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The harder they fall

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Monday, June 01, 2009

Do you like riddles? Try this one: “Why do they need Jon Harder’s $3 million share in order to find $7 million when he’s holding $21 million?”

Maybe it would make more sense if you were getting paid $300 per hour to make sense of it.

The quote comes from an attorney representing one of the 115 lenders attempting to recoup money from Harder, the former CEO of Sunwest Management at the center of the most convoluted bankruptcy proceedings in Oregon history.

Here are a few numbers that hint at the baffling complexity of Harder’s senior housing empire and the mess it has created in the courts. The figures are gleaned from the thousands of pages of legalese that have accumulated in Harder’s personal bankruptcy case, as well as published newspaper reports and SEC documents.

7: Attorneys representing Harder.

115: Lenders trying to squeeze money out of Harder.

300: Oregon-based senior housing LLCs in which Harder holds an interest.

400: Other business entities in which Harder holds an interest.

85: Average age of Sunwest’s 18,000 residents.

$2.75: Daily food budget per resident at three Sunwest properties.

$20,000: Monthly mortgage payments on Harder’s six homes.

12,000: Sunwest employees.

$436 million: Amount invested in Harder properties by individuals and LLCs who face losing their entire investments.

$2 billion: Amount owed to Sunwest’s lenders.

$35,000-$40,000 per hour: The “burn rate” of Harder’s bankruptcy case, as estimated by the judge.

80: Lawsuits naming Harder as a defendant.

$54,000: Harder’s monthly allowance after declaring bankruptcy.

$24 million: Legal and consulting fees billed over one year in Harder’s court battles.

Pitchforks, anyone?



0 #1 President of Land TitlePCWSR. 2010-08-15 10:33:52
You should look in depth in Walla Walla County for in depth wrong doings involving one bank in particular and its V/Pand former manager. The pay-off's for frauduant apprasials and the whole context of triing to hide assets. Every decade it seems that a whole new breed of lawless behaver takes place, almost like they think "THEY'RE THE FIRST TO THINK IF IT, Been in real estate business sinse 1972 and each decade brings out same old story. BIG WHEEL GETS FLAT TIRE!
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0 #2 griebGuest 2012-09-19 03:26:20
Not sure I understand your comment. Yes every decade Ponzi schemes surface. Usually someone is held accountable. Mr Harder has walked off into the sunset with millions of investors money and more millions of Banks money.The brilliance is he used investor cash to get the Banks to buy in. He may not have been the first to do it, But I believe he was the best.Look at Bernie. He's in jail. Harder's still playin golf. The SEC is a joke in Oregon. The courts appionted him 50k a month pay and the FBI only care when the tv cameras are around.
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