The harder they fall

| Print |  Email
Archives - June 2009
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?

BEN JACKLET
 

Comments   

 
PCWSR.
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!
Quote | Report to administrator
 
 
Guest
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.
Quote | Report to administrator
 

More Articles

The Private 150: From Strength to Strength

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

Revenues in Oregon's private, for profit sector maintained solid growth as the economy continued to rebound.


Read more...

Oregon needs a Grand Bargain energy plan

Linda Baker
Monday, June 22, 2015
0622-gastaxblogthumbBY LINDA BAKER

The Clean Fuels/gas tax trade off will go down in history as another disjointed, on-again off-again approach to city and state lawmaking.


Read more...

Department of Self-Promotion

Linda Baker
Wednesday, June 17, 2015

061715-awards1Oregon Business wins journalism awards.


Read more...

Store Bought

July/August 2015
Friday, July 10, 2015
BY LINDA BAKER

Market of Choice is on a tear. In 2012 the 35-year-old Eugene-based grocery chain opened a central kitchen/distribution center in its hometown. The market opened its third Portland store in the Cedar Mill neighborhood this year; another outpost in Bend broke ground in March. A fourth Portland location is slated for the inner southeast “LOCA” development, a mixed-use project featuring condos and retail. Revenues in 2014 were $175 million, a double-digit increase over 2013. CEO Rick Wright discusses growth, market trends and how he keeps new “foodie” grocery clerks happy.


Read more...

10 Innovators in Rural Health

July/August 2015
Monday, July 13, 2015
BY AMY MILSHTEIN | PHOTOS BY JASON E. KAPLAN

Telemedicine, new partnerships and real estate diversification make health care more accessible in rural Oregon.


Read more...

Flattery with Numbers

July/August 2015
Friday, July 10, 2015
BY JOE CORTRIGHT

The false promise of economic impact statements.


Read more...

Loose Talk

July/August 2015
Friday, July 10, 2015
BY AMY MILSHTEIN

When gossip crosses the line.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS