"At this time, the company has made the difficult decision to pause all redemptions until further notice. We are actively managing through a liquidity constraint."
"I do not have an estimate that I have confidence in of the expected range of recoveries for the investors in the various funds. He added that his rough estimate was that net recoveries would amount to a fraction of the total capital provided by investors."
"The company was operating with critically minimal cash balances and that its ability to continue operations was at risk."
Pacific Private Money, a Novato-based real estate lending company, has suspended all investor redemptions due to severe liquidity problems. Over 100 investors, including Dennis Xifaras who invested $450,000, are uncertain about recovering their funds. The company's chief operating officer resigned in January, followed by the hiring of restructuring specialist Bill Brinkman, who indicated the company operates with critically minimal cash and faces operational risks. Brinkman estimated net recoveries would amount to only a fraction of total investor capital. Approximately 130 to 140 investors are coordinating complaints with authorities and regulators. The Marin County District Attorney's Office is investigating consumer complaints against the company.
Read at www.marinij.com
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