Andrew Moore - the Bulletin - Bend Bulletin Newspaper out of Bend Oregon.
The Bend Oregon Andrew Moore Headlines Read
"Court documents detail early warnings in alleged Ponzi scheme that ended in one of the largest bankruptcy filings born of the area's real estate collapse"
Ok so here we are at Feb. 15th 2010, and these Red Flag Documents, Emails, or Whatever these mysterious court documents are JUST Surfaced, or did Andrew Moore of the Bend Bulletin Just Find Out about them?
When did these Red Flag Documents actually enter the Summit 1031 Bankruptcy Case as "Evidence" of any Kind ? And what is the benefit to make it look like this is some new factor to the summit 1031 bankruptcy case?
Why this Set of Information at this Time?
What is Kevin Padrick Up to
and why is the Bend Bulletin Playing Along?
This information coming out in this way Right Now.. is not by accident, it is to Create an Illusion... SO I caution YOU to Find out YOUR Truth for yourself, I am NOT asking you to Believe Me, I am asking you to Think - Research and Find a Way to Find out for yourself What the Truth is.
The Words from this Bend Bulletin - Andrew Moore Articleare Below in BLUE, my Words are in Black
******
Three years before Bend's Summit 1031 Exchange filed for bankruptcy, Lane Lyons, then an employee of the now defunct real estate services company, raised a red flag about the business in an e-mail to fellow employee Timothy Larkin.
The Obvious question HERE is 3 Years AGO, Lane Lyons and Timothy Larkin Raised a RED FLAG to each other in Secret, and did not tell authorities, did not leave the Summit 1031 Exchange Company, did not Contact the IRS, and seemingly did NOTHING to HALT the Future Major Loss to Innocent Real Estate Victims???
How much money did Lane Lyons and Timothy Larkin make during this time, who benefited from their money, where is there accountability? Not to mention the Major Moral and Ethical Issue that is Raised with this.
If they are now bankrupt and have NOTHING... well then I guess no one is accountable right? So if there is no Money to Protect, then WHY are these supposed eMails surfacing now?
Who gave this information to the Bend Bulletin?
If these Red Flag Emails were part of the case long ago then What Purpose do they serve to unleash on the Bend Oregon Residents Right Now ????
Why did this Email even Surface? Was it to make Lane Lyons and Timothy Larkin look like they tried to STOP all this? Or to make them look like they are really, really bad because they did not stop it ?
Both Lyons and Larkin would become principals in the company in 2006.
The e-mail, quoted in the bankruptcy trustee's report, indicates Lyons' concern about a company called Inland Capital Corp., which the trustee's report asserts was created by Summit's two original shareholders — Mark Neuman and Brian Stevens — for the express purpose of loaning money from Summit to Inland for the personal gain of the shareholders, their families and friends, primarily through investment in Central Oregon real estate.
Who is Covering Who and Why?
Who is Putting What in Whose Pocket?
What is Going On NOW behind the Scenes of
this MAJOR attack on the Real Estate Consumer?
If this activity was Illegal, where WAS the IRS, DOJ, FBI in the Oversight of this or ANY 1031 Exchange Company? Is there any auditing process of any kind by the Department of Justice, the FBI, the IRS or anyone over the 1031 Exchange Industry?
If NOT then Why NOW, why THIS Company?
Is it to Cover the REAL Corruption in the Oregon Bankruptcy Courts?
Do other Exchange Companies in Montana, Idaho, Oregon or other areas affected by the Summit 1031 Bankruptcy... do these 1031 Exchange Companies do the Same thing?
Is it Illegal? Is it Criminal?
or Is this a Special Criminal Event Staged for Summit to Protect the Real Corruption going on behind the Scenes of this Oregon Bankruptcy ?
In Kevin Padrick 's "Factual Investigation" is he looking into the 1031 Exchange Industry as a Whole or just the Tiny Bubble of Illusion around this one company...
Seriously, the Question is, Is it Illegal to Set up something Like Inland Capital and to Loan Money to who ever you want at whatever interest rate to buy whatever you want, with the money of Real Estate Consumers, aKa Exchangers - now Creditors ?
Because if it is... the Department of Justice, the FBI, and ALL authorities involved had better NOT Discriminate in this Case and they had better look into ALL the other 1031 Exchange Companies to see if this Truly is a "Standard of Practice" among most or ALL 1031 Exchange Companies.
Personally I feel it is wrong for a 1031 Exchange Company to get to use a Real Estate Consumers Money for 6 months INTEREST free to do whatever they like.... and YES part of that USE is quite often Real Estate Investments.. especially at a TIME when that was the Biggest Return...
That Happened in Northwest Montana as Well... with Companies Other then Summit 1031... as a Real Estate Broker - Owner I Know... and I have had many Real Estate Sellers Choose NOT to do a 1031 Exchange because of this... I imagine that it happens in many other states and areas as Well.
