THIS GUY IS TRASH. I am happy that he is going down in flames and will end up in PRISON. Today is a great day, got rid of our crappy city manager and now this guy! Got to love it huh?
Originally posted by savegus: I keep saying it, but i'll say it again in every Clem article.
The real story still, is what is today's value of all his assets, not future value, who the creditors are, whats the pecking order, etc... Yall' are watching a simple problem with a ten minute answer get drawn out for years. You will continue to see economic balance sheets get turned into emotions instead of facts causing decisions to be delayed in the facilities our tax money pays for. The lawyers have sank their teeth into a chunk of money that's going to pay for their great grand kids college education. They are happily feeding off the disillusionment of the creditors and public for as long as they can, once you or the creditors begin to feel illuminated from the disclosure of the real value of his assets, the lawyers living off this crash are going to have control and all you owed unsecured money will be begging the courts for just a fraction of what was lent which will take years to get. For you creditors who are pragmatic and eternally optimistic that's cool and all, but eventually reality won't agree and sometimes dreams don't always come true and the idea ride finds away to get blindsidely t-boned. The sooner you creditors band together and seize those assets, the less you will lose to the lawyers and in the long run.
Don't forget to add that 10k Rolex on his wrist to the asset column of the balance sheet. This one Link,
Now that the illumination of Clems character has begun, It will continue to unfold and in the end everyone still loses but the lawyers. 8.5 million? I wonder how long the lawyers will be feeding before the investors confront the illusion of the current assessed values and realize the true reality of the situation and start remembering factual fundamentals rather than ideology. Investors, the sooner you get real economic facts, the less you will lose to the lawyers, bankruptcy courts function better when you understand the disillusionment rather than live in it. The faster this happens the less money you will lose.
Now that we have begun to be illuminated, by the inherit nature of this debacle, we are closer to assessing a problem that resembles its true form. Don't forget this story will only continue to get deeper, until an exact detailed account of his transactions are exposed. Clem has shown himself to be a man of questionable ethics, it's easy to see if you just take an examination of that lake property with the trash, and the mismanagement of ecology credits in SW Santa Rosa, and bias appraisals. A man capable of those things alone, has other skeletons in the closet. Frankly I wouldn't be surprised if the next thing to be uncovered was selling of land he did own back and forth to himself, to inflate the values of his properties. And the properties he did develop and sell to the people who came to him to make an honest buck or buy a home were cheated out of a fair price because of a inflated manipulated price. Next thing, 15k in jewelry??? There is not a man alive with a 400 million dollar ego, with that little amount of jewelry, give me a break. Continuing to steal from the investors, trying to horde as much wealth that isn't yours during a bankruptcy process by hiding assets? All in the faces of investors and citizens who suffered due to Clems hand in the middle of it all, millions were lost because of his inability to manage greed within the fringe lines of ethical practices in the American Business model, sound about right, aayyyy Clem???
Is investing one's employees'401k funds in an etherized make-believe real estate bubble to be considered making an honest buck? It would have crashed eventually, no? It's all done with mirrors. It's all less than honest. May as well just go up to River Rock.
"Carinalli said in a brief interview, “I don’t believe I’ve created any fraud or done anything wrong.” Hey if he doesn't believe it then its not true, right liberals? Right?
Nice work, PD. As I wrote before his financial statements will be the true key to the character of Mr. Carinalli. Please note on the bankruptcy filings there are about 13 or 14 deals with Rip It. Inc. The name Soderling does not appear in the filings. It might be interesting to find out exactly who else is involved in Rip It, Inc.
I just looked on the Secretary of State's website for Rip It, Inc. It does not appear that this corporation ever existed. There are four variations of the name "Rip It". The Secretary of State lists these as follows: 1)Rip It Up Inc. suspended in 1988, 2) Rip It Up Computer Technologies, "merged out" in 1992 3)Rip It Corporation, forfeited in 1996, and 4) Rip It Sales Company, Inc., suspended in 1979.
All corporations doing business in the State of California, regardless of the jurisdiction under which they are formed, are required to register with the Secretary of State. This information is available to anyone online without charge. Here is the link to the Secretary of State as it appears on the address bar of my browser: Link
As no "Rip It" corporation has been eligible to do business in California since 1996, it would appear that this investment is a complete fraud. I am amazed that these investors did not check with the Secretary of State's office.
I still don't believe Carinalli is a crook. If you own a store, do you ask each customer how and where their money came from before you accept their transaction? Do you ask to see the "gold" backing that dollar?
The biggest mistake Clem made, was having too much debt ratio to start with.
A little greed, sure. But Clem sure helped a lot of locals. Who will stand for the guy who stood for them?
The PD reported a few years ago that Mr. Carinalli was one of three owners of North Bay Corporation (garbage) which just got a 20 year contract with Sonoma County. I don't see any mention anywhere of this asset on his bankruptcy filings, perhaps I missed it.
Originally posted by Pkypta: I still don't believe Carinalli is a crook. If you own a store, do you ask each customer how and where their money came from before you accept their transaction? Do you ask to see the "gold" backing that dollar?
The biggest mistake Clem made, was having too much debt ratio to start with.
A little greed, sure. But Clem sure helped a lot of locals. Who will stand for the guy who stood for them?
I doubt that he helped anybody where it did not benefit him. If not monetarily then politically. I suspect that every dollar he ever parted with was on a mission to reproduce.
Good article. As someone working the RE and mtg businesses I've observed this kind of 'good-ole-boy' stuff since I moved here over 25 years ago. It's just too bad that a severe economic downturn which is hurting so many honest investors is required to shine light on what has always been standard practice in SoCo.
I am however still surprised by the criminality being exposed. 'Good-ole-boy' relationships are one thing, out right fraud is another.
Deals with Soderling were shocking, and Nicole Griffith was shunned by most mortgage people years ago. Yet Carinalli still worked with them. Amazing.
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