The bankruptcy laws are broken

THE BANKRUPTCY LAWS ARE BROKEN!!

By Stephanie Studebaker-DeYoung

July 23, 2009

THERE IS MUCH MORE YOU SHOULD KNOW ABOUT WHO IS IN CONTROL OF YOUR MONEY AND WHAT THEY ARE DOING WITH IT SO GO TO ALL THE INFORMATION SITES OUT THERE. SIMPLY GOOGLE "KEVIN PADRICK" OR "OBSIDIAN FINANCE" TO FIND OUT WHO IS GOING TO MAKE MONEY OFF THIS DEAL, WHILE SUMMIT 1031 EXCHANGERS GET DUPED TOO.

FIRST KEVIN PADRICK & OBSIDIAN FINANCE DUPED THE SUMMIT PRINCIPALS (Summit Principals contracted with Obsidian Finance to assist them in their restructuring efforts, BUT instead they assisted them in throwing them off a cliff)

SECOND KEVIN PADRICK & OBSIDIAN FINANCE DUPED TERRY VANCE CRO - While Terry was actually working to save your money, Padrick & Obsidian Finance somehow convinced Judge Dunn; the US Trustee - Robert Miller, Pamela Griffith, & Vivienne Popperl; the Creditors' Committee's legal counsel - Perkins Coie; and even Summit 1031's own bankruptcy attorney, Sussman Shank, to vote Padrick in and Vance out. The whole Attorney Fraternity joined Padrick in his GAME - which is your MONEY!!!

Go to my blog to see what other ventures Kevin Padrick has had in his career where he, ONE MAN, made a boatload of money off of 100's of people:

ANOTHER BIG QUESTION- Why did Sussman Shank rollover and vote Padrick & Obsidian in when they were the one's who counseled Summit Principals to hire Terry Vance as CRO? Can't tell you, but I did hear that Susan Ford, their lead attorney, was out of town when their minds changed. Who was driving the ship when Susan Ford was gone and why did they jump into Padrick's ship?

THERE ARE SO MANY BIG QUESTIONS- Why did Perkins Coie let a Summary Judgment go through that has absolutely NO TEETH for the creditors' committee - their own clients? You tell me. Seems like the attorney's are making a BOATLOAD, $2 Million already, for absolutely no protection of their OWN CLIENTS rights.

How did I get involved in this?

First Reason - My Dad (Mark Neuman), Brian Stevens, Lane Lyons, & Tim Larkin are good men that were following the regulations set forth for their business and now they lost everything.

My dad worked very hard for many years, helped everyone in the Bend Community, and cares very deeply about others and their well-being was being looked at like a criminal for following the rules and regulations of 1031 exchange companies. Everyone was happy when Summit 1031 helped them save taxes. Now he is being looked at like a criminal - well he has done nothing like Kevin Padrick. He never intended to not have your money available.

Brian Stevens & my dad put their personal real estate up as security for Inland, just to put their partners, Tim Larkin & Lane Lyons, at ease. The bulk of the Inland loans were in various real estate investments related to Mark & Brian. So they both put did $5 million trust deeds and secured it with almost all of their property (none of which had Inland debt- at least not the property dad had).The FBI was chasing the $10 million for a couple months. They, of course, found the trust deeds and immediately concluded that the $10 million was in a Swiss bank account. Not sure what you think, but why would someone record a trust deed to steal money and send it to a Swiss bank account?? Soooooo.......

Second Reason - There are 106 Innocent Parties who are also suffering from the Bend economic crash, but now have to deal with someone who wants to bully them, force them to use their cash (Summit 1031 Exchanger assets) to protect the investments for being taken by Obsidian and from going into foreclosure (LOSING Summit 1031 Exchanger value).

The following is my list of what I call "list of atrocities" which include all of the things these highly compensated professionals are charging Summit 1031 Exchangers $112K to do with no value for the Summit 1031 Exchangers. For more detail go to my site:

http://www.summit1031bkjustice.com

Obsidian Finance seized another bank account Monday! Obsidian Finance sends letters to Renters for them to send their rent checks to them, while the 106 Innocent Parties are having to pay the debt service payments and operational expenses. Well, guess what, they won't be able to keep up for long, forcing the properties into foreclosure. Then my guess is that Padrick's friends (if that is what you call them) will buy these properties at discounted prices from the banks. Later to end up with the Windfall when the economy comes back!

Well these 106 Innocent Parties put their hard earned money into these investments, they take care of them, and they pay the bills. I see this as Legal Extortion, but according to Judge Dunn these properties are not in his Jurisdiction even though his court allowed for the transfer of the Summit Principal's interests to be transferred to Kevin Padrick. Doesn't Judge Dunn know Kevin Padrick's track record or has he been duped too?

Third Reason - I got the notice on the Attorney & Professional fees in this case and was dumbfounded. I decided to go through Obsidian Finance, Kevin Padrick, and Tonkon Torp's fee applications and I found a ton of OVER BILLING for NO VALUE. Supposedly the Court is supposed to monitor this, but so far I haven't seen the court monitor anything on this case. It is my opinion that the Court has put your Money and Value in jeopardy and is not doing their job to protect it. There are 100 Summit 1031 Exchangers losing their money!!!

Why is it that Summit 1031 exchangers are footing the $2 Million Dollars of Attorney Billings when my opinion is that none of these "professionals" are watching out for their best interest? They tell me that the Court (Judge Dunn), the US Trustee (Robert Miller, Pamela Griffith, Vivienne Popperl), and the bankruptcy or liquidating trustee (Kevin Padrick) that they are supposed to act in the HIGHEST FIDUCIARY DUTY, which means...

A fiduciary duty is a legal most commonly a fiduciary or trustee and beneficiary. One party holds a fiduciary relation or acts in a fiduciary capacity to another, such as one whose funds are entrusted to it for investment. In a fiduciary relation one person justifiably reposes confidence, good faith, reliance and trust in another whose aid, advice or protection is sought in some matter. In such a relation good conscience requires one to act at all times for the sole benefit and interests of another, with loyalty to those interests.

A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.

A fiduciary duty is the highest standard of care at either equity or law. A fiduciary is expected to be extremely loyal to the person to whom he owes the duty (the Summit 1031 Exchangers): he must not put his personal interests before the duty, and must not profit from his position as a fiduciary, unless the (Summit 1031 Exchangers) consents.

In English common law the fiduciary relation is arguably the most important concept within the portion of the legal system known as equity. In the United Kingdom, the Judicature Acts merged the courts of equity (historically based in England's Court of Chancery) with the courts of common law, and as a result the concept of fiduciary duty also became usable in common law courts.

When a fiduciary duty is imposed, equity requires a stricter standard of behavior than the comparable tortious duty of care at common law. It is said the fiduciary has a duty not to be in a situation where personal interests and fiduciary duty conflict, a duty not to be in a situation where his fiduciary duty conflicts with another fiduciary duty, and a duty not to profit from his fiduciary position without express knowledge and consent. A fiduciary cannot have a conflict of interest. It has been said that fiduciaries must conduct themselves "at a level higher than that trodden by the crowd"[2] and that "[t]he distinguishing or overriding duty of a fiduciary is the obligation of undivided loyalty."[3]

I am just not seeing how this Court, the US Trustee's Office, Kevin Padrick are at all maintaining their FIDUCIARY DUTY to the SUMMIT 1031 EXCHANGERS. Do you see it?? BUT MOST IMPORTANTLY - DID YOU APPROVE IT?

My "list of atrocities" alone should show that Kevin Padrick and Obsidian Finance are not acting with a "stricter standard of behavior than the comparable tortious duty of care at common law". WHY ISN'T HE ACCOUNTABLE TO THIS SO CALLED FIDUCIARY DUTY?

Why is Kevin Padrick and his Attorney Fraternity stand to make a 10% success fee based on claims racked up?

Why is Kevin Padrick's company, Obsidian Finance, going to make 15% off the sales of property? A normal trustee usually only makes 1%.

I see a ton of profit making for Kevin Padrick and Obsidian Finance - DON'T YOU???

SOMETHING IS SERIOUSLY WRONG WITH OUR BANKRUPTCY LAWS AND THE INSTITUTION AND EVERYONE IS PAYING THE PRICE!!!

The entire country is lining up at the bankruptcy courts. Our countries citizens are losing everything because of this of our economic condition and NOBODY is helping them. I see the suffering everyday as clients visit with their financial heartaches asking me "What do I do to SURVIVE this?" Then you compound the situation with a nightmare bankruptcy case like Summit 1031 where 100 Summit 1031 Exchangers, 106 Innocent Parties, and 4 Summit Principals loose everything to the Attorney Fraternity because our laws are broken???? 210 People SUFFERING while Kevin Padrick and Co. play their GAME!!! It just pisses me off to see so much suffering and ABSOLUTELY NO PROTECTION FOR THE PEOPLE.

I don't see how these BROKEN LAWS will help our country through this economic crises. President OBAMA - LOOK AT THIS PLEASE!!! If thes BROKEN LAWS don't get fixed, you will end up with a few rich attorneys spending the money frivilously (is my guess), while hard working people lose everything and aren't able to contribute to the economy in the GOOD ways they once were able to. President OBAMA - Pay attention - You ask us to all put forth the effort to help our country - Well I think I am doing my share, but I am a nobody with too many hats!

BEFORE SUMMIT 1031 BANKRUPTCY MY HATS WERE: MOM, WIFE, DAUGHTER, CPA, BUSINESS OWNER, AND REAL ESTATE INVESTOR.

AFTER SUMMIT 1031 BANKRUPTCY I HAVE TAKEN THESE HATS ON: "ACTING LAWYER - YUCK!", VOICE FOR THE HARMED, WHISTLEBLOWER, BLOGGER, REPORTER.

I HATE ALL THESE HATS - I would much rather not be doing this. I would much rather enjoy time off and be with my kids and husband. Instead, they watch me everyday fight this fight! They ask me why. I tell them because TOO MANY ARE SUFFERING for ONE MAN'S GAIN!!!

FOR MORE DETAILS GO TO MY SITE AT:

http://www.summit1031bkjustice.com

FOR MORE INFORMATIVE REPORTING GO TO THESE SITES:

http://www.realestatecomplaint.com/

http://www.realestatehoax.com/

http://www.realestatenark.com/

http://www.realestatejury.com/

http://www.trialbyblog.com/

http://www.obsidiansucks.com/

10:49 AM