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Uncovered SLO


Banks on thin ice after risky loans to developer

Written on 17 May, 2008 in Uncovered SLO | 29 comments

By KAREN VELIE and DANIEL BLACKBURN Bank loans which appear inadequately secured made to a well known North County developer -- as well as an accompanying tangled web of loan transfers -- may have created significant problems for some San Luis... (Continue reading)

Public thought being molded with tax dollars

Written on 14 May, 2008 in Uncovered SLO | 4 comments

By DANIEL BLACKBURN If you don’t love the Nacimiento Pipeline now, you soon might. County residents are about to be inundated by the byproduct of a multi-media public relations and marketing campaign designed to make people “change their way of thinking” and... (Continue reading)

Expected cuts to Cuesta not so deep

Written on 14 May, 2008 in Uncovered SLO | One comment

By KAREN VELIE Governor Arnold Schwarzenegger announced earlier today that his revised plan would restore billions of dollars to the state budget, greatly improving previously grim prospects for higher education. Current fiscal year cuts to Cuesta College have diminished from an estimated... (Continue reading)

Hurst, Gearhart drawing battle lines

Written on 12 May, 2008 in Uncovered SLO | 8 comments

By DANIEL BLACKBURN and KAREN VELIE Two prominent North County real estate confederates appear headed for a showdown after one announced today he “will be filing notices of default” on many delinquent loans, including at least several with developer Kelly Gearhart. Hard... (Continue reading)

Hurst’s lending practices under scrutiny

Written on 10 May, 2008 in Uncovered SLO | 20 comments

By KAREN VELIE and DANIEL BLACKBURN Hard money lending schemes and questionable business practices have jeopardized hundreds of millions of dollars of investors’ money and placed several San Luis Obispo financial firms directly in the path of a sweeping probe by... (Continue reading)

Fraud lawsuit filed against Gearhart, Hurst

Written on 6 May, 2008 in Uncovered SLO | 40 comments

By KAREN VELIE and DANIEL BLACKBURN Local investors are alleging they were bilked out of millions by Hurst Financial and developer Kelly Gearhart. David Rios and Murray Powell filed an 11-count lawsuit Tuesday in San Luis Obispo County Superior Court. Allegations include... (Continue reading)

COMMENTARY: Justice, SLO County style

Written on 6 May, 2008 in Uncovered SLO | 2 comments

By KAREN VELIE You know how the SLO County criminal court system is in turmoil right now? That’s because the county Probation Department and administrative offices came up with the brilliant idea of letting everyone use the public defender’s office, with... (Continue reading)

INSIDE EFI: Under The Microscope

Written on 4 May, 2008 in Uncovered SLO | 80 comments

Part 3: The good times are gone (Editors’ note: This is the third and final article in a series examining the high-rolling, multi-million-dollar Paso Robles financial lender, EFI, and its current problems.) By DANIEL BLACKBURN One of the down sides of divorce is... (Continue reading)

INSIDE EFI: The Long Fall

Written on 3 May, 2008 in Uncovered SLO | 15 comments

Part 2: Maybe money does grow on trees By DANIEL BLACKBURN (Editors' note: This is the second in a series examining the high-rolling, multi-million-dollar Paso Robles financial lender, EFI, and the fascinating reasons for its current critical condition.) When Karen Guth angrily ordered... (Continue reading)

CORRECTION

Written on 1 May, 2008 in Uncovered SLO | 2 comments

In an April 29 story about Paso Robles’ Vista del Hombre project, UncoveredSLO.com reported incorrectly that “Hurst has not foreclosed on Vista del Hombre, despite its contractual promise to protect investors if developers are delinquent on their agreements for at... (Continue reading)