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Small-business bankruptcies rise 81 percent

Written on 21 Dec, 2009 in Daily Briefs | 1 Comment
Small-business bankruptcies rise 81 percent

More grim economic news for the Golden State: The L.A. Times reports that small-business bankruptcies in California are up 81 percent for the 12 months ending Sept. 30, compared with the previous year. That compares to 44 percent for filings... (Continue reading)

Former Estate Financial principal files bankruptcy

Written on 12 Dec, 2009 in Daily Briefs | 1 Comment

Don Vaughn, the former owner of Estate Financial, Inc. (EFI) has filed for bankruptcy, is accused of defrauding investors through his hard money lending company, and is at risk of losing his contractor’s license for failing to pay a civil... (Continue reading)

Investor funds diverted to build go-cart track

Written on 24 Aug, 2009 in Uncovered SLO | 1 Comment
Investor funds diverted to build go-cart track

By KAREN VELIE A North County developer financed a go-cart track at his Templeton home by having the asphalt contractor change the work address so it would be covered by a group of Real Property Lenders’ (RPL) project investors, according to... (Continue reading)

Hertel and Fowler court ordered to appear

Written on 7 Jun, 2009 in Uncovered SLO | 1 Comment

By KAREN VELIE Following an emergency motion, a federal judge ordered R.W Hertel and Sons’ principles Ronald Hertel and Robert Fowler to appear in bankruptcy court or face possible arrest, according to the June 4 order. U.S. Bankruptcy Judge Robin Riblet signed... (Continue reading)

U.S. Marshals seize Hertel and Fowler’s yacht, guns, and ammunition

Written on 1 Jun, 2009 in Uncovered SLO | 1 Comment
U.S. Marshals seize Hertel and Fowler’s yacht, guns, and ammunition

By KAREN VELIE Federal authorities seized bankrupt developers Ronald Hertel and Robert Fowler’s 2005 Bertram yacht including guns and ammunition, and a 1988 Broward yacht under purchase by Hertel earlier this year as part of an ongoing effort to recoup funds... (Continue reading)

Hertel and Fowler caught up in yet another scandal

Written on 5 Mar, 2009 in Uncovered SLO | 4 Comments

By THE EDITORS Securities and Exchange Commission investigators are probing California Assemblywoman Diane Harkey (R-Orange County), her husband Dan, and his hard-money lending company, Point Center Financial, regarding the Harkey’s relationship with R.W. Hertel and Sons. The investigation is said to focus... (Continue reading)

Gearhart files bankruptcy

Written on 12 Feb, 2009 in Uncovered SLO | 2 Comments

By KAREN VELIE Kelly Gearhart, a North County developer with ties to hard money lender Hurst Financial, has filed for Chapter 7 bankruptcy protection in Ohio. Gearhart and his wife, Tamara Lowe, filed the bankruptcy petition on Wednesday, stating $6.5 million in... (Continue reading)

EFI investor prospects dismal

Written on 28 Jan, 2009 in Uncovered SLO | 6 Comments

By KAREN VELIE and DANIEL BLACKBURN Investors in both the Estate Financial Mortgage Fund (EFMF) and Estate Financial Inc (EFI) received gloomy reports from trustees regarding recouping investments through the bankruptcy court. The bad news was contained in a letter sent... (Continue reading)

Divorce allows peek between EFI’s sheets

Written on 16 Aug, 2008 in Uncovered SLO | 20 Comments

By DANIEL BLACKBURN and KAREN VELIE It took an acrimonious divorce and a protracted asset scrap to finally address the big question for investors in Paso Robles’ Estate Financial Inc.: Where did their money go? Now, EFI principal Karen Guth has answered... (Continue reading)

Judge ices EFI fund property sale proceeds

Written on 6 Aug, 2008 in Uncovered SLO | 22 Comments

By KAREN VELIE and DANIEL BLACKBURN A federal judge presiding over Estate Financial Inc. (EFI) bankruptcy hearings declined Tuesday to authorize disbursement of funds from a pending sale of investment property from the troubled lender’s portfolio. U.S. District Court Judge Robin Riblet... (Continue reading)

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