Wasting Time & MONEY with Worthless Properties!

Obsidian Finance wastes more of creditors Time & Money!

Kevin Padrick and his company Obsidian Finance along with Tonkon Torp insisted that the Summit principals turn over ALL property to the bankruptcy estate. The Summit principals tried to tell them that there were a number of properties that were upside down and suggested that no creditors’ money should be spent pursuing these properties because they wouldn’t bring value to the estate.

Former CRO, Terry Vance, clearly understood the situation and was creating tranches of property including a worthless tranch.  In fact, a knowledgable realtor could have provided estimated values on the worthless properties for free, and time spent on these could have been completely avoided.  However, Padrick and Obsidian weren’t interested in that. They knew that the more properties they could get in the Summit Accommodators Liquidating Trust, the more time they could spend “researching” those properties with their real estate “expert”, Ewan Rose, which meant more billing hours fiddling around on YOUR DIME!!

Here’s an example of a property the Kevin Padrick, Obsidian Finance, & Tonkon Torp will spend YOUR money on for NO BENEFIT!

The property is located at 17483 Grebe in a development called Oregon Water Wonderland (OWW). It has an old 1979 mobile home on it (worthless). The property is really not worth much after the market collapse. The only thing that has value is the lot. There is debt on the Grebe property of $88k plus interest from the Bank of the Cascades (BOTC). That loan was made August 14, 2006 when the market was healthy!! Now what is it worth? As you can see from the links below, lots are selling from $53k to $66k. One listing below has a pretty nice mobile on it, listed at $65k. One expert that has bought and sold lots in OWW for the past 10 years says that even at the prices below, practically nothing is moving.

BOTC has now sent Kevin Padrick and the Summit principals a demand letter for payment.

My Questions…

1. How much time is Obsidian and Tonkon Torp going to spend on this worthless property?

2. How much time have they already spent on this worthless property?

3. How many more of these worthless properties exist that Obsidian/Tonkon is wasting YOUR TIME AND MONEY ON???

I’m sure they’ll come up with a good reason to investigate this property on YOUR DIME. BOTC used to be Summit’s bank. I’ll bet they knew about the whole “Ponzi scheme” and the “embezzlement”!!! BOTC loaned money to the Summit principals & held deposit accounts for Summit Accommodators, Inc. Why does Padrick decide to sue one bank and not the other? Will there be another bank lawsuit? At the very least, Padrick and Tonkon can blow through more of your money trying to determine whether BOTC played a role in this.  Maybe Padrick and Tonkon will spend more of your cache of money filing a frivilous lawsuit against BOTC? Just throw out the “Ponzi scheme” and “embezzlement” words and the media will run with it. And it will keep those creditors fired up!

If you are a creditor and you want a list of the worthless properties that were known at the time Kevin Padrick took over, please contact me. 

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