Security National Properties Funding III LLC, an affiliate of real-estate investment company Security National Master Holding Co., filed for bankruptcy protection from creditors who are owed as much as $500 million.
Security National filed a Chapter 11 case in Wilmington, Delaware, last night along with nine related companies. Security National said it had fewer than 1,000 creditors and fewer than $50 million in assets. The company didn’t provide details about why it filed. Chapter 11 of the U.S. Bankruptcy Code is typically used by companies that plan to keep operating while they reorganize.
“The company intends to work with its creditors to emerge from bankruptcy as quickly as possible while executing a plan of reorganization that preserves the company’s operations,” Security National said in an e-mailed statement.
The company said it owns “approximately” 10 regional shopping centers and 21 multi-tenant office buildings in 15 states. The portfolio has “solid cash flows” Chad Christensen, the Security National’s senior vice president of real estate, said in the statement.
ONE of the many, many subsidiaries in Rob Arkley’s Security National “family” of corporations is seeking Chapter 11 bankruptcy protection, reports the NCJ Blogthing, which posted the press release.
SNPF III does not sit at the top of the Security National pyramid — it’s but one prong in the crowd of Arkley’s corporate entities. Here’s the long list we posted back in May. Click the above image (created by corporationwiki.com) for a visual representation.
Girard was directed to develop options for improving departmental performance, including possible staffing and/or structural changes, and work with County Administrative Officer Phil Smith-Hanes on improving communication and permitting.
Developer groups such as HELP and HumCPR have been gunning for Girard for years. Yesterday’s decision by Humboldt County Supervisors must come as a mighty blow. Expect a blanket of angry newsletters soon.
When the so-called Citizens for a Better Eureka lost their case in Humboldt County Superior Court challenging the Coastal Commission’s say-so over the blighted Balloon Track, they took it to the California 1st District Court of Appeals. There, they lost again.
Now the California Supreme Court has denied a petition for review of the Appellate Court’s decision.
The lawsuit was a factual dud from the get-go, but was heartily supported by Rex Bohn, 1st District Candidate for Humboldt County Supervisor, who took to the podium during a press conference announcing the suit in February 2010.
The North Coast Journal rolled out its annual Best of Humboldt issue today. Pick up a copy to see the winners, near-winners and losers. (Digital copies hit the internetz sometime tonight or tomorrow).
Humboldt County Supervisor Jimmy Smith won the “Best Elected Official” category, with Congressman Mike Thompson and Supervisor Mark Lovelace coming in a close second and third.
But the big revelation is that ousted City Councilman Larry Glass made the list — and he “managed to earn more votes that the city’s three new councilmembers combined,” sayeth the Journal.
Glass got 2% of the vote, (as did Supervisor Virginia Bass). Eureka City Council members Mike Newman and Marian Brady each nabbed .03%.
It is hard to believe there are people (or perhaps just a single person) out there who really believe either one of those fools is the “Best Elected Official” in Humboldt County. There’s a mighty big rock somewhere in Eureka, and the space beneath it appears to be occupied.
In the “Best Blog” category, the Humboldt Herald came in at #2 (quit yer snickering), second only to Hank Sims’ new gig, the Lost Coast Outpost. The Journal said it was a “bittersweet honor to bestow.” This time last year, Sims was the captain of the SS NCJ.
“Despite Rob Arkley’s claims to the contrary, Hank is a journalist,” writes the Journal’s Andrew Goff.
Years after local kazillionair Rob Arkley quit funding his newspaper-like circular, The Eureka Reporter, the ghost of ye olde fish-wrap was flashed before a national audience on Comedy Central’s The Colbert Report Monday night.
In a story about the sorry state of journalism, the Arkley rag was shown as a prime example of defunct newspapers — despite the fact that the ER never actually turned a profit and only existed to promote a rich man’s revenge on the other local daily which failed to adequately promote his extremist right-wing agenda.
A close look at the screen cap shows the ER headline, “Looking for One Good Planner.” Arkley’s attacks on the Humboldt County Planning Department go way back and were indeed a fundamental reason he dabbled in the “news” business.
That aside, the report on the Report is goll durn funny. Watch it here.
Last week, the North Coast Journal ran a list of properties in tax default, and several properties connected to Eureka big cheese Rob Arkley made the list. (For a reminder of the many corporate entities housed at Arkley’s business address, go here.)
The properties in default include those owned by CUE VI LLC, Samoa Dunes I, Sequoia Investments XI, SN Properties Unencumbered, and Ocean View Ranches. The amount owed on these properties, including penalties and fees, totals more than $313,000.
Arkley likes to promote himself as a do-gooder rich guy. But when the community where he lives and does business falls on hard economic times, Arkley fails to fulfill the basic responsibilities of paying his property taxes.