The Rich Get Richer

I need to vent.

Remember Len Epstein and Phil Tagami?

No?  They’re the guys who got a primo piece of property from Walter in exchange for $10.00.  The property was valued at $13,000,000.  That’s $13 million.

This post might jog your memory:

Austin Val Verde

Turns out Tagami is behind the blight you see while driving across the Bay Bridge.  And he’s making MILLIONS doing so.

http://www.sfchronicle.com/bayarea/article/Giant-Bay-Bridge-billboards-light-up-debate-in-5329284.php?t=de8c86e56a3c100abe#/0 

Thanks Walter.  Thanks for taking all of our money.  And thanks for making sure that the ultra-wealthy, people like Epstein and Phil Tagami, could have some of our money.

Thank you for listening.  I wish I felt better, but I don’t.

Do you?

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5 thoughts on “The Rich Get Richer

  1. John
    Are you really this clueless or do you have some personal vendetta against them?
    They paid $13,000,000 for a $13,000,000 loan this is a fact. If Bar K sold every loan they had for a hundred cents on the dollar – there wouldn’t be a loss. What you are referring to in your posting is the nominal consideration that one is legally obligated to put in any contract to make it binding. Not only is the $13,000,000 sale of the loan public but the borrower then 3 months later defaulted and went bankrupt, so Tagami and his group got screwed just like the rest of the investors as Bar-k sold them a loan at 100 cents on the dollar that in the end the property was auctioned off leaving them with a huge loss. If you are going to post at least get your facts correct. As a side note, Tagami has a long and lustrous history of helping Oakland and has been honored by the City and the State on numerous occasions for his civic contributions in addition to the many non-profits that he has vigorously supported. The real issue here is making sure that the remaining loans are sold for their maximum value now that the real estate market is coming back..

  2. Say, Northern California Investor.

    You’re obviously a Tagami fan, but instead of telling us what a great guy he is, why not tell us how he and his partner, Len Epstein, were able to get their money back from the Ngs and Horwitz AFTER other investors were denied the return of ours. They not only got cash but huge land titles, titles which were supposed to secure the investments of ALL of us, not just Tagami and Epstein.

    So their investment failed. So what? At least they had something tangible returned to them. The fact that it failed was a foregone conclusion. Everything Barney and company valued was a joke. The point is, Tagami and Epstein got part of the goldmine and the majority of the rest of us got the shaft!

    Tell us how Tagami and Epstein hosted the VERY LAVISH wedding of Jerry Brown and how Brown, later ‘serving’ as Attorney General of California, flatly refused to investigate Bar-K after a number of investor complaints were filed with his office. I remember his response. Do you? ‘The complaints have no merit.’ Well, several years after Brown refused to protect us (that was his job, remember?) from “the biggest securities fraud in the history of California”, other government officials have followed suit and dragged their heels so much that the Ngs and Horwitz have escaped any chance of criminal prosecution for their crimes and we continue to get the shaft.

    Don’t tell us how much money Tagamie and Epstein lost. Tell us about the political influences that were put into play by the powerful and grateful Tagami to help protect his friends at Bar-K.

    Tagami and Epstein still have tons of money AND they got their investments in Bar-K / RE loans returned to them. They’re still in business. They didn’t lose EVERYTHING. Hundreds and hundreds of us, those who don’t have the political clout to derail an investigation such as Jerry Brown should have conducted years ago, did.

  3. I’m not so sure about the accuracy of Northern California Investor’s tale of woe for Tagami and Epstein. The Santa Barbara Independent ran this story in 2010:
    Life and Times of Val Verde
    From Glamour to Gloom
    Thursday, July 15, 2010
    by BARNEY BRANTINGHAM (CONTACT)

    RED SQUARE AND GREENBACKS: Sergey Grishin, the billionaire Russian banker, is being sued in Santa Barbara Superior Court over the late Warren Austin’s historic Val Verde estate — yet another chapter in the property’s bumpy ride.
    Grishin, who bought the 17-acre Montecito property out of bankruptcy last year for $15.3 million, is being sued by the bankruptcy trustees, who claim that Grishin reneged on an agreement to buy the estate’s furnishings for an additional $450,000. Trustees say they ended up auctioning the paintings, antiques, and other valuable items for only $200,000 last January.
    Meanwhile, questions are being raised about financial dealings by the nonprofit Val Verde Foundation, which took over after Austin died in 1999, and which declared bankruptcy last year after falling $1.4 million behind in payments on its $13-million loan. The bankruptcy case remains open while trustees look into issues.
    One question posed by critics is, where did the money go?
    According to county records, Grishin recently sold Val Verde to neighbor Peter Muller, a Morgan Stanley money man, for $14.8 million. According to Steve Cushman, Santa Barbara Chamber of Commerce president, although the price was less than what he bought it for, Grishin retained part of the property adjacent to his own home.

    I doubt if Len and Phil really took a huge loss if the property was sold out of bankruptcy for $2.3 million more than they paid for it.

    • Where is the CA attorney general in all of this? Is the SEC still involved?
      The FBI? I’d really like to know the status of any lawsuits and any remaining assets.

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