SECRETS, SECRETS, SECRETS
MEDICI LOGGING IS BANKRUPT
The Lassen County Board of Supervisors approved a $350,000 loan when they knew the Medici's were in financial trouble. This may be in the top ten shadiest deals the Lassen Supervisors accomplished. Kan We Help will follow this closely.
On July 6, 2015, Kan We Help asked
Lassen County CAO Richard Egan for copies of
the Medici Auction results
The 3 pieces of Medici equipment below were confiscated & then sold by Lassen County at Auction
EGAN WILL NOT DISCLOSE ANYTHING ABOUT THIS AUCTION...how much $$$, where did the $$$ go
....maybe the $$$ were given to his secret
"unassigned vendor" or to a secret bank account ??
Federal Bankruptcy Court
Orders Auction on March 31, 2015
on Medici Logging Assets
West Auction, Inc.
Auction Partial List
DEFAULTS ON LASSEN COUNTY $350,000 LOAN
A loan that should never have been approved
Click on the photo below
On March 24, 2014, the Board of Supervisors unanimously approved a $350,000 CDBG loan for Medici Logging when they knew that this company's debt, on March 24, 2014, was obscenely greater than their assets.
In other words, there was a ZERO chance of this loan being paid back
WATCH PYLE'S REACTION at the end with Supervisor Hammond (trading votes? Hammond voted yes for this bad loan because he needed Pyle's vote for Pezzullo's Amedee Parcels)
Medici Logging had an existing loan for $1,000,000 with the Redding Bank of Commerce at the time Lassen County approved the $350,000 CDBG loan.
The Bank of Commerce loan was issued on May 16, 2012. The Bankruptcy documents also show that the collateral Lassen County used was the 22 acres at 69 Delwood, Westwood, CA.
The Lassen County Auditor was told to disperse the loan funds on April 7, 2014 to Medici's trade accounts.
Steve Pezzullo has been Medici's Accountant since 1980.
Pezzullo knew about the $1,000,000 loan.
Pezzullo spoke in favor of approving this loan
NOT PAID by the CDBG loan $$$$
Joe Egan (brother of CAO Richard Egan), had the Medici equipment assessed in 2010.
This established the false value of assets for the Medici loan application
Plumas Bank, 32 Central Avenue, Quincy, CA 95971
After Medici received the valuation of their
22 acre property at 69 Delwood, Westwood CA (APN: 125-010-2911) Medici Logging filed for Bankruptcy in Federal Court. [two of the properties listed, APN 123-090-6511 & 6611 are unimproved lots]
Bank of Commerce is first in line to be paid. Medici Logging has defaulted on their $1,000,000 loan with an outstanding balance of $865,747,67.
Medici Logging defaulted on $350,000 loan (Lassen County Supervisors approved a $350,000 loan to Medici Logging knowing that it could never be repaid).
There will be nothing left for Lassen County taxpayers that footed the bill for this intentional act by the Supervisors.
Lassen County Tax Collector Nancy Cardenas believes Lassen County may be able to, at least, recover the back taxes owed by Medici Logging