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 milion?
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.