State sues to revoke Sunwest license, exclude top executives

Josephina wrote:

<quoted text>
I don't make that much in TWO YEARS! It must be nice!

Well I guess you and most of us are not "blessed" like Jon Harder and crew. I wonder if he is still buying Land Rovers in bulk? I guess now with out his private jets on standby (pilots getting $90.00 an hour) he may actually have to drive one of his many vehicles parked at his many homes, poor Jon.

“They bought it from me and drove it into the ground,” she said of Sunwest.
(Hmmmmmmmm........Interesting)

Please see article:
http://www.journalrecord.com/article.cfm...

Texas firm buys assisted-living center in Tulsa

Although she called the price Covenant paid “quite a bargain,” Hambric said she would not have bought Aberdeen back.
“They bought it from me and drove it into the ground,” she said of Sunwest.
Ridenour said facility decay was a symptom of the problems at Sunwest, which some analysts have suggested grew beyond its management capabilities.
“They did not join trade organizations, participate in regulatory discussions,” said Ridenour.
Their handling of Aberdeen remains a sore spot for Hambric.
“I helped with all the designs of Aberdeen Heights,” she said, recalling how her father, Joe Hamra, built the complex, then turned it over to her to open.“Every inch was my blood, sweat and tears.”

taken from: http://www.journalrecord.com/article.cfm...

this thread is a waste of time, move on folks

they are going down faster than a snowball in hell, they know it too and are just dumping what they they are going to be sold soon and all them big imnportant people that fly all around and try to impress will be in the unemployement line. what a sad day :)

The Covenant Group, a Fort Worth-based senior citizen facilities company, has purchased Aberdeen Heights for $5.7 million and plans massive renovations for the property.

http://www.tulsaworld.com/business/article.as...

what a bunch of nonsense wrote:

this thread is a waste of time, move on folks

If you think this thread is a waste of time, WHY ARE YOU HERE?

This is what Sunwest pitched to its investors not so long ago...investors trusted Sunwest to use their money to enhance Senior Living facilities in need...which in turn betters the faciility for those living there and allows for a productive place for investors keep their money...I hope the seniors win this one this time with a legitimate company buying the facility...please don't mess it up by having Sunwest mangage the property for you...

Josephina wrote:

The Covenant Group, a Fort Worth-based senior citizen facilities company, has purchased Aberdeen Heights for $5.7 million and plans massive renovations for the property.
http://www.tulsaworld.com/business/article.as...

Investor 101 wrote:

This is what Sunwest pitched to its investors not so long ago...investors trusted Sunwest to use their money to enhance Senior Living facilities in need...which in turn betters the faciility for those living there and allows for a productive place for investors keep their money...I hope the seniors win this one this time with a legitimate company buying the facility...please don't mess it up by having Sunwest mangage the property for you...
<quoted text>

Yes, don't trust Corrupt-West to manage any thing!!!!

http://portland.bizjournals.com/portland/stor...

This company seems to be buying up a lot of properties, despite dropping profits. Hope they don't go down that road Sunwest traveled.

No activity here for awhile??? It looks like there are interested parties wanting to buy Sunwest stuff...Anybody know anything concrete that might help investors know what is going on. Sunwest has sent some info stuff in e-mails and the mail, but it is written so intentionally confusing to read(you know Sunwest style) that we basically throw it in the garbage when we receive it...

Brentwood who are you represented by? Mike Esler has done a very good job of keeping me informed.

Settlement with Davis Wright will result in a recovery of $0.04 to $0.05 receovery. Cash early second quarter.

I think the biggest problem is I have not heard anything about the sale to Blackstone. I thought this was the final week of negotiations. If not be go private REIT on the 15th of January.

The issue remains I haven't seen how the company is performing so we can make a decision to sell based on a letter I recieved from a company in New York.

Keep the chatter going.

Thank you for the info...yes keep the chatter alive...

Valencia Investor wrote:

Brentwood who are you represented by? Mike Esler has done a very good job of keeping me informed.
Settlement with Davis Wright will result in a recovery of $0.04 to $0.05 receovery. Cash early second quarter.
I think the biggest problem is I have not heard anything about the sale to Blackstone. I thought this was the final week of negotiations. If not be go private REIT on the 15th of January.
The issue remains I haven't seen how the company is performing so we can make a decision to sell based on a letter I recieved from a company in New York.
Keep the chatter going.

Investor 101

I spoke at length with investor relations today. I was invested in a property that was forclosed prior to the stay. The investment has not been requested for a claim. Nor recognized on the site as a claim br date. Anyway...

The sale to Blackstone will be completed. It is a function of at what price.

Unfortunately, if you have recieved a claim form you recognize a deep hole in the issue. The denominator hasn't been decided. Remember the largest ceditor in Harders bankruptcy was his own entities: Senate, the development arm, etc.

So if a sale is consumated, the actual reciept of CASH may take a year or more...

See the recent $30 million settlement. Lets see when we get cash from that then double to timeline for the company.

We had one property that forclosed, one property that we never really hear anything about and a personal note with Jon Harder himself (yes extremely stupid, we know that now...thank you Wally Gutzler for that wonderful guidance) Valencia... if I've read your e-mail correctly, it's sayting that there is so many unknowns and muddy waters still to get through that it seems a miracle will be declared if a viable check ever arrives in the mail to any investor?? I still hold out that maybe the right person will read the series of these blogs and see that Jon Harder and his conspirators should be taken out of the loop of ANY consideration to receive anything from ANY settlements being negotiated. I would rather see any materialized money burned in a bonfire at this point rather than know that a penny be put into Jon's pocket!! We tried seeking the guidance of "people" who are trained to understand this stuff and who want you to believe they are on your side, but in every turn of this MESS there is just one more swindler that are doing whatever they can to shelter our money from us or find a way to get more $$ from us. We sit...we wait...and once again...we really don't know anything...we should be smart enough to know by now that this is the way Sunwest likes it...let's hope karma is real!!!

Valencia Investor wrote:

Investor 101
I spoke at length with investor relations today. I was invested in a property that was forclosed prior to the stay. The investment has not been requested for a claim. Nor recognized on the site as a claim br date. Anyway...
The sale to Blackstone will be completed. It is a function of at what price.
Unfortunately, if you have recieved a claim form you recognize a deep hole in the issue. The denominator hasn't been decided. Remember the largest ceditor in Harders bankruptcy was his own entities: Senate, the development arm, etc.
So if a sale is consumated, the actual reciept of CASH may take a year or more...
See the recent $30 million settlement. Lets see when we get cash from that then double to timeline for the company.

If you have a holdco or divestco property and recieved a notice about the proceeds. You probably also recieved a letter seeking to purchase your interest. They will give you seven cents on MIMO.

I understand Bill Bryan is holding out against the sale. This is different from an earlier call to sell. I think the reason is that we don't know the amount of claims so how do you know if the deal is valid.
Go to teh SUnwest web site and read the monthly reports. Not how I would present the report. I mean they must have a more detail that is not being disclosed but it does give you some insite as to the momentum of the company.

http://www.forestcitysummit.com/articles/2009...

http://www.globegazette.com/articles/2009/11/...

So now the investors will have to continue to wait and see.........."Pursuant to the agreement of the Commission and Warder, the Court will adjudicate the issue of civil monetary penalties and disgorgement at a later date."

SEC v. Sunwest Management, Inc.
Leagle, Inc.- Washington,DC,USA

http://www.leagle.com/unsecure/page.htm...

SECURITIES AND EXCHANGE COMMISSION v. SUNWEST MANAGEMENT, INC.
SECURITIES AND EXCHANGE COMMISSION, Plaintiff,
v.
SUNWEST MANAGEMENT, INC., CANYON CREEK DEVELOPMENT, INC., CANYON CREEK FINANCIAL, LLC, and JON M. HARDER, Defendants, and
DARRYL E. FISHER, J. WALLACE GUTZLER, KRISTIN HARDER, ENCORE INDEMNITY MANAGEMENT LLC, SENENET LEASING COMPANY, FUSE ADVERTISING, INC., KDA CONSTRUCTION, INC., CLYDE HAMSTREET, and CLYDE A. HAMSTREET & ASSOCIATES, LLC, Relief Defendants.
Case No. 09-CV-6056-HO.
United States District Court, D. Oregon.
December 9, 2009.
Marc J. Fagel (Cal. Bar No. 154425), Mark P. Fickes (Cal. Bar No. 178570), Susan L. Lamarca (Cal. Bar No. 215231), Michael E. Liftik (Cal. Bar No. 232430), Kashya K. Shei (Cal. Bar No. 173125), Sheila E. O'Callaghan (Cal. Bar No. 131032), Attorneys for Plaintiff, Securities and Exchange Commission, San Francisco, California.
FINDINGS OF FACT AND CONCLUSIONS OF LAW IN SUPPORT OF SECURITIES AND EXCHANGE COMMISSION'S MOTION FOR SUMMARY JUDGMENT ON LIABILITY
MICHAEL R. HOGAN, District Judge.
This matter came before the Court on Plaintiff Securities and Exchange Commission's ("Commission") motion for summary judgment pursuant to F.R.C.P. 56(d)(2). The Court has taken judicial notice of the Commission's complaint filed in this matter; the memorandum of points and authorities in support of the Commission's motion for summary judgment, and all evidence submitted with the motion for partial summary judgment; the Receiver's Distribution Plan, and all declarations and exhibits submitted in support thereof, the Court's findings fact and conclusions of law related to the Distribution Plan; and all other submissions, written or oral, at or before the hearing on the instant motion.
GOOD CAUSE appearing, the Court finds:(see above link for entire document) Not enought space to post here.

Thanks, Jospehina.

Yes, we wait.

I think it may be part of the issue of claims. For instance, do employees or companies related or brokers or family members who directly engaged in the operation have a vaild claim.

In many of these cases, their is a claim reduction say 0% of claim for HFG, 75% for brokers, 25% for employees.

It could also be becaue of negotiations continue....

Yes, nightmare.