakes Realty
Crystal L. Cox - Ex-NAR Member .... Says the MLS Data is NOT Accurate or Policed for Quality in any way... this Data is the Foundation of the Secondary Loan Market - Economic Collapse..

People with Great Credit and Good Jobs are walking away from their Homes. WHY? well because they know they will never Sell it for what the Fake Real Estate Market SOLD it to them for. So these folks are letting the banks take the property back and they are renting places for half the price.

The Real Estate Industry is Broken and the Banks are Rewarded for their part in the Collapse and NAR - well no one seems to get the IMPORTANT role that "Realtors" MLS Data Place in the financial market - the Real Estate Industry is the FOUNDATION of the Banks, the Economy... and Allowing Prices to Rise Just to Get Deals Closed is Fraud on the Real Estate Consumer - and yet the Consumers are the ONES Losing everything - NAR is business as usual and the Lending Industry has NO Accountability to the Real Estate Consumers Losing Everything.

HELLO why are No Fingers Pointed at NAR ?

There is No Governing Entity that can HOLD the National Association of Realtors accountable for the Lies they Tell. The MLS, the National Association of Realtors created the False Real Estate Market with Corrupt, Un-Regulated MLS Data, this Data was used by lenders to give loans for Way More then property was WORTH, the Lenders knew it was happening and turned a blind EYE - oh well they get a bail out - the PUBLIC - you.. the REAL Estate Consumer Who Did not KNOW - well you get to Keep them in Business.

STOP the MLS Cartel,
STOP NAR from the lies they tell and the lack of accountability for Good Data that YOUR financial industry is built on. STOP NAR from not holding Realtors accountable for Fraud and LIES. HOLD the National Association of Realtors President, Assocition Board, Economist Accountable for their FLAT out LIES and Propaganda EVERYWHERE that Gives Consumers FALSE Confidence and Encouragement to Buy in a Market that was HUGELY over inflated by False MLS Data and Unscrupulous Lenders with the HELP of Mortgage Broker Lies and Pressure to Close a Deal with the Help of Appraisors and Realtors....

a Seriously Broken System - the Real EstateIndustry Needs a Total Make Over
Crystal L. Cox
Real Estate Broker Owner
Ten Lakes Realty
www.BrokersZone.com
Crystal Cox Eureka

Can YOU Legally Get Advice From Me? Can you Get Independent 3rd Part Advice from a Real Estate Broker Anywhere?

2010-01-16T18:17:00.000-08:00

Real Estate Coaches Oftentimes Do not Have a Real Estate License in any State or A Law Degree of Any Kind. Which often I have found in Lawsuits does not matter, because the Real Estate Attorney has to Go Look up a Law That applies anyway.

Ok so I am not a Real Estate Attorney, what do I know Right? Well I have seen the Inside of HUGE lawsuits, I have seen what Real Estate victims go through and as a Broker Owner I know what can happen to you and I can Protect you.

NOW the National Association of Realtors DOES not want a 3rd Real Estate Broker, or even NAR member in the Deal so that is ONE of those National Association of Realtors ETHICS that they do love to WHINE about.

When a Buyer or Seller Would Call me Desperate, and already in Negotiations with Another Realtor, and I was then A Realtor - the NAR Ethics would have me say oh there is Nothing I can do for you, your going to have to Listen to the Realtor Representing you and Giving you Information that is ONLY based on them Getting Paid.

It is UnEthical according to the National Association of Realtors if I Tell you that there is Something Wrong with your Deal and you Could Get Hurt.

Though your Human Rights, Civil Rights, Constitutional Rights would say you CERTAINLY do have a Right to 3rd Party advice whether it Free or you pay for it.

Why can you hire a Real Estate Attorney, pay them a wage to give you advice but not also get another Real Estate Broker to tell you What they Think of the Deal and you pay them for that Time - REGARDLESS if you Close the Deal OR Not?

Real Estate Attorneys Do not know all that goes on behind the Closed Doors of a Realtors Real Estate Transaction and they may not be enough Protection. You have a RIGHT to Information and NAR has NO RIGHT to Deny you that Information.

This is VERY Ethical and VERY Consumer Friendly and Would Keep a WHOLE lot of Real Estate Consumers OUT of Trouble. But NAR frowns on this, WHY?

Well it really does not make any sense, I guess they don't want you Screwing up Deals with the Truth. What other Reason would there be ?

Obviously it is in the Real Estate Consumers Best interest to Get More Advice. I mean the more information and ANY Truly Objective information or advice they can get - the better Right? So Why is NAR against this?

State or Federal Laws, who knows what it says about me Giving you Advice. I mean certainly it would NOT be good for the Consumer to Get advice from a Real Estate Broker Owner who MIGHT just TELL them the TRUTH and their Advice is NOT based on whether the Deal Closes or Not. Surely any Real Estate Governing Body would Agree Right?

My State Law Regulators tell me it is questionable, however have not told me that I can't Give or Sell you Advice online. I mean Real Estate Coaches Do it and they have no license. I had a guy tell me that one year alone he spent $75,000 on a real estate coach, yet he kept me on the phone for hours.. I gave him FREE advice of Course Because I was hoping he would buy some Real Estate From me. .. So Why Can't I charge?

Realtors, Real Estate Agents Give FREE advice all the Time..

And if I give Real Estate Advice can it only be in the State I am licensed, or am I ALLOWED to Protect Real Estate Consumers EVERYWHERE with the TRUTH ? NAR and their Ant-Consumer Games are International.

Real Estate Coaches and those Infomercial Guys Sell you Stuff all the Time on how to get Rich in Real Estate and they charge you for online advice or phone advice, so why would it be bad in ANY way if a Real Estate Broker opened shop online to Give you Real Estate Advice even if your already Listed with a Realtor ?

You have a RIGHT to Real Estate Protection, you have a RIGHT to Advice, you have a Right to an Opinion on Your Real Estate Transaction that is NOT based on Whether the Deal Closes.

Mortgage Fraud, Lender Fraud, Non-Disclosure, Realtors Ruining Lives with Flat Out Lies, Silent Fraud, Adverse Material Fact, HUGE Financial Fraud in Real Estate and YOU getting Advice Seems to Be Taboo... ... so many BAD things happening to Real Estate Consumers and YET the Realtor SUPER powers worry about YOU getting advice from a NON-Realtor that Certainly Cannot be Of a HIGHER STANDARD. And they actually have an ETHIC - a Standard of Practice that Claims that a REALTOR cannot INTERFERE with another REALTORS transaction.. what??

Talk about UnEthical, you have a Right to ask another REALTOR if your deal looks right... you have a Right to Protection BEFORE YOUR deal Closes.

Any ASSOCIATION, State Law Maker or
ANYONE denying you this Right is Violating YOU.

So Yes I say I have a Right to Give or To Sell you Real Estate Advice.
You have a Right to Get that Advice, Demand that Advice.

You have a Right to have someone look for Red Flags and to Protect You in your Real Estate transaction and even Negotiate with your Agent for you SHOULD communications break down with your "Realtor" as they often do. You Should NOT have to Simply Sit Down, SHUT up and Take IT.

The National Association of Realtors Huffs and Puffs, and Lobby's with all their might to make sure that you have NO Rights in your Real Estate Transaction.

The main way NAR Keeps Consumers Down and powerless is to NOT hold Realtors accountable for what they do to you, NO Matter How Much Proof you have. Nor Holding Bad Realtors Accountable for the Damage they do to Good Realtors.

NAR should be FIRED, unless they can come up with affective Quality Control Efforts to Clean Up the Mess they have made of the Real Estate Industry.

Crystal@CrystalCox.com
Real Estate Whistleblower
Crystal L. Cox
National Association of Realtors

Sellers Contributions or Kick Back of Any Kind is Mortgage Fraud, Banking Fraud, Tax Fraud and Creates a FALSE Real Estate Market.

2010-01-16T16:08:00.001-08:00

Sellers Kick Back - Sellers Contribution at Closing - Sellers Cash Back

Sellers Giving Buyers Money for Any Reason Creates False MLS Data, and is Fraud on the Banking Industry, I don't Care what your Realtor tells you....

Still the Banking Industry with the Help of the Realtors and I Guess the Mortgage Broker are Convincing Sellers that it is Ok and Legal to to Participate in "Sellers Contributions" or other ways that a Seller Ends up Giving a HUGE amount of Money back to the Buyer.