So to Defame, Discredit, Harass and point the alleged Criminal Finger of Blame at the Principals of the Summit 1031 Company and their "Family and Friends" and to single them out, is not only immoral and unEthical but it is NOT based in Law, Justice, Fact and TRUTH in any way.
The Biggest BLAME Should be on the IRS -and the IRS should STEP up and PAY the REAL Estate Victims RIGHT NOW for their Oversite and mishandling of the ENTIRE 1031 Exchange Industry...
there is NONE or not enough Regulation over the 1031 Exchange Industry, so to Blame those who owned the company for Doing Business as Usual is NOT right.
the 1031 Exchange Industry NEEDS a Total Make Over.
And Kevin Padrick Should not make Summit 1031 Exchange the Collateral Damage in ALL this, when the ENTIRE 1031 Exchange Industry is The Real Problem. His JOB, after he stole the JOB is the Fastest way for the VICTIMS to get their Money Back, with Interest NOT Loss... one way to do this is Possibly to SUE the IRS for their Part in ALL this.
When Summit filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Portland in December 2008, it reported it was owed $13.7 million from Inland.
“The more I think about Inland funds, the more certain I become that without immediate liquidity in the same amount we use, if any word of it gets out we would be ruined,” Lyons wrote in 2005. “I don't necessarily mean immediate financial ruin, but more importantly, our reputations and integrity. That really bothers me.”
So if this is True, and Lane Lyons, Timothy Larkin REALLY thought this was WRONG, unEthical, Illegal in any way... well then Lane Lyons,Timothy Larkin had a duty, an Obligation to Contact the IRS, the department of Justice and to find OUT years ago ... Right?
I am so perplexed, this Red Flag Email alert in the news RIGHT NOW seems to point out that Lyons and Larkins were conspiring to Keep this all a Secret, and that Financial Ruin was not as important to them as their Reputation or Integrity.
That does not really make sense, had they asked authorities back then - they would have looked to have had High Integrity... is the point of the article to Defame and Discredit Lane Lyons and Timothy Larkin OR to Make you Think they were a Squeaky Wheel all along that were not heard and pointing to Other Possibly Fall Guys in the Summit 1031 Exchange Bankruptcy ??
Lyons, Larkin, Neuman and Stevens have not been charged with any wrongdoing.
But Bankruptcy Court documents show the U.S. Department of Justice issued a grand jury subpoena for Summit's records shortly after Summit's bankruptcy filing. The trustee's report also states Summit is under investigation by the FBI and the Internal Revenue Service.
So the IRS is Now Investigating, are you Kidding?
Who are they investigating.. this One Exchange Company... the IRS is Guilty in all this.. had they watched these companies.. all across the land in ANY way... the Real Estate Consumer would not NOW be LOSING everything.
Now they are supposedly so gallant in joining the Department of Justice to INVESTIGATE this ONE incident because gee, this one did not cover their ass so well and lost big money....
What about the Real Estate Consumer doing 1031 Exchanges Right NOW and at this SAME Legal RISK... is there any INVESTIGATION there... ????
“I disagree with much of the verbiage in the report and many of the conclusions,” Lyons said in an interview Thursday. “I worked very hard to alter and stop Summit's practices then, and I've worked since then to repair and mitigate the damages caused by Summit's failures. I sincerely regret my earlier efforts weren't fully successful.”
Ok so starting to Smell a Rat here... hmmm... What? Did Lane Lyons sincerely make earlier EFFORTS to "alter or stop" all this? Are you Kidding??? Did he Call the IRS, the Department of Justice, the FBI .... did he seek outside counsel... did he QUIT.. did he Stomp his Feet and Demand this Supposed Bad Bahavoir "alter or stop" .... What Efforts did Lane Lyons really do.. as he So gallantly tries to NOW stand in the White Light on All this.
Numerous attempts last week to seek comment from the other principals or their attorneys were unsuccessful.
Attention: Andrew Moore - Bend Bulletin, why in the Hell would they give you a COMMENT when you jumble and twist the facts. If you printed with integrity, knew what you were REALLY talking about and reported the REAL news.. the "other principals" would MOST Likely be Readily Available for your Emailed Statement Request....
The Red Flag email that NOW Defames Lane Lyons, Timothy Larkin - and kind of lays them out to further financial ruin, as their reputation was hanging by a thread and NOW Mr. Andrew Moore and the Bend Bulletin has put Lane Lyons and Timothy Larkin's Reputation to Ruin with a Bend Bulletin Article about the now Infamous Red Flag Email that was either leaked to them by a SOURCE...
or was this Email a Private, Confidential part of an FBI File.. that should not have been leaked... Looks like Lyons and Larkins may have a Very Good Defamation Lawsuit here... Just my Personal Opinion.. Unless Lyons and Larkins are Guilty of all that is Implied in this Andrew Moore - Bend Bulletin Article...
In the wake of Summit's bankruptcy filing, creditors subsequently filed more than $41 million in claims against the company, making it among the largest bankruptcy filings to come out of the collapse of the housing bubble in Central Oregon.
Kevin Padrick, the court-appointed bankruptcy trustee who authored the report, also accuses Summit in the report of operating a Ponzi scheme. The sentiment was echoed by Judge Randall Dunn, the Bankruptcy Court judge overseeing Summit's case, who said the company “arguably ran a Ponzi scheme” in remarks at a hearing in Portland last May.
Was Kevin Padrick of Obsidian Finance Really "Court Appointed" or was he Sussman Shank Appointed, Conflict of Interest Appointed, Old Home Week Favors Owed Appointed?
is Judge Randall Dunn REALLY over seeing all this?
Does Andrew Moore know any of the Actual details of the Summit 1031 Bankruptcy, or is he just doing what he is Told? or Paid to Say?
More than a year after Summit's bankruptcy filing, the case continues to wind its way through Bankruptcy Court. It's also spawned a number of lawsuits, including a $30 million suit against Umpqua Bank brought by Padrick in which he accuses the bank of aiding and abetting Summit in the scheme.
Your Bank Account.
What if the Exchangers Money was in the Bank.
And the bank invested in Currency or Life Insurance ... as they Do with your Money.. it DOES not Sit at your Local Bank.. it is Invested in whatever Investment that Bank Deems is Best ... without your permission and Seemingly with NO Real Oversite. .. if that money is put in a bad investment and you lose everything.. does the banker, the bank owner, the franchise owner go to jail - or really have any TRUE accountability ?? or do they just get a Bail Out.. and Then Be back in business as usual and put in a position to do it to you Again...
You go into your bank ask to withdraw say $60,000 ... do they turn it over so you can buy that Cadillac today, or do they make you wait while they scramble to get the money Liquid.
Banks Loan YOUR money to Themselves to Make MORE money for THEM... Banks invest YOUR MONEY at Will ... on Whatever THEY Want.. is this ILLEGAL..?? it is a "Standard of Practice" and has been since the Beginning of Banks.
Our Economy Right now is a Major Financial Train wreck on Every Level. The System has been bilking consumers for a VERY long time and needs fixed, changed, reformed at every single level.
However, the Summit 1031 Real Estate Victims are still on the Train, and many are struggling due to this Loss... the IRS.. the Dept. Of Justice and other "Authorities" and Supposed Industry Watchdogs WHO could Save them are Letting it Happen.
Their Spokesman... guys like Steven Hedberg of the Dept. of Justice and Kevin Padrick an Oregon bankruptcy attorney... whose Job, in my Opinion is Lining their pockets while YOU suffer in vain...
One More Note Here of a ANOTHER Possibly Lawsuit that SHOULD be "Spawned" out of all this ... If all or Most 1031 Exchange Companies do this Same Standard of Practice, in their daily business in ANY way, if it is shown that OTHER 1031 Companies do the same thing and that Kevin Padrick - the IRS - the FBI - the Department of Justice Know this and have not talked about it or factored it in...
Well One Might Say, in My OPINION that the Summit 1031 Company SHOULD File a Defamation Lawsuit, as yes business went bad - they lost your money - many businesses are going belly up right now - so to RUIN the Individual on False Information and making them some sort of Example when the INDUSTRY is still doing this same kind of BUSINESS as USUALL right now TODAY.. this is WRONG and is Illegal...
If other 1031 Companies have been doing this, and still are and the IRS, FBI and DOJ is ignoring it, well then this Defamation, this Discrimination, this attitude of who can break the laws and who can't based on who you know and NOT fact or Law.. ...
Well this may warrant a Federal RICO Lawsuit against the DOJ, FBI, IRS, the Oregon Bankruptcy Trustee, Obsidian Finance, Tonkon Torp, David Aman, Ewan Rose, Steven Hedberg, Sussman Shank, Perkins Coie, Andrew Moore, the Bend Bulletin, Courtney Sherwood, Jeff Manning, the Oregonian and other Major Law Firms, Newspapers, and Players involved in this major financial fiasco that has made Victims of Everybody on ALL sides ... and it did NOT have to Be that Way.
Source of the Quoted Words in Blue Above
and the Full Valentines Day Article from the Bend Bulletin
Andrew Moore - Bend Bulletin
http://www.bendbulletin.com/apps/pbcs.dll/article?AID=/20100214/NEWS0107/2140419/1001/NEWS01&nav_category=NEWS01
Question: Who Owns the Bend Bulletin, who are the Major advertisers to PLEASE, is there a Newspaper Franchise involved, ..... who is the Puppeteer behind the Bend Bulletin that is laying this Well Orchestrated Plan out to Set Up a Fall Guy?
Well We Will Be Finding all this out for Later Posts...
More on the REAL News of the Summit 1031 Bankruptcy, NOT bought and Paid for.... at www.Summit1031BkJustice.com and at www.ObsidianFinanceSucks.com
Got a Tip - Email me at
Crystal@CrystalCox.com
This Post by
Investigative Reporter (Self Proclaimed)
and Investigative Blogger
Crystal L. Cox
Industry Whistleblower
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