Caught with your pants down II
Mr. Knotagin
MEDICI LOANS
On February 15, 2010, Plumas Bank Joe Egan, (brother to Lassen County CAO Richard Egan), ordered an appraisal for the liquidation of the Medici equipment. Coincidentally, this four year old appraisal was used for the approval of the March 24, 2014 $350,000 CDBG loanand the December 8, 2014 Bankruptcy Court.
PLUMAS BANK'S APPRAISAL: $1,452,300
On May 28, 2010, Plumas Bank recorded a $125,000 loan to Medici Logging for the 69 Delwood, Westwood property
(APN: 125-010-2911)
On May 16, 2012, the Redding Bank of Commerce approved a $1,000,000 loan for Medici Logging based on the Plumas Bank (Joe Egan) appraisal of $1,452,300.00 for the Medici equipment.
NOTE: The balance of this defaulted loan is less $134,233
Is the difference a Plumas Bank payoff, $125,000 + interest ?
On April 7, 2014, Lassen County recorded a "Short Form Deed of Trust" against Medici's property as collateral for the $350,000 CDBG loan.
APN: 125-010-2911
69 Delwood, Westwood
But the $1,000,000 loan takes precedent over the Lassen County $350,000 lien.