Oftentimes it is done Like this and The Mortgage Broker Calls it a Sellers Contribution.

The purchase price is Say $200,000 and the offer Comes in at $215,000 and the contract says that the Seller Will Contribute or whatever Wording works good in your area, it is still the same meaning... the Lender takes this as the Buyers Down Payment so they can FORCE the Buyers Loan THROUGH when Really the Buyers Does not have a down payment. Oftentimes this is even given back as Cash the Same Day as Closing, Flat Out CASH to the BUYER and the REALTOR tells the Seller it is Legal. Wonder if the Realtor Gets any Kick Back from Deals Like This? Anyway...

the Lender KNOWS, because the Lender Sees the Buy Sell Contract, they know that the BUYER does not REALLY have the Down payment, so what do they do CHANGE the Contract to Submit it to their Loan Approval Department ?

Appraisers Know, because most ask me for a Copy of the BUY - SELL so they can then make an Un-Biased Objective Market "Opinion" on the Value of Your Home.

So it is Just Matter of Fact, and No one Seems to Be Concerned, or Was ever Concerned that it was Creating "Values" that were not real and people were paying Higher and Higher Prices based on FALSE - MisLeading SOLD Data.

The Motivation - greed of course because these Middle Man Lenders, Mortgage Brokers that Deal With Lenders that Deal with Banks and on and on, often times they Get Commissions for the Life of the Loan which Can REALLY ad UP. The Realtor who pushes the deal gets the One Time Commission... well more on that later.. (there are oftentimes other kick backs)

Sellers Contributing Money to Buyers so they Can Get a Loan is Bad for Comparable SOLD Data, it is Bad for the Fraudulent Bank Loans that Put the Homes Value quite a bit higher, it is Fraud on the banking industry no matter how you look at it, it is Bad for the Seller as they Pay Capital Gains Tax on this Money - most won't mind because it is included in their Free Equity with the Capital Gains Exclusion - which is Still Fraud on Someone.

There is no Rational way to Say it is OK, it is Simply NOT the SOLD Price, and it makes the SOLD Data Wrong which affects the Next Sale. It is FRAUD, no matter what anyone is telling you.

If the only way a Buyer Can Buy a Seller's Real Estates For Sale is if the Seller Fakes a Down Payment so the Lender thinks that the Down Payment is Coming from the Buyer and will therefore give the Loan, Well then the Buyer Cannot Afford the Property and Will eventually Lose it Anyway.

From the Seller's perspective, many take the Deal because they NEED and Want to Sell and they don't worry of the Tax because it is Tax Free money anyway. So the Buyer gets the Property with no money down, and NOT with a NO Money Down Loan... the Lender makes it look like there is a Substantial Down Payment.

Still in 2010 this is Going on, after Trillions in Bank Bailouts Due to the Fraudulent Secondary Loan market, Still the Realtors are in the Field Bringing Contracts that Make it So the Buyer is Getting their down Payment from the Seller. And Shocking but I am Getting Reports that not only is this going on for Down Payments but to actually give Cash Back to the Buyers.

And the Realtors are Telling the Sellers that this is Absolutely Legal. You see the Buyer gets this money the day of Closing, so what in the World would STOP the buyer from taking the Cash Back saving it, staying in the home til' the bank throws them out.

Then After months of Free Rent when Foreclosure finally happens - the Buyer just walks away, Cash Stowed away and Money Ahead. Or the Buyer may use this money for the payments for awhile til' the get on their feet per say. The thing is, that Buyer Could not afford the Home. And this Real Estate Transaction Scenario is bad for the Real Estate Industry and Should be Regulated.

And it all Originates with the Realtor pushing the Deal on the Seller so the Realtor Gets Paid, Now it looks like the Seller gets Paid too. The thing is, in the long run the bottom of the Game Falls out, because it raises the VALUE in the MLS Data and the Next Person to buy, say the house next door, the Appraiser does not know to Compensate 0r Change the Data on SOLD information to "Correct" for a Scam that he did not know about.

So we know that the Seller is Liable for the Extra Money they did not really get, because the Tax Man looks at the Settlement Statement and you Pay based on the Selling Price. Now if there is a 1031 Exchange involved, where does this leave the Seller Kick Back Scam. Well then I guess it would be some sort of Tax Fraud.

Because your Exchanging the $200,000 you REALLY got, but the Paperwork says you Got More then that... how do Realtors Explain that to Sellers. It looks to me like the Realtor just gets loud and Says it is Legal and the Seller Sits down and Shuts up...

Now What about the Buyers Tax Consequences in this Situation?

Well when the buyer goes to Sell the Property. They Paid $215,000 - yet they Really Paid $200,000 so if they sell for $215,000 they have no gain right? But in Reality they Really Do have a Tax Gain. And this is Legal to the Realtor, to all who let this Contract go through... which would include the Title Companies, the Lenders, Banks and Mortgage Brokers?

Also what about the Buyers Income Tax, Well they were Flat out Given $15,000 and they won't claim it because the Seller Claimed it and it was Tax Free, if it was Capital gains to the Seller and not part of their "Exclusion" well then the Seller Paid the Buyers Tax based on Capital Gains when Really it was Income and Income to The Buyer.

Does the Realtor Disclose to the Buyer that when they Sell, their Tax base is $215,000 and not $200,000? From what I see when this situation arises - no one explains - DISCLOSES any of this implications of all of this To Anyone.

No one is Policing the Real Estate Industry, the Ground Level where the real corruption and problem is No One is Looking. And well the Players at that Level they are Just trying to Make a Living and they don't get paid for their Hard Work unless there is a Closing.

So the Pressure To Close the Deal Surpasses the Integrity of the Deal and the Protection of the Consumer gets lost along the way. Meanwhile, the False Values and MLS Data increasingly Becomes False and then SHOCKING now people have loans for more then their real estate is worth. And the Lenders that allowed this Fraud - that Blatantly Allowed Appraisals to Come in High and that allowed Sellers Contribution that Created the Market Collapse - they Get a Bail Out. The Home Owner should Flat Out Get a Debt Reduction.

Lenders, Banks, Local And Federal Governments are Ignoring this is Fraudulent Behavior that affects every aspect of the Real Estate Industry.

This is Fraud Against the Stock Markets based on the Secondary Lending Market, which Let's Face it the Entire Economy is Rooted in the Real Estate Industry and without integrity there, without real values and The Controlling of False Bubbles a Collapse is Un-Avoidable. Never think they did not see it coming, they created it and the socked away plenty of Money for the Cartel at the Top of the Lending Industry.

Realtors in All this, well they Do the Dirty Work. And most just want to Close the Deal and do not look at the big picture of what it is doing to the market. The Realtor, as does the other parties to the Transaction, they just want a pay check.

IT is up to the Regulators of the Real Estate and Lending, Banking Industry to STOP this madness and even in an Economic Collapse and Real Estate BUBBLE Big Time Burst, this Stuff is Still Going on. Oh wait there is No Regulators... and the "Voice of Real Estate" THE " National Association of Realtors" well they don't care and they are NOT interested in Lobbying for things that actually HELP the Real Estate Consumer.

And the Realtor in all this, is Telling the Sellers it is Legal, and So is the Mortgage Broker. And the Realtor is NOT disclosing the Tax Consequences, the Mortgage Fraud Aspects and simply pushing the deal through.... even Right Now Today...

The Real Estate Industry is Broken and NEEDS a Complete Makeover - RIGHT NOW....
National Association of Realtors, SEC Violations, Anti-Trust Violations, RICO Lawsuit.
More on my Yammerings on the Real Estate Industry at

R
www.RealEstateIndustryWhistleblower.com
and

www.RealtorSucks.com

National Association of Realtors, Sellers Contribution

Jeff Manning - Umpqua Bank - Summit 1031 Bankruptcy and YOU !!

2009-12-27T13:46:00.001-08:00

A Slide of Hands by a High Profile Reporter and You are Duped.

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

***********

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.

**********

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.....

$$$$$$$$$$$$$$$

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

Real Estate Coverups - Do NOT Ever Think that the Powers that Be did not Know this Crash Was Coming.

2009-12-07T20:49:00.001-08:00

You Pay the Price for What Lenders Knew all Along Was Happening. Lenders, Banks KNEW, there is TONS of evidence to prove this, and I saw it first hand time and time again.

