.

$9 mill Greenbriar Judgement Awarded to Westamerica

Petaluma Greenbriar Apartments
Petaluma Greenbriar Apartments
Failed Sonoma Valley Bank bad loans made to Bijian Madjlessi were finally foreclosed upon by Westamerica Bank successor of most of the assets of SVB.  The judgement is said to range near $9 million. 

This is the same project that Sean Cutting made a forbearance to with very unusual terms just days before the bank failed. This agreement tied Westamerica Banks hands and gave Madjlessi considerable wiggle room resulting is costly delays in foreclosure.  

Petaluma Greenbriar is an apartment that was slated for condo conversion that was never completed. 

Details to follow as available. 
sal nero October 31, 2013 at 11:42 AM
It was this project where only days before the Sonoma Valley Bank President traded a forbearance agreement with Madjlessi for an unbelieveable reduction in full repayment of a $9-11 Million loan against those units for about $4 Million in immediate repayment. Now that's a haircut. How did that protect shareholders, including TARP/US TReasury who was also a shareholder? It's called PANIC. Did this borrower had something on this banker to motivate him? Or was he just unbelievably stupid? I tend to believe the former because educated people aren't usually that stupid. Look at that informative cartoon for the developer's modus operandi. Madjlessi would suck people in and when they protest he reminds them that they are screwed if he goes down keeping them on the team until the end. So what leverage did Madjlessi have on Sonoma Valley Bank Officers? We know they got trips and gifts. Was there anything else acting as leverage? Did they do anything else that would tarnish their reputations if it got out? Perhaps on a party trip to Nevada?
Ralph Hutchinson October 31, 2013 at 12:07 PM
A party? Boys weekend away in Sin City? Humm. Could there be more than gifts and investments hanging over these bankers heads? Something they really want to stay secret? Imagine being pimped like a player arriving in a private jet, a marker waiting for you at the High Rollers table. Luxury suites. Hell they probably thought they WERE Robert Redford making the "Indecent Proposal"

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something