Kevin Padrick of Obsidian Finance Group LLC - Chapter 11 Trustee Summit 1031 Exchange Bankruptcy
Saturday, December 25, 2010
Why Investigative Blogger Crystal L. Cox Says Kevin Padrick, Obsidian Finance LLC is a Liar.
It is also my understanding that Obsidian Finance Group, LLC was retained to review substantial real estate investments and to recommend the best method to realize value of such investments to satisfy outstanding claims. Obsidian Finance Group, LLC is a national financial consulting firm, which specializes in distressed enterprises and assets.
Kevin Padrick, Obsidian Finance Group, LLC,, who is 50% owner of Obsidian Finance Group, LLC, presented to the Summit Shareholders that he had friends with deep pockets who would help fund their short-term liquidity crisis. (Did Kevin Padrick Lie ?_
The Summit Shareholders of course wanted this our short term liquidity crisis Solution, it would benefit all and get them out of hot water. But Of Course Kevin Padrick, Obsidian Finance Group, LLC Flat Out LIED..
Kevin Padrick, Obsidian Finance Group, LLC, did none of these things in this agreement and the press release. Kevin Padrick of Obsidian Finance Group came in immediately and took all of the information then used this privileged information Against their Client and STOLE the Job of the LUCRATIVE position of Chapter 11 Trustee in a 40 Million Dollar Oregon Bankruptcy.. (Hence Liar and Thief)
Who Was Kevin Padrick of Obsidian Finance Group really working for when he illegally, unethically, corruptly got this financial information and used it to make himself TONS of money?
Cash $14 Million
Bond $10 Million
E&O $3 Million
Note Receivable – Steve White $1.2 Million
Property Investments - $11.5 Million
Business Interests - $1 Million
The Initial Amount being handed over voluntarily by the Summit Shareholders was $40.7 Million. Summit only owed $28 Million.
Since the beginning Kevin Padrick of Obsidian Finance Group, and Tonkon Torp have taken interests’ in property from innocent investors, they passed on sales that would’ve brought more money to the bankruptcy estate, either because they weren’t going to get their 15% commission at the time or because they were trying to squash innocent investor’s who were in their way. (Thug and Thief? You Bet)
Kevin Padrick of Obsidian Finance Group also got a settlement of $16.8 Million from the Summit Shareholders, they got an unknown settlement from Umpqua Bank, and just the other day they are suing every attorney Summit ever used. Not to mention that Kevin Padrick of Obsidian Finance Group already collected the Bond of $10 Million, the E&O of $3 Million, the business interest of $1 Million and Several Million in Property Investments.
It would be impossible to get an exact amount of what Kevin Padrick of Obsidian Finance Group and Tonkon Torp has received and disbursed. They have jumbled the books I'll bet, and taken a piece of every dirty deal.. above the law and with no oversight or transparency what so ever.
The Summit Principals also did their own 1031 Exchanges during the past years as they purchased and sold properties. When you do an exchange you have deferred gain that you don’t pay tax on until you sell the property.
They make plugs to the capital accounts of the Summit Shareholders to get rid of the deferred gain upon the sale or disposition of the property. For an example, Kevin Padrick just gave away the Summit Shareholders’ interest in Century Drive Mobile Home Park to another owner named Jim Hull.
Upon Disposition, the trust should have recognized around $600,000 of taxable gain on behalf of the interest owned by Mark Neuman and Brian Stevens.
No such gain was reported on this tax return and the tax of $174,000 (20% to IRS and 9% to Oregon ) was never paid by the liquidating trust.
Why would Kevin Padrick of Obsidian Finance Group pay the tax when no one is monitoring his work?
Kevin Padrick of Obsidian Finance Group would rather keep this MONEY and file more lawsuits to help pad his pockets some more.
There are many more properties with large amounts of deferred gain and related tax liability that are probably not being reported. I, you can file a Whistleblower Lawsuit and get 30% of recovery of what Kevin Padrick of Obsidian Finance Group has frauded the U.S. Government.
The IRS and the Oregon Department of Revenue should really look at this, because it means there is a lot of missing tax dollars to our federal and state governments.
When will be enough money for Kevin Padrick of Obsidian Finance?
Kevin Padrick of Obsidian Finance Group - Thug and Thief will run this score out for as long as he can because he has and can get much, much more money than what is due to the creditors. He will be paying his attorneys, Tonkon Torp for cease and desist orders and lawsuits, while Obsidian Finance Group LLC gets 15% commissions on all sales and Kevin Padrick of Obsidian Finance Group spends oodles of hours working so very hard to pad his own pockets that paying back the creditors will be the very last thing he does.
Crystal L. Cox