Banks got you into this Mess, NAR went right along with it and encourage these "Home Values" with no data policing of ANY kind, and with giving constant false consumer confidence as well as pushing your Governing Bodies to create laws that benefited lenders to let more money out to you the real estate consumer while at the same time giving NO Consumer Protection What So Ever... NONE..

Home Inspectors were pressured to Make the Deal go or Get no Business and I have seen this state after state, it is not an isolated incident, nor is it one of the "Agenda's" that the National Association of Realtors Lobbies for, as all the rest of their Bullying and Clout that changes laws and creates rules for NAR to Keep it's unEthical and Immoral Monopoly on the Real Estate Industry.

In the Concept of "Making the Deal Go" there are few innocent parties. The Mortgage Brokers is often involved, their is sometimes magical "Comps" that appear for appraisals, there is new SOLDS that just show up turns out a buddy bought the property with barely anything as a down payment just to get a COMP, there are many factors that "Create a False Market". And NEVER ever believe that the Lenders did not know, they were well aware of this Bubble getting bigger and they were certainly positioned for it, though the public things they went bankrupt. However, if they knew it was happening all along, surely they hid assets, I mean come on....

Read the Following Quote from Ray Wilson Author of 'Bought Not Sold':

" Inspectors, appraisers, and even lenders who honestly expose "unattractive" facts about value or property traits get labelled as "deal breakers" and have good reason to fear consequent boycott. Recently (1999), DATELINE-NBC did an expose on inspectors under the thumb of listing agents. The problem is so severe that as of this writing (2/19/01) more than 4,500 appraisers have signed a petition to Federal authority for relief from lenders, real estate agents and others who exert pressure to force them to "inflate values" and "ignore deficiencies."

This is From the Following Link..
http://www.cognabooks.com/site/collapse.html

r
So Forced Inflated Prices, Forced Closings on False Values. And now YOU are losing everything. The Real Estate Industry has betrayed you and they did so knowingly, it was NOT a secret that this was going on, and now those who caused the mess, created the mess they get a bailout, they get to keep making a living off you. Different real estate consumer now though, too bad, but you guys are losing your home, so the real estate industry is selling them at less then loan value to NEW investors, NEW homeowners... and will not lower your loan, but give a loan of a lesser value to a new buyer.

And in the Drivers seat of this Horrible Real Estate Consumer Attack is the National Association of Realtors, who with Realtor.com owns interest in Move.com, HomeGain.com and tons more "affiliations" - meanwhile they petition your government to enact laws that benefit them and those they have these cozy affiliations with, including Cendant, Coldwell Banker, ERA, C21 and all those that are part of Apollo management Conglomerate that has a name change and financial makeover every few years... and also own part of Realtor.com and those same Revenue Streams. All these connected with Lenders, Mortgage Brokers, Websites and they are all after a part of creating a Real Estate Hoax to suck your money constantly all while you think that the of a "Higher Standard" and the "voice of real estate" NAR claims to be has got your back, is protecting you and actually cares about your best interest.
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So When do Real Estate Consumers DEMAND accountability from those who supposedly govern and regulate the real estate industry?
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When Do Real Estate Consumers get treated with respect and not just as a way for the Real Estate Industry and all it's parts to make a living feeding off of them with no Protection or Accountability provided to them in return for their money, confidence and constant business?
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Knowledge is Power.

And once the Real Estate Consumer is
EXPOSED to the Truth and they really see what is going on,
and how they have been tricked, deceived, lied to and cheated
by the real estate industry and all it's parts, the Real Estate Consumer
will be Outraged, and in this the Real Estate Consumer will DEMAND
accountable and then and only then will the Real Estate Industry Change.
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The Solution is a Total Makeover of ALL Parts of the Real Estate Industry and to Get the National Association of Realtors out of Real Estate. STOP using Realtors in Your Real Estate Transaction.
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NAR is a Cartel, and currently it is almost impossible for MOST real estate agents to do a good real estate business without the use of the NAR data base. Add that to boycotts of non-NAR members and well even agents frustrated with the National Association of Realtors can't find a way to quit and still do business.
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Time for Change.

Am I on a Crusade against the Realtors?

2009-12-06T23:13:00.001-08:00

I am simply telling you what I experienced as a Real Estate Broker Owner and as a Designated Realtor for my Own Real Estate Company for near a Decade. This experience was across several states and in various MLS Data Bases and Realtor Associations.

I am not on a Crusade against the individual Realtor. It is about accountability of NAR, I was one of those Individual Realtors and had no Real Way to protect the Real Estate Consumer and NAR at any Level NEVER backed me up on wanting to do right by my Real Estate Consumer. NAR did not stand up for me against unEthical Realtors and NAR lobbys for E and O insurance to be mandatory, and actively fights for the rights of Realtors to make money in the real estate transaction but does not take a REAL active role in what is REALLY best for the Real Estate Consumer.

Commission based real estate is NOT good for the Real Estate Consumer. It being unethical to involve a 3rd Realtor in your Real Estate Transaction as a Consult is seriously anti-consumer. E and O insurance is One hundred percent anti-consumer yet NAR member sit in front of State Governing bodies and tell officials that E and O helps protect consumers as well as Realtors... Not True.. not even a little bit True. And as Usual the National Association of Realtors is NOT accountable for any LIE they tell no matter how big it is or who is hurt by it.

Most Realtors in the Real World of Real Estates Are Good, Honest People and just want to sell you a house or sell your real estate and move on about their life. However, NAR will not protect those good Realtor. NAR will not stand up for the consumer against a Realtor that lies or breaks the law, they simply let the courts figure it out. And the E and O insurance paid Real Estate Attorney keeps you in court until you Break.

There is Currently NO Consumer Protection in Real Estate. And when the Good, Honest Realtor stands up for the consumer they are beaten down, boycotted, shut out, ignored and well they have no way to survive in the Real Estate industry and all because they spoke out about the Bad Realtor who hurt the consumer. This is my "Crusade" - it is not about the good Realtors though I am sure they don't look at that way. I want NAR to listen to the good Realtors and hold the Bad Realtors accountable for the damage they do. It is that Simple.
crystal cox real estate

Brian Utley - WhereToLive.com and the Iviewit Trillion Dollar Heist.

2009-12-06T21:58:00.000-08:00

Brian Utley and the Stolen Iviewit Technology, is there a Connection?

What is Brian Utley up to These Days, How much money did he Make on the IviewIt Stolen Technology Heist? If Any...

Brian Utley is Now at WhereToLive.com who in 2002 was seeking 15 million for their Real Estate Website ... Mega Site to lure in "Realtors".. this is not good for consumers, and well not really good for "Realtors" either, it is just another Mega-Site to distract your buyers...

more on My Views of the Real Estate Industry at
www.RealEstateIndustryWhistleblower.com

Brian Utley joined WhereToLive.com after a career in the IT industry. What does this mean exactly, well many sites and blogs talk about Brian Utley NOT being a Stranger to the Stealing of Technology, apparently that is just part of his resume. He spent 37 years with IBM, isn't IBM one of the big Companies that benefits from this Stolen Patent, Stolen Technology that IviewIt, Eliot Bernstein Invented? Brian Utley supposedly was responsible for the development of many of IBM’s small and intermediate systems including the S/38, AS400 and PC. Is this True, did Brian Utley really have a role in this development or is it simply another STOLEN technology from some Inventor that no one has the Moxy to stand up for?

Brian Utley claims that his influence within IBM impacted virtually all computer-based technologies and resulted in his appointment as Vice President and General Manager of the Personal Computer Division. Is this True of Brian Utley? Why did he Leave IBM, what is the Real Story of Brian Utley and what is Brian Utley's REAL connection to the Stealing of Eliot Bernstein's invention of the iViewIt Holdings Inc. intellectual assets...

Since Brian Utley retired from IBM, he claims to have assisted a number of start-up companies in the manufacturing and IT industry. You can translate assist as in Stealing Patents and Technology right out from under them with no Consequences or Accountability and then investing in another "start up" company which really is using the technology he stole from some other guy.... it is all a tangled web... and still Brian Utley is not really retired, though I would think Stealing Patents could wear a guy out and when do you get to just sit back and enjoy the money you earn?

I guess Brian Utley is like a Long Tailed Cat in a Room full of rocking chairs, seems to have a reputation of stealing patents, must not know who to trust or who will Rat him Out.

Brian Utley claims that he has a vast experience in technology, management and business development and this apparently makes hime a great asset to yet another not consumer friendly useless Real Estate Mega-Portal called WhereToLive.com .

What is Brian Utley's Role in the Stealing of Eliot Bernstein and IViewIt's Technology? Well Expect to find out a Whole lot more about Brian Utley, from What I hear... skeletons are rattling in Brian Utley's closet RIGHT NOW !!!
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www.DeniedPatent.com

Real - Real Estate Story - Realtors Lie Constantly - DO not Believe NAR - you will LOSE

2009-11-21T18:15:00.000-08:00

Realtors Keep Lying to Real Estate Consumers and You keep Hiring Realtors to sell your home. STOP listening to the lies that the National Association of Realtors is spewing at you.

NAR says To Buy all the Time. Who Will hold the National Association of Realtors accountability for misleading you and why do they still get to have your business. NAR has ruined your equity, your life, your finances and now they are lobbying to rescue you??? BULL.

The National Association of Realtors is avel to Legally Lie to you - there is NO Consumer Protection in Real Estate and NAR is Running the Show.

Crystal Cox
Real Estate Whistleblower

NAR

Tungsten Holdings - Reported to Be Bullies. And you Know what I think about Tungsten Holdings..

2009-11-11T20:28:00.000-08:00

One Story on the Integrity of Tungsten Holdings.

Second lawsuit imposed by Tungsten Holdings. They are wiping us out--I don't know what we'll do this time.

In 1991 Tungsten Holdings became the owner of property adjacent to mine and part of HES 744 established in 1929. The entire homestead is surrounded by Forest Service land. The northern portion purchased by Tungsten has never had a residence on it and since 1974 had been inaccessible through our place, as the dirt "road" had been washed out by a devastating flood. The northern portion had been in the Grambauer family until purchased (or acquried through lack of payment of taxes) since 1929.

Bert Grambauer, who took some interest in visiting the property once in awhile died in 1972. His wife died in 1973. The three nephews to whom the property was willed took little interest in the property and one never even visited the property. Obviously, Tungsten Holdings discovered this and struck in their usual manner. They quickly acquired the property (which had no legal access) planning to force neighbors into an easement through their property and then sell the property for an exorbitant sum.

In short order, they began hounding me for an easement through my property. I tried to deal with them for a couple of years, but then they sued. They also sued for a portion of property along my northern property line (their southern property line)--the line which Grambauer and I had agreed upon.

To make a long story short, we won at District Court level in 1998. Tungsten appealed to the Supreme Court and won everything back in a judgment in 1999. Because they didn't like to even associate with us then, they nearly forced us to sign an agreement (which amounted to a gag order on my husband and a "be reasonable" order on me) in 2000. (They didn't like the way we were trying to defend our own property rights.)

Our attorney advised us to sign it and be rid of them. Well, finally they found they HAD to talk with us on certain matters and started talking to my husband, as well. NOW they are suing us again for breach of the agreement!!

This time they are asking for punitive damages as well as requesting us to remove signs ON OUR OWN PROPERTY. IN SHORT, THEY HAVE BEEN HARASSING US FOR I8 YEARS !! I don't know where to turn.

We do not have the money to hire an expensive attorney, and it is a complete lose-lose situation for us. They could essentially wipe us out with punitive damages claimed and payment of their attorney fees. They are VERY POWERFUL and MALICIOUS!!

I have lived on this property for 42 years, and they are trying to devastate us now in our retirement years. This is clearly a case of 18 years of harassment and now elder abuse, but because of their money and power, Tungsten Holdings will win again. I feel great sorrow in losing faith in our judicial system, and it is not right that a powerful corporation should be allowed to bankrupt individuals clinging to rights granted by our Constitution, but money and greed rule our judicial system.

Landowner, Libby, MT

Email your Tungsten Holdings Horror Stories to Me Crystal L. Cox - Real Estate Industry Whistleblower at Crystal@CrystalCox.com

Sunwest investors angered by $24 million in legal bills

2009-07-24T23:02:00.000-07:00

Lawyers and other professionals in the Sunwest Management legal brawl have racked up a $24 million tab in the past year, a sum that could soar to $90 million in the next 12 months.
That was the eye-popping prediction by the business consultant now running Sunwest, the Salem-based operator of senior housing facilities accused of fraud by the U.S. Securities and Exchange Commission.

News of the legal fees has generated howls of protest from some Sunwest investors, who fear that the odds of recovering the nearly $400 million they poured into the company decline with each additional dollar paid to litigate.

More importantly, it puts additional financial pressure on Sunwest, which is responsible for the housing, care and feeding of thousands of elderly and vulnerable residents of their retirement communities.

The company has routinely failed to pay its bills.

"After 18 months to two years of this level of professional fees, I'm just afraid that nothing is going to be left," said Gary Grenley, a Portland attorney representing some investors.
Clyde Hamstreet, the Portland consultant appointed last fall to lead Sunwest, said his $90 million prediction is a worst-case scenario.

"If we want to continue to fight and screw around, this is what it is going to cost us," he said. "It's a big number. It's not a necessary number. I'm optimistic that we could bring it in for 40 percent of that. There's a lot of pressure from the judges to get things moving."

In fairness to the lawyers, the case is hugely complex, involving hundreds of Sunwest affiliate companies, multiple state and federal agencies, an estimated 2,000 investors and 115 lenders owed $2 billion.

But Lynn LoPucki, a professor at the UCLA School of Law who has studied legal costs of corporate bankruptcies, said $90 million is "very high" for a company the size of Sunwest.
"That's 5 percent of the total assets," LoPucki said. "It should be closer to 1 to 2 percent."
The company's legal woes began last spring when the tightening credit market plunged Sunwest into a cash-flow crisis. Sunwest began to put individual retirement facilities, each owned by a separate company, into bankruptcy to fend off lenders' foreclosure efforts.

Sunwest affiliates stopped making promised monthly interest payments to investors last summer, which drew a number of lawsuits. In December, Sunwest's controversial CEO Jon Harder resigned and filed personal Chapter 11 bankruptcy.

The SEC entered the fray March 2, accusing Sunwest and Harder of defrauding investors.
At each step, more lawyers got involved.

Looming in the background is the specter of criminal charges against Sunwest executives. Some have hired civil and criminal defense lawyers.

The company and individual executives have hired 31 law firms so far. Sunwest's professional fees topped $2 million in March alone and have averaged nearly $1.8 million the past four months.

Even the company's 115 lenders can incorporate their legal costs into the debt they're owed by Sunwest affiliates, though it's unclear to what extent the court will allow the banks to do so.
Hamstreet's job at this point is to stabilize Sunwest and prevent it from disintegrating under the pressure of the legal battle. He is developing a plan to sell the poorer-performing assisted-living facilities and keep hold of the stronger operations.

Hamstreet is convinced that if he's given sufficient time to stabilize the company, he could generate $400 million to $600 million more than in a fire-sale liquidation.
The SEC and court-appointed receiver Michael Grassmueck back Hamstreet, as does a key committee of investors to which Hamstreet reports. They say Hamstreet's plan has merit and is the most fair to the investors.

But many aren't convinced.
Some lenders simply want to foreclose on the properties put up as collateral for their loans. Sunwest lawyers, with the help of the SEC, have managed to keep the lenders at bay.
"In order for the company to survive, the reorganization plan needs time," said Steve English, a Portland attorney representing Harder. "Some of the lenders were unwilling to give us that time. That's why we sought protection from the court."

The investors are split. Some back Hamstreet. But others, particularly those who put money in the more profitable assisted-living centers, are pushing to take control of their facilities and leave Sunwest behind.
"The only hope for most of these senior living facilities is to allow those that can to escape the quicksand engulfing this organization," Grenley said in an April 20 brief.

Fueling the general discontent is what Grenley called "sweetheart deals" Hamstreet cut with Harder and the other two senior executives at Sunwest, Darryl Fisher and J. Wallace Gutzler.
Hamstreet has agreed to pay monthly allowances of $22,000 to Harder, $10,000 to Fisher and $5,000 to Gutzler. That's in addition to the salaries Sunwest continues to pay to Fisher, Gutzler and Harder's wife, plus their legal fees.

The SEC objected to the Harder deal last month, noting that one reason it sued Sunwest and Harder in March was after learning of an earlier agreement to pay Harder $54,000 a month.
"It is particularly galling that Harder has secured an agreement for these payments when investors -- the victims of his fraud -- saw their payments of monthly rent owed to them stop in July 2008," the SEC said.

Some investors have wondered why Harder remains involved in any capacity. But Mark Fickes, the SEC's lead attorney in the case, said Harder's unique knowledge of the complex Sunwest structure gives him an ongoing role.
"Unlike a pure Ponzi scheme, Sunwest is a legitimate business," Fickes said. "I don't think it started out as a fraud. I think that's what it became as money got tight."
Lawyers investigate lawyers

While Sunwest Management's collapse has been a gravy train for some law firms, it might be a problem for others.

Court-appointed receiver Michael Grassmueck has requested copies of documents from four law firms in Portland that did legal work for Sunwest, what he says is the first step in analyzing potential legal claims.

The firm drawing the most attention is Davis Wright Tremaine, which worked with Sunwest preparing offering memoranda and other documents used to raise nearly $400 million from about 2,000 investors. The receiver also requested files from KL Gates, Thompson & Knight and Lane Powell.

Pursuing claims against professional firms connected to a company accused of improper activity is a well-trod path for victims of failed investment schemes. Tapping into professional firms' liability insurance is often one of the few ways to recover money.

"The firm believes that it advised its clients appropriately," said Joe Arellano, a Portland attorney representing Davis Wright. "What we're seeing is the inevitable rounding up of all the usual suspects, to try to get a large pot for recovery."

Grassmueck has hired forensic accountants to analyze Sunwest's files and its relationships with third-party brokers, lenders, broker-dealers and others.

Sunwest continued to raise money from investors as late as June 2008 and failed to disclose the depths of its financial problems, allege investors, who stopped getting promised monthly interest payments from Sunwest in July.

Davis Wright has been sued twice by Sunwest investors. A similar suit has been filed against KL Gates.

Grassmueck said in his first interim report that Davis Wright has been "dilatory and creative in erecting hurdles to the receiver's access to client files." Where other firms have voluntarily produced files, Davis Wright said it needed clarification from the court before it would do so. The firm also said it would charge the receiver $250,000 in copying fees, Grassmueck said.

-- Jeff Manning; jmanning@news.oregonian.com

Link to Source:
http://www.oregonlive.com/business/index.ssf/2009/05/sunwest_investors_angered_by_2.html

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Check Out www.ObsidianFinanceSucks.com for more on the Oregon Bankruptcy Courts.
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Have You or anyone You Know been affected by the Summit 1031 Exchange Bankruptcy?

2009-07-23T10:07:00.001-07:00

If so it is Time for You To be in the Loop
On What is Really Going on
With YOUR Money.

Find Out More about What is Really happening
with your Money at the Following Websites.
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Everyday YOU ARE losing Hundreds of Thousands of Dollars.
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www.ObsidianFinanceSucks.com
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www.Summit1031BKjustice.com

There is way more to the Summit 1031 Bankruptcy
then the Media will Have you Believe.

Realtor becomes Squatter - Realtor has Squatters Rights in Florida Apparently and NAR, they Don't Care.

2009-07-21T19:18:00.000-07:00

A story of Squatter Rights in Florida.

Squatters rights sound sick indeed, I guess every state is different. In Montana I had this happen and the local judge said to post a 24 hour notice, and then you could go in after that with a cop to take possession.

I know there are laws about living on a property Adversely where you can somehow file title after 5 years. Sick but true.

However, today we have a story from Florida where a Realtor has changed the locks of a Eldery man's home, and she is living in the home. She claims squatters rights, has moved in others and has big dogs.

This is a Perfect example of NAR standards, now how does a Non-Realtor file an Ethics Complaint against a Realtor, well they don't really. Who helps Real Estate Consumers in situations such as this? Well I am use to NAR, and the local Realtor Associations doing Nothing. We are about to find out if Florida Senior Advocates, Elder Abuse Advocates, Florida Real Estate Regulators, NAR, Florida Association of Realtors or anyone Really will help these folks to GET this Realtor out of this home.

Squatters Rights, Really? Does NAR Condone Such Behavior. Apparently they Do.

Does the National Association of Realtors even really care what their members are doing all day everyday that are directly opposite of their so Called Higher Standards and Play Pretend Pinky Swear Ethics?

Below is the Story Sent to Me today, we will be adding more to this story as we EXPOSE all involved, Stay Tuned our our Realtor Whistleblower Network.

HERE is the STORY as Sent to ME

I found out today that I have a dear friend in trouble (Marge)- the woman volunteers for The Society of St. Vincent DePaul (our mission is to provide all kinds of help to those in real need), she is retired and a good friend of my family.My mother and she are neighbors in a gated community in Naples, Florida. Long story short - they are neighbors of a man who was diagnosed with stage 4 bone cancer.

He is British and wanted to return to England to live out what time he has left. He hired a realtor from Downing Frye to sell his home.

The realtor allegedly asked the owner if she could Live in the house while she showed it???? He supposedly said yes. She has no lease- she pays no rent.

She apparently neglected to tell him that she was bringing along at least two other people and three large dogs. Marge and other neighbors called the owner - who asked the realtor to leave.

She promptly told them that she has squatter's rights and needs notice. When the squatters rights for Florida scenarios was checked out - they found out that she was right and could be in the house anywhere from 3 mos. to a year and has to be served official papers and given ample time to be evicted.

Apparently this past weekend - Marge and another neighbor found out that this realtor had changed all of the locks on the premises and rearranged all of the furniture and the house. They informed the owner.

He asked Marge and Nancy to please change the locks (he is still in England with bone cancer)They saw that a back window was open - (they both had original keys to the house since they had cared for it before) .

They called the locksmith and had the locks changed.

The squatter/realtor comes home. Calls the police - tells police that someone broke into the house and stole valuable items including all of her jewelry. One cop sided with Marge and Nancy - the other with said realtor.

She is pressing charges for breaking and entering and theft. Nancy and Marge are each meeting with attorneys tomorrow.

Marge is 74, a wonderful person, and very upset.

Are there not rules against realtors becoming squatters? Is that not a conflict of interest? What would give her any incentive to sell the house at all? Paying no rent, very nice home, gated community with a beautiful clubhouse and other amenities? Is that not ground to lose a license?

I know there are squatters and the situation is getting worse because of all of the vacant houses - but this woman misrepresented herself - she said she was a realtor (and is)but took advantage of a client and under false pretenses - who is suffering through the last of his life with a very painful disease.

Real Estate Victims Stories

Crystal L. Cox
Real Estate Whistleblower
www.RealEstateIndustryWhistleblower.com
Elder Abuse Specialist
Self Appointed

Stay Tuned for the Names of ALL who are a Party to this Blatant attack on YOUR Civil Rights, real estate rights and your life, brought to you by NAR.

Elder Abuse Florida

Real Estate Consumer Attack Florida

Kevin Padrick Demands the Police Get Evidence to Arrest Stephanie Studebaker DeYoung?

2009-07-21T00:21:00.000-07:00

This has got to be a joke right. The Oregon Police want EVIDENCE from Stephanie Studebaker DeYoung, and based on Claims by Super Power Attorney Kevin Padrick of Obsidian Finance?

I knew that Kevin Padrick had connections but WOW..

So what is this Evidence that Kevin Padrick of Obsidian Finance wants to Collect to STOP Industry Whistleblower Stephanie Studebaker DeYoung?

Stay Tuned for Oregon Criminal Code, Internet Laws, Blogger Cases and More.. but for now here is the Evidence that Kevin Padrick Demands from Stephanie Studebaker DeYoung so that he can, well press charges... and all..

Well Here it is....

The pieces of evidence are…

The entire video

The audio of the hearing where the judge instructs to have the presentation.

The pictures of the video equipment from
where Kevin, Ewan Rose and Ryan Norwood were seated.

The email sent reporting
the concerns and suggestions from that presentation.

They are going to the conference room to take a look at it. Certainly they will find the same as the local criminal attorney found – that it is too difficult of case because of my evidence that it was semi-public and the equipment was not concealed.

So why Does Kevin Padrick Keep Fighting so Hard? Well because he DOES not want the Real Estate Victims who have Millions Tied up in 1031 Exchanges Bankruptcy to See the Video, to find out the Truth and to Get their money back that he WANTS.. Just My Opinion of Course.

More on this Story at...

http://www.summit1031bkjustice.com/

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Does Kevin Padrick of Obsidian Finance Really get 16% to Liquidate Assets?

2009-07-18T12:23:00.000-07:00

It is Said that "It appears that Kevin Padrick (Obsidian Finance) have done a great sales (snow) job to the creditors and now he is the Trustee. I believe he gets 16% to liquidate all of the assets and 5 years to do it. "

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

http://www.summit1031bkjustice.com/

http://www.youtube.com/user/Summit1031bk

Kevin Padrick of Obsidian Finance Presentation and Some Old Fashion EVASION..

2009-07-18T12:21:00.001-07:00

http://www.summit1031bkjustice.com/?page_id=254

Did Summit 1031 Take the Fall for The Further bad Actions
of Obsidian Financial.
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Well with Enough information
You the Real Estate Victims

Get to Decide for Yourself.
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Got to Get you Some More of this Stuff
Click Below for More Videos
Hurry, Kevin Padrick of Obsidian Financial and
his big bad attorney, David Aman are TRYING to
SILENCE the TRUTH.
R
http://www.youtube.com/user/Summit1031bk

David Arman seems to Be Claiming that the Truth is Criminal? Class A Misdemeanor?

2009-07-18T12:20:00.000-07:00

I know that Attorneys with anything to Do With Real Estate Consumer Issues like to PUSH the issue of, NOT Disclosing all Pertinent Information to the Real Estate Consumers, Real Estate Victims so that they cannot possibly make an informed decision.
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You see, Stephanie Studebaker- DeYoung is one smart cookie, she wanted no mistake Ever Being Made that What Was Said at this Presentation was Really Said.
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She obviously knew that later it would be a case of I did not say that. And how is she suppose to protect her future, her reputation and her father's company, as well as Consumers Rights - banking on Kevin Padrick of Obsidian Financial to tell the truth later about what was said at this meeting. Or that Kevin Padrick would even Remember it, well as it REALLY happened anyway.
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the Only way to Ensure that the TRUTH was Preserved and that Real Estate Consumers would have access to FULL Disclosure of how this all played out was to RECORD this Closed Door Meeting.
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Now she recorded it Right there in front of them all. Her Laptop had a Camera, they all do these days, the light was on and the Recording was Blatant and Obvious.
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Still Kevin Padrick, in all his Arrogance threw his weight around and gave the What For and how is Going to be Speach along with HEY We were on this Right Away SOUND OFF and well he NEVER ever expected a Recording of What he Said.
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So Stephanie Studebaker-DeYoung put this Recording on her blog, that has TONS of Consumer Valuable information, to update Consumers, Creditors on the Progress of the Summit 1031 Exchangers Bankruptcy and to let the Creditors / Consumers know what was Really Going on behind the Closed Doors of their Real Estate Transaction. That Quite Frankly really does Affect them.
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Is the Truth Criminal?
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Is Disclosure Criminal?
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Well David Arman of Tonkon Torp LLP Seems to Think SO.
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This Really Happened, this was REALLY said what Could Kevin Padrick / David Aman Possible want to hide? They are quite wordy and pushing VERY hard to SHUT UP the TRUTH.. Why?
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Well Here is David S. Aman, Partner, Tonkon Torp LLP Email THREAT to Stephanie Studebaker - DeYoung demanding that She Remove her Vidoes of This Meeting
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***********

Ms. Studebaker:

As you know, I represent Kevin Padrick. It has come to our attention that you have posted a video on http://www.summit1031bkjustice.com/ of a meeting involving Kevin Padrick and others. The video posting includes an audio recording of the meeting. You have also posted a transcript made from the audio recording.

Mr. Padrick and the other Obsidian personnel did not consent to being recorded at the meeting nor did they know they were being recorded. As a result, the person responsible for surreptitiously recording the meeting committed a Class A misdemeanor under ORS 165.540(1)(c). Moreover, your subsequent posting of the illegal recording and transcript constitute an additional Class A misdemeanor under ORS 165.540(1)(e).

We request that you take the video posting and transcript off the website immediately. Please confirm by email to me no later than 3 p.m. today that you have done so, and that you will not engage in further criminal conduct with respect to the recording and transcript.

Regards,

David S. Aman
Partner
Tonkon Torp LLP

1600 Pioneer Tower

888 SW Fifth Avenue

Portland , Oregon 97204

direct dial: (503) 802-2053
cell: (503) 810-0850direct

fax: (503) 972-3753

email: david.aman@tonkon.com

****

Obviously Shaking in her Boots, Stephanie Makes a Stand and Does NOT Remove the Videos but instead Makes Noise on behalf of the Consumer and to Get the Truth Told of Who and What is Really Standing in the Way of the Real Estate Consumer Getting Justice.. So Here Comes this WORDY Email
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Ms. Studebaker-DeYoung:

We have reviewed the June 2, 2009 memorandum from Marc Andersen, which you sent to me by email on July 15, 2009. The memorandum only further confirms that (a) the recording of the February 12 meeting was criminal and (b) your subsequent posting of the recording and transcript was and is criminal as well.

Mr. Andersen made clear in his memorandum that he based his legal conclusion on the background "facts" you provided him. He also made clear that his legal conclusions could not be relied upon if the facts were incorrect. The background facts you provided him were not only grossly incorrect, but were clearly concocted in order to allow you to get the ultimate legal conclusion from him that you wanted. As a result, it is not at all surprising that Mr. Andersen's ultimate legal conclusion was incorrect. We will correct your version of the "facts" below:

Your "Fact" No. 1- False and irrelevant

Your statement that Obsidian made a presentation to the creditors at a recorded, public meeting prior to February 12, 2007 is simply false. If you are referring to the presentation that Mr. Padrick made to the creditors committee, that was not at a public meeting. And it was not recorded. If you are referring to the Section 341(a) meeting with creditors as provided under the bankruptcy code (which was recorded), no one from Obsidian even attended that meeting or made a presentation.

But even if Obsidian had made such a public presentation (which it did not), that does not mean that the February 12 meeting was a public meeting. To the contrary, it was held in a private office, with a limited number of attendees. It was not open to the public. In fact, Mr. Padrick made clear from the outset that he did not want anyone to take notes and he even at one point asked for Mr. Vance to leave the room.

And finally, Obsidian never made a presentation on February 12—because it was never provided the opportunity.

Your "Fact" No. 2- False and misleading

You have referred to " Summit " taking certain actions on or around February 11. We are unaware of " Summit " taking such actions—since Summit at that point could only have been acting through Terry Vance. It is our understanding that you—not "Summit"—asked the U.S. Trustee's Office for a meeting with Obsidian so that Obsidian could make a presentation to you and the Summit shareholders. We also understand that on February 11, you asked Judge Dunn if Obsidian could come make the same presentation to you and the shareholders that was made to the creditors' committee. (Of course, the fact that you twice asked to have the presentation made to you only further confirms that you could not have obtained a recording of it, contrary to your statement in "Fact" No. 1. If it had been recorded, you could have simply obtained the recording.) Judge Dunn did not issue any order requiring Obsidian to make a presentation to you or anyone else.

On February 12, Mr. Padrick and other Obsidian staff had a private meeting with the four shareholders, you, your stepmother and Terry Vance. Again, this was not a public meeting. Obsidian had no objection to you and your mother being present since you were direct or indirect beneficiaries of the Inland loans and, as a result, owners of assets that would necessarily become tied up with the estate.

Your "Fact" No. 3- False and misleading

The video camera was not unconcealed—which is confirmed by the fact that Mr. Padrick objected to having notes taken verbatim. If the video camera was in plain sight and recording, it would have made no sense for Mr. Padrick to object to note-taking—since there would be a verbatim recording of the entire meeting. Nor would it have made sense for him to request that Terry Vance leave the room, since Mr. Vance could have simply watched the video later. If the video camera was in plain sight and recording, Mr. Padrick would have obviously objected to it and left the meeting if it was not turned off. Any person who watches the video realizes that immediately. Terry Vance has confirmed that he, like Mr. Padrick and the other Obsidian staff, did not see any operating video camera or other recording device in the room when the meeting took place.

Your "Fact" No. 4- Vague and irrelevant

We do not know who was involved in the making the recording. And we do not know what you mean in saying that the person(s) making the recording were "members of the public." ORS 165.540 does not authorize the otherwise criminal activity simply because someone is a member of the public. It applies to any person who engages in the criminal activity.

Your "Fact" No. 5- Irrelevant

Whether the notes were or were not privileged has nothing to do with whether it is criminal under Oregon law to surreptitiously record an in-person conversation (which it is).

Your "Fact" No. 6- Conclusory

It is not surprising that Mr. Andersen reached the legal conclusion that he did when you asked him to assume that conclusion—namely, that those responsible for making the illegal recording believed in good faith that it was authorized by statute. In any event, no one could have in good faith believed that the recording was made legally. And you certainly could not have relied on Mr. Andersen's June 2 memorandum in good faith when you posted the recording, given that you provided him with incorrect background facts.

The facts are that this was a private meeting in which one or more individuals surreptitiously recorded a conversation. That is a Class A misdemeanor under ORS 165.540. Your posting of the recording is a further Class A misdemeanor under ORS 165.540. We demand that you immediately take down the illegal recording and transcript from any and all websites.

David S. Aman

******
Are Internet Laws Actually Based Out of Oregon? Or is it Virginia? Does this Whistleblower Blog has special privelege ? Does Summit 1031 have a Moral and Legal Obligation to FULLY disclose what is going on? Is the TRUTH really a Class A Misdemeanor... are You Kidding?
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If Summit 1031 is telling the Truth and so many are trying to Change the Story to benefit them ... then they HAD to record this or it WOULD have OBVIOUSLY been lied about later as to what was Really Said.
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Class A Misdemeanor In Oregon? What? Oregon is Certainly NOT the only State Affected by this Mess of Lies.
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Soon We Will Post "Mike Morgan and Goldman Sachs information", information on linking to blogs and stories, and other defamation, intellectual and Huff and Puff attorneys trying to STOP the TRUTH and Losing.
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Now I know that David Aman is a VERY big Deal in His world, as is Kevin Padrick, HOWEVER, in my World the Real Estate Consumer is a VERY big deal. And nothing should EVER stand in the way of the Real Estate Consumer Getting Justice and All available information.
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And as Wealthy as these Attorneys, Lumber Barons, Mulit-Millionaires are .. they are NO WAY near as wealthy as Goldman Sachs, and Goldman Sachs lost trying to do this same bullying, suppression of information and silencing and Industry Whistleblower.
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Where is the Department of Justice in this? Do they not Care? Where is the IRS and those who govern 1031 Exchanges ? Are they absolutely no Checks and Balances or Elements in place to Protect the Real Estate Consumer with a 1031 Exchange? If Not the IRS better had just get rid of them...
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I kind of Want to Say, Grow A Brain David Aman, what you have done is just riled up the Consumer Advocated, thousands have the video dowloaded already, and if you succeed in "Criminal Charges" against Stephanie DeYoung, and keep pushing to FIGHT the TRUTH getting out.. Thousands of people all over the world will just reload the videos on hundreds of video share sites and thousands of blogs and you will get even more bad press.
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Had you NOT sent these Threats, You would still be in Control of your search engine presence.
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My name is Crystal L. Cox and fighting for the Real Estate Consumer EVERY DAY is what I do, if THIS meeting is some SECRET information that Consumer are not to know then I demand to know why. I demand the Department of Justice and the governing bodies of real estate though fairly powerless still they should be asking Why is David Aman and Kevin Padrick Making so Much Noise to Stop these Videos of what REALLY was Said. Consumer DESERVE Full Disclosure, these Real Estate Victims Deserve all Available information.
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Who would Have the NERVE to Object to Notes being Taken Verbatim.. Well someone with something to hide that is. David Aman has lot of Gibberish and Hullabaloo to lather on to STOP this video from Being Seen by those Who are affected by it most. WHY?
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Who Will DEMAND that David Arman Cease and Desist his ASSAULT on the Real Estate Victims who DESERVE the TRUTH. The Whole Truth and Nothing But.. VERBATIM.
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Why would Mr. Padrick have "Objected" to being recorded and left the meeting. He is PAID big bucks, these people are the clients, Talk about a Rude Power Trip. How does MR. Padrick have the right to object to them taking verbatim notes or recording the meeting? What is this man up to that he will NOT let you in any way REPEAT, Record or even take notes when he Speaks, such a powerfull man.. You would think he would be proud of what he says, stand in his truth in public and in closed meetings and not be so ASHAMED at what he said that he Wants to STOP this video from being Seen.
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It Really Happened, it is not like Words that Accuse, it is A FACTUAL, PROVEN video of what was Really Said. .. what is the Problem...

As you Can Imagine - there will be Much, Much more on this Later..

What is this Spat Between Kevin Padrick and Stephanie DeYoung Really About?

2009-07-18T12:19:00.001-07:00

I mean this Stephanie Studebaker DeYoung is an unlikely Source to be standing up, somehow for the very consumers her dad's company is said to Have "ripped off". But that is exactly what she is doing. You see it is said that Financial Consultants and Attorneys are Eating up the Money that the Real Estate Consumers Should Be Getting.
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Tough to Belief Stephanie Studebaker - DeYoung when she is VERY connected to a part owner of Summit 1031 Exchangers, and it is kind of an us against them right.. Consumers that were Trying to do a 1031 Exchange against the Big Bad Summit 1031? The Media, we know they always tell the truth and the whole story, well the Media feels sorry for the Real Estate Consumer, as do I but they are NOT getting down to the Nitty Gritty to Expose where the money is REALLY being tied up at, who or what is holding up Millions upon Millions of Dollars ? What if there is more to the Story and the More is the KEY to you getting your Lif Back?
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Well there seems to be some sort of Smack Down between Stephanie DeYoung and Kevin Padrick, and Being the Real Estate Industry Whistleblower, I wanted to dig deeper and see if there was anything to all this, if the real estate consumers really need to know, if their was signs of Real Estate Corruption, Real Estate Lies that My Real Estate Consumers ( thats YOU) NEEDED to know and it turns out there is a TON of information that you truly do need to know.
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Here is What Stephanie has to Say...
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"Kevin Padrick Complaint I Filed

I have been dealing with a lawyer, Kevin Padrick, who knowingly took advantage of a business, Summit Accommodators, Inc. dba Summit 1031 Exchange, that was having liquidity problems by selling himself and his companies, Obsidian Finance Group, LLC, services to them. He told them his company would help facilitate 1031 exchanges, fund the exchanges, and liquidate the assets for top dollar to earn their high hourly rates and 15% commission.

The shareholders of the company were not familiar with bankruptcy law because their company was not in danger of bankruptcy for the last 15 years. It was only when the real estate market collapsed that they found themselves with a liquidity problem.

They couldn’t get temporary loans, the could liquidate property, they couldn’t get paid back on loans owed to them. However, when they declared bankruptcy, they still had $13.6 Million in the bank account.

Kevin Padrick, Senior Principal of Obsidian Finance Group, LLC, saw the cash in the bank and decided that a few million of the cash should be his. Instead of helping the debtor facilitate the exchanges and liquidate the assets, he and his company did nothing except stall and go to the other side (creditors’ committee) with priviledged information (debtor’s gave him) claiming he had done all the research and somehow convinced them to give him the job as Chief Restructuring Officer.

Originally, this was a bankruptcy that was a debtor in possession with a Chief Restructuring Officer (CRO) in charge of the restructuring efforts.

Obsidian Finance was supposed to be working for the CRO. Obsidian Finance or Padrick did not communicate with the CRO or the debtors. Instead, they communicated with the creditors. All of a sudden, the Court said their needed to be a trustee and Kevin Padrick was appointed as bankruptcy or liquidating trustee.

The CRO had already figured out there was no Ponzi scheme and he was doing his job working with all the parties and liquidating properties. He approved $750K of sales before he was dismissed. Obsidian Finance & Kevin Padrick charged the bankruptcy estate $184K to get their Senior Principal the job of Bankruptcy Trustee.

Then simply by transferring the remaining cash (cash not distributed to creditors) OR $6 Million, Kevin Padrick charged the estate 3% or approximately $1/2 Milllion for a simple bank transfer & money in checking when he got the job. Then Kevin Padrick hired legal counsel, Tonkon Torp, to harass innocent people until they run out of money and energy and give up their interest in properties where they put their hard earned money in and have every right to still own that interest.

Tonkon Torp is charging the estate $270K of which most is for services that bring no benefit to the creditors, but hike up their hours and legal fees earned. The more time they waste, the more money they are able to charge. Total charges between these 3 entities is almost $1 Million in just 5 months. The only amount of money they have brought into the estate is $10K.
Pursuant to 11 U.S.C. Section 330 of the United States Chapter 11 bankruptcy code, (3) in determining the amount of reasonable compensation to be awarded to a Trustee or professional person, the Court shall consider the nature, the extent, and the value of such services, taking into account all relevant factors, including…

(A) time spent on such services (Who gets paid $184K to land a job)(B) the rates charged for such services (Kevin Padrick’s rate is $600/hour and all he does for the hourly rate is waste time, allege things without proof, and harass innocent people until they throw up their hands and give them their property)

(C) whether the services were necessary to the administration of, or beneficial at the time at when the service was rendered. (Who gets $164K to transfer money from one bank account to another???? The remaining is simply 3% of what was in the Summit 1031’s bank account when Kevin Padrick took over the job as Trustee)

(D) whether the services were performed within a reasonable amount of time commensurate with the complexity, importance, and nature of the problem, issue, or task addressed (Kevin Padrick makes it look like it is more complex than it is, he does nothing to make things move quickly, he ignores and loses offers on properties ($900K worth so far), and he has caused the majority of the delays in this case)

(E) with respect to a professional person, whether the person is board certified (Kevin Padrick is an attorney so he does fit this part of the code)

(F) whether the compensation is reasonable based on the customary compensation charged by comparably skilled practitioners (The attorneys are trying to finish the 1031 exchanges and the estate is paying for their learning curve…The attorneys have charged $125K more than a Qualified Intermediary would charge for the same work)

(4) (A) The Court shall not allow compensation for…
(i) unnecessary duplication of services (I identified almost 200K is for duplication of services)(ii) (I) services that are not reasonably likely to benefit the debtor’s estate (Kevin Padrick knows this is not a Ponzi scheme and there was not any Embezzlement, but he is trying to use this to drum up claims against innocent third parties.

The fees that have been charged to go after innocent third parties is $111K. By the time everyone figures out there was no Ponzi Scheme or Embezzlement, Kevin Padrick will be $6Million dollars richer and on his way to benefit from someone else’s misfortune. He has only netted the estate $3K, but has charged the estate almost $1Million.

How is this benefitting the creditors? It seems that it is mostly profitable to Kevin Padrick, Obsidian, and Tonkon Torp for providing absolutely no value to the estate)(ii)(II) necessary to the administration of the cased (This if for the Court and/or US Trustees Office to determine)
On 7/2/09, I filed an objection to these fees. To view this objection, go to http://www.Summit1031BKjustice.com/?page_id=1196 .

There is also a taping of Kevin Padrick & Obsidian Finance’s presentation to interested parties and shareholders included on this site at http://www.summit1031bkjustice.com/?page_id=254 . At this presentation Kevin Padrick does not want us to take notes, does not tell us who sent him to the creditors’ committee, and does not tell us how he is going to bring value to the estate. From this presentation, it is difficult to tell what type of professional competence would warrant costing the estate $1 Million in Attorney and Professional Fees."
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Link to Source
http://www.summit1031bkjustice.com/?p=1381
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NAR president on CNBC, 2/11/08 - NAR Lied and The are NOT accountable in ANY way.. no ONE Cares

2009-07-08T13:02:00.000-07:00

Richard Gaylord is Lying in this Video and No one can do anything about it. NAR is Not held to the Higher Standard that they brag they are all about. NAR Should be held accountable for this dispicable Propaganda but they are not. And in fact though they Convinced you to Get deeper into debt, though they have not Quality control over MLS data and do NOT hold Realtor, NAR members accountable for the damage they do for real estate consumers .. well NOW they are advising your Government on What Next, to Save You the Real Estate Consumer, and because NAR is a Billion Dollar Entity - your Government listens to their Advice, Clout, Pressure and Flat Out Lies.

The Video below Should NEVER be Forgotten and Should Never Be forgiven. NAR got you the Real Estate Consumer into this Mess and not enough People are point the Finger at the NAR president and the National Association of Realtors. I saw this stuff first hand and you, the Real Estate Victim (Real Estates Consumer) - you have been Duped ~ and now NAR is "working with Congress" as the New NAR president Charles McMillan prepares for more LIES forced on the Real Estate Consumer to come to YOUR aid when they are the PROBLEM in the First Place.

NAR is lying and where does it End? Big Money and Big Politics will keep NAR forced into your Real Estate Transactions and you can do nothing about it, Seemingly.

Buy - Buy - Buy ... Lies .. Lies.. Lies.. Higher Loan Limits, this is GOOD for BUYERS.. no way, prices were to high, loans were forced and NAR was pushing buyers and they want you to still use a "REALTOR" NAR member to sell your distressed home.

This stuff is Sick and VERY wrong and should never be forgotten. NEVER - Ever Forget the lies told by the National Association of Realtors that took Real Estate Consumers Down.. RealEstateIndustryWhistleblower.com - Crystal L. Cox - Real Estate Consumer Advocate.

If they are having trouble with loans - they can refinance - so another words, false equity, false debt that should not be on the consumer and PUSHED by Liars at NAR.. do NOT believe the Realtors Association and Never Trust them.. EVER..

The Reporter Questions and the LIES just keep rolling.. You were deceived by NAR…. Don’t forget it..

The president of NAR Said, with low interest rate and lots of inventory it is time to buy. How can this guy sleep at night.. Prices are Leveling off he said, What a Clueless Ass. NAR knew, they lied to the real estate consumer made billions from those lies and now they are set to make billions more as you Lose everything and they get their hands in that.. Higher LOAN Limits Save from Foreclosure, those are OUR Statistics from OUR Research Department.. Holy Cow.. NAR is Clueless or Did they really know and simply let you keep lining their pockets til’ the crash was obvious. Hmmm…

30 Years in the Business.. WoW..

He sure has done a lot of Damage.. And NO accountability from NAR to the Real Estate Consumer across the board.

And now the Current NAR President, Charles Mcmillan is working with Congress to get you back into these same types of messes.. NAR is NOT the voice of Real Estate.

NAR Lies and cheats the Consumer in every way imaginable…

Stop Using NAR members and DO NOT forget this Deception.

NAR does not Hold Realtors Accountable for Lying to YOU.

and NO ONE holds the National Association of Realtors accountable for Flat Out Lies such as in this Video. You MUST demand that NAR be Held Accountable for Lying to You. STOP using NAR members, Realtors. Write to all the Politicians you can and tell them how you feel. Talk to the Department of Justice. NAR has more money then any of the Government Entitites that are supposedly set up to protect you. And NAR lobbying and Clout will win to GET their Way so they get Richer... and NAR is Using your Money to Do it. And of course other "Lobby Dollars" , "Political Pull" and "Clout".

Here is the Secret Weapon, IF you the Real Estate Consumer, the Real Estate Victims Speak out about Realtors, NAR and you Stop letting them do this to you, then little by little the EMPIRE, the Cartel will come down and you the Real Estate Consumer will have a chance. For now, their billions are stomping on you daily and you don't even know it.. and odds are your local Realtor does not know either, they just play follow the leader, don't ask questions and Get my Paycheck..

TIME to HOLD the National Association of Realtors Accountable for Bad Advice, Flat Out Lies, not holding their members to a true higher standard, having no Elements in place for quality control and taking advantage of the Real Estate Consumer in ways that change their life for the worse and forever.

When Do Consumers Say NO... to NAR

Take Back your Rights in Real Estate.

Crystal L. Cox
Real Estate Consumer Advocate
Real Estate Whistleblower.

the Great Real Estate Illusion Facilitated By NAR - the National Association of Realtors

2009-07-07T18:19:00.000-07:00

Stay tuned for much more on this blog about the Real Estate Illusion that the National Association of Realtors is bringing to you, along with their Billionair Cronies.

for Now Check out

www.RealEstateIndustryWhistleblower.com