Sponsored by Oregon Business

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?



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
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

5 facts about the teaching profession in Oregon

The Latest
Thursday, October 08, 2015

Based on several metrics, Oregon has one of the lowest performing K-12 education systems in the country. Teacher compensation is part of the problem.


Make the business case, governor

Linda Baker
Thursday, November 05, 2015
aoikatebrownthumbBY LINDA BAKER

Gov. Kate Brown delivered the keynote speech at the Associated Oregon Industries annual policy forum yesterday.  Speaking to a Republican-aligned audience of about 100 business and public policy leaders, the governor was out of her comfort zone.


Seven questions about mandatory sick leave

Contributed Blogs
Wednesday, October 28, 2015
102815-contributedthumbBY DIANE BUISMAN

Many employers have questions about what mandatory sick leave means for their company. Take a look at the top 7 questions Oregon employers are asking.



November/December 2015
Wednesday, October 28, 2015

The world's second-largest wind energy project yields costs and benefits for a sheep-farming family in Eastern Oregon.


Hot Topics/Cool Talks: Tinker, Tailor, Portland Maker

The Latest
Friday, November 20, 2015



100 Best Nonprofits: Working for equality inside and out

October 2015
Wednesday, September 30, 2015

Striving for social equity is the mission of many nonprofits, and this year’s 100 Best Nonprofits to Work For in Oregon survey shows employees are most satisfied with their organizations’ fair treatment of differing racial, gender, disability, age and economic groups. But as a national discourse about racial discrimination and equity for low-income groups takes center stage, data show Oregon’s 100 Best Nonprofits to Work For still need to make progress on addressing these issues within their own organizations.


Reader Input: Made in Oregon

November/December 2015
Tuesday, November 03, 2015

Two trends dominate the manufacturing sector: onshoring and the rise of small-scale production manufacturing, known as the "maker economy."

Oregon Business magazinetitle-sponsored-links-02