Comments on: Boulder, Colorado Offer http://www.summit1031bkjustice.com The Truth on the Summit 1031 Bankruptcy. Sat, 08 Aug 2009 01:35:30 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: Kenyon Neuman http://www.summit1031bkjustice.com/?page_id=674&cpage=1#comment-16 Kenyon Neuman Sun, 02 Aug 2009 20:46:35 +0000 http://www.summit1031bkjustice.com/?page_id=674#comment-16 This is an extremely accurate account of what occurred with the house in Colorado. I have worked as property manager at this residence for over 3 years now. I maintain the property, deal with the renters, and I have recently been making up the shortfall on the mortgage as well as paying the bills. I also pay for any repairs that need to be made on the home. The only inaccuracy I can identify lies in the sentence that says I go to Colorado State. I go to the University of Colorado in Boulder. Not only is Kevin Padrick trying to take my interest in the home, he is ignoring the fact that I have worked hard managing the property and finding responsible tenants every year. I did all this amongst fulfilling my obligations as a full-time student-athlete at the University. Padrick is not only trying to steal from me, he has already stolen from the creditors. He turned down roughly $70,000 in an offer that I found through a friend. My teammates parents, who I had met on 1 occasion prior to this dealing, made a great offer on the home. Since this communication was not made through the realtor, all involved agreed on a total of a 2% commission for the realtor on the sale of the home. The rest of the money saved in realtor's fees was to be deducted from the price of the home since we wouldn't have received that money in a normal sale. This was a very fair agreement and at a certain point I even offered to give up my part of the proceeds so that I could avoid the hassle and fees involved in fighting this in court. I also wanted to help the creditors recover some of what they had lost. Accepting this offer would have brought the creditors around $70,000. I will now fight for my part of the proceeds vigorously in court. That means more legal fees for the creditors. I have an arsenal of proof indicating that I have managed and cared for the home for over 3 years and that I retain sweat equity. After the legal fight, Padrick's commission on the sale, the proceeds due to me, a realtor's commission around 6% instead of 2% and money potentially lost if he doesn't sell the home for at least $530,000, it looks like the creditors will receive far less than $70,000. I wish the creditors knew Kevin Padrick was stealing their money and harassing innocent victims of this bankruptcy. This is an extremely accurate account of what occurred with the house in Colorado. I have worked as property manager at this residence for over 3 years now. I maintain the property, deal with the renters, and I have recently been making up the shortfall on the mortgage as well as paying the bills. I also pay for any repairs that need to be made on the home. The only inaccuracy I can identify lies in the sentence that says I go to Colorado State. I go to the University of Colorado in Boulder.

Not only is Kevin Padrick trying to take my interest in the home, he is ignoring the fact that I have worked hard managing the property and finding responsible tenants every year. I did all this amongst fulfilling my obligations as a full-time student-athlete at the University.

Padrick is not only trying to steal from me, he has already stolen from the creditors. He turned down roughly $70,000 in an offer that I found through a friend. My teammates parents, who I had met on 1 occasion prior to this dealing, made a great offer on the home. Since this communication was not made through the realtor, all involved agreed on a total of a 2% commission for the realtor on the sale of the home. The rest of the money saved in realtor’s fees was to be deducted from the price of the home since we wouldn’t have received that money in a normal sale. This was a very fair agreement and at a certain point I even offered to give up my part of the proceeds so that I could avoid the hassle and fees involved in fighting this in court. I also wanted to help the creditors recover some of what they had lost. Accepting this offer would have brought the creditors around $70,000.

I will now fight for my part of the proceeds vigorously in court. That means more legal fees for the creditors. I have an arsenal of proof indicating that I have managed and cared for the home for over 3 years and that I retain sweat equity. After the legal fight, Padrick’s commission on the sale, the proceeds due to me, a realtor’s commission around 6% instead of 2% and money potentially lost if he doesn’t sell the home for at least $530,000, it looks like the creditors will receive far less than $70,000.

I wish the creditors knew Kevin Padrick was stealing their money and harassing innocent victims of this bankruptcy.

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