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

100 Best Green Workplaces announced

News
Wednesday, May 27, 2015
OBM-100-best-Green-logo-2015-1000pxwBY LINDA BAKER | EDITOR

More than 250 people turned out today for Oregon Business magazine’s seventh annual celebration of the 100 Best Green Companies to Work For in Oregon.


Read more...

Green workplace 2.0

Linda Baker
Thursday, May 28, 2015
IMG 2808BY LINDA BAKER | EDITOR

Reinventing capitalism. Office dumpster divers. Handprints versus carbon footprints. These are some of the ideas panelists and attendees discussed during the second annual Oregon Business “Green Your Workplace” seminar yesterday.


Read more...

An uncertain future

Guest Blog
Thursday, May 21, 2015
norristhumbBY JASON NORRIS | GUEST BLOGGER

Uncertainty is a part of doing business, whether in through the lens of investment opportunities and risks or the business of running an enterprise.


Read more...

Photo Log: The 2015 100 Best Green Workplaces in Oregon

The Latest
Wednesday, May 27, 2015
greenthumbPHOTOS BY JASON E. KAPLAN

Oregon Business celebrated the 100 Best Green Workplaces with an awards luncheon yesterday at the Nines Hotel in downtown Portland.


Read more...

6 development projects reshaping Bend

The Latest
Thursday, April 09, 2015
bendthumbBY JACOB PALMER | DIGITAL NEWS EDITOR

Bend has reclaimed its prerecession title as one of the fastest growing cities in the country.


Read more...

Intrepid reporter checks out ZoomCare rebrand

The Latest
Wednesday, May 27, 2015
dentistthumbPHOTOS BY JASON E. KAPLAN

Like all good journalists, OB editorial staff typically eschew freebies. But health care costs being what they are, digital news editor Jacob Palmer couldn't resist ZoomCare's offer of a three-in-one (cleaning, exam, whitening) dental office visit, guaranteed to take no more than 57 minutes. 


Read more...

5 questions about the FLIR FX

The Latest
Wednesday, April 08, 2015
FLIR-FX-IndoorBY JACOB PALMER | DIGITAL NEWS EDITOR

The Wilsonville-based company is targeting GoPro enthusiasts with its latest release. Is spy gear poised to go mainstream?


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