Sponsored by George Fox University
Home Back Issues June 2009 The harder they fall

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

OB Video: Building trade ties with the EU

News
Monday, June 16, 2014
BritEmbCampionBY KIM MOORE | OB RESEARCH EDITOR

The Oregon economy could get a boost from a new trade agreement being negotiated between the U.S. and the European Union.


Read more...

The role of higher education as K-12 underperforms

Contributed Blogs
Friday, May 30, 2014
ThumbChalkboardBY DEBRA RINGOLD | OB GUEST CONTRIBUTOR

Since 1970 the performance of our public education system has steadily deteriorated.


Read more...

Understanding Oregon medical marijuana dispensary tenants

News
Friday, June 13, 2014
061314 thumb grassrentBY CLIFF HOCKLEY | OB GUEST BLOGGER

This article summarizes the key considerations a building owner must keep in mind when thinking about leasing to a medical marijuana dispensary.


Read more...

Risks & rewards of owning triple net investments

Contributed Blogs
Thursday, July 24, 2014
NNNinvestmentBY CLIFF HOCKLEY | OB GUEST CONTRIBUTOR

With the increasing retirements of Baby Boomers, a massive real estate shift has created a significant increase in demand for NNN properties. The result? Increased demand has triggered higher prices and lower yields.


Read more...

The business of running a food cart

News
Thursday, June 05, 2014
OBM1BY HANNAH WALLACE | OB BLOGGER

What does it take to launch and run one of these mobile food businesses?  


Read more...

13 West Coast seafood species now 'sustainable'

News
Tuesday, June 03, 2014

Fishing OrBiz Fishing 0357 ADOBErgbCiting the transition to catch shares management as a key to rebuilding stocks and reducing bycatch, 13 species caught by the West Coast trawl fishery today earned designation from the Marine Stewardship Council (MSC) as sustainable.


Read more...

Oversight? Or gaming the system?

News
Monday, July 14, 2014
AmazonBY VIVIAN MCINERNY | OB BLOGGER

Some people think Amazon’s winking eye logo is starting to look like a hoodwink.


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