Most likely, but that is the nature of doing business. If you are a business man, you are not wearing a frock.

I believe Clem could have pulled himeself out of this if some creditors did not get nervous.

Oh, and by the way, finally some inteligent comments on this forrum.

My guess is Clem did a lot of cleaning house prior to the bankruptcy filing. I bet he put the bulk of his vast belongings in his children's name. If not a Ponzi scheme he was running it was certainly a shell game with half truths to investors. Before this is over our children's children will be grown & lawyers & bankruptcy trustees' (rememeber Charles Duck?) will have the bulk of the money. It a little like the fox guarding the hen house. No one oversees the bankruptcy judge & bankruptcy trustee. Unsecured investors will be SOL. You can't really judge his worth because you have no idea what his vast properties will sell for & when they will sell.

Good reporting AGAIN Mr. Halverson! The devil is in the details and you are finding them. There was a connection to North Bay Garbage until late last year. Rumor says Ratto and Hunter saw the handwriting on the wall and disengaged from Carinalli as much as possible. Did money change hands? Assets? If you don't want to know, then don't read the article, yeah_uh_huh! This is having a significant impact on residents and businesses in Sonoma county.

Oh and ruthperson, I'm waiting for the word on Mr. Eshoo as well.

Hudson: there is an active Secretary of State filing for Ripp, It out of Healdsburg - two "ps"

This is the scum that all the politicians followed around like dogs waiting to be fed.

quote:

Originally posted by ruthperson:
Keep an Eye on Mr. Eshoo and Pacific Coast Appraisal Service and the shady tones of Sonoma North Investments.

Ok Ruth.... I'm curious who is Me Eshoo?

The active Rip It is "Rip It UP"
which is not the listing on the bankruptcy
filings which are for "RIP IT, INC."

Let me get this straight. Clem was supposed to have a crystal ball to see into the future an economic collapse not seen since the great depression, hold the hands of every investor, and not try to make a profit running his business. Now because the recession has eroded property values, folks think he over inflated values? Values that he, himself didn't even set? Mr. Halverson, please move to Salem, MA if you want a witch hunt.

Two Cents Worth is right. There is a "Ripp It" corporation listing Peter Eric Goldbeck as agent for service of process. I am surprised that the Secretary of State's search engine did not pick that up. I was using the spelling from the post immediately preceding mine which said it would be interesting to know who was behind "Rip It".

Two Cents Worth must be somebody connected with this matter to know that "Ripp It" was spelled with two P's.

I did Google Mr. Goldbeck. Pages of attorney listings for him as a criminal lawyer turned up. I also checked the Sonoma County recorder's index for Mr. Goldbeck here: Link
Why don't you click that link and check these people out?

It all may have been legal, but it may not have been morally sound as far as judgment goes.

I still say those that loaned Carinalli money without doing their due diligence and having no security for their investments are the ones that made the biggest mistake.

Where does the greed begin and end?

I guess the question everyone has is this:
The real estate market went down 30% but
Mr Carinalli's assete went down 60% roughly.

At the top he held assets of $464,000,000.
Now it appears his assets are worth $186,000,000. which is a decline of 60%.

This is like watching a soap opera. Everybody was using everybody else to achieve either fame or fortune or both. The economy bit them all in the ass and now everyone is upset.

I could care less how this pans out but I am having a great time watching the cat fight.

quote:

Originally posted by thibby3:
Let me get this straight. Clem was supposed to have a crystal ball to see into the future an economic collapse not seen since the great depression, hold the hands of every investor, and not try to make a profit running his business. Now because the recession has eroded property values, folks think he over inflated values? Values that he, himself didn't even set? Mr. Halverson, please move to Salem, MA if you want a witch hunt.

Guess you didn't read the article.

It implies YEARS of inflating values by using questionable appraisers or using appraisers that were "in bed" with him...even when values were high he evidently had to pump them up further to keep priming the pump.