SilverLeaf Financial's Shane Baldwin Dispels Inaccurate Information Regarding Newspaper Article
Online, August 10, 2011 (Newswire.com) - Today the Salt Lake Tribune newspaper published an article in reference to a recent lawsuit filed in a Nevada district court claiming a dispute about misrepresentations made regarding a portfolio of residential notes and foreclosed properties, purchased by a group of buyers in Nevada from SilverLeaf Financial in 2010. In the article it states that SilverLeaf Financial CEO, Shane Baldwin swindled the "investors" out of $1.2 million.
Unfortunately at times inaccurate information is written and dispersed by the media. SliverLeaf 23 LLC was the entity that held sole ownership interest in the portfolio that contained a mixed bag of non-performing residential notes and residential REO properties. SilverLeaf bought the portfolio for $2.5 million from Triad Dominion Equities LLC, in July of 2009. The aggregate unpaid balance of the loans totaled over $28 million. Triad acquired the notes at some point from the originating bank, GMAC Mortgage. The notes were not purchased from the FDIC as stated in the Tribune article.
The "investors" whom the article refers to were never at anytime investors of SilverLeaf Financial, they were a group of buyers who purchased the loan portfolio. The buyers approached SilverLeaf after learning about the company's possession of the residential notes. The buyers were given all the files contained in the portfolio to do a complete underwriting of each of the notes/assets. The buyers did their due diligence, agreed on the purchase price of $1.2 million and bought the portfolio from SilverLeaf 23 in June of 2010. SilverLeaf was willing to sell the portfolio because they were simply not equipped with the servicing staff needed to adequately work through that many notes.
Shane Baldwin, of SilverLeaf Financial said, "SilverLeaf will aggressively defend themselves from these inaccurate allegations." We have bought over $700 million of distressed debt, and when we buy notes, we take on the inherit risk associated with them, with no warranties implied or expressed. It's an investment."
Baldwin went on to state that at no point in time did he or SilverLeaf Financial hide public information about a prior lawsuit or dropped charges with the Utah Attorney General's office as mentioned in today's Tribune article. In fact the charges were well publicized in the Salt Lake Tribune by the same writer who wrote today's article.
Baldwin was not involved with the buyer's negotiations or dealings concerning the residential portