Saturday, July 25, 2009

The Summit 1031 Exchange Bankruptcy - what happened after... Kevin Padrick - Obsidian Finance - Summit 1031 Exchange

It makes me so mad in real estate when the system screws the Real Estate Victim, and then when they surface as a victim that has lost everything, then an even bigger system makes sure it stays that way.

Bankruptcy Courts GIVE all your Money to Real Estate / Liquidation Attorneys and at SHOCKING, alarming hourly rates. With the Sunwest Investor bankruptcy the attorneys are said to be getting 90 Million by year 2. Now to me this is a Major Corrupt System that is suppose to be there to protect you in bankruptcy, it is supposedly monitered by the Governement. I see NO industry oversight, accountability or transparence at all. My Blog on this topic is at www.ObsidianFinanceSucks.com

Below is a Video made by Stephanie Studebaker - DeYoung, she is the Daughter of One of Summit Principals in all this and this is her story, in her words as she sees all this happening. We hope to get 150 more stories from Victims, Creditors, Industry Insiders on the Summit 1031 Bankruptcy and what happened after Summit Accomodators filed for bankruptcy... THE End Goal is to Get Real Estate Victims their Money back as soon as Possible.
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Summit 1031 BK Reporting by Stephanie Studebaker-DeYoung

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Stephanie's Blog on all this is at
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