FLASH--Summit 1031 Bankruptcy Petition

Just received a copy. Here is the link. Right-click to download and save.

Couple of notes on first read:
1) It is dated 12/19/08, after the initial 12/15/08 statement.

2) The retainer was $275,000 or $250,000. It's unclear, as one clause says Sussman Shank has received $275,000 before the filing, and another states "...retainer in the sum of $250,000."

3) Of the 20 largest unsecured debts, all from unfinished exchanges, only three are from Oregon: the Tennant's in Portland, $1.035.266.66; Home Valley Bank in Grants Pass, $547,936.88; and the Miller's in Bend, $756,598.82. The other 17 are scattered around the west.

4) A rough tally of the total owed to the top 20 creditors is $21,560,550. The largest creditor is the Alessandro Family Trust, from Rancho Santa Fe, CA, at $2,999,961.

5) The four principals-Neuman, Stevens, Lyon, and Larkin-each own 25% of the company.

The matrix of debtors is not included, so there is a lot more not shown. I'll try to get it from the court.

After I run OCR on the filing I'll update the download with a copy that is searchable.

Many thanks to Ryan Frank at the Oregonian for forwarding this to me. He has a copy and a post about it on his blog as well: blog.oregonlive.com/frontporch/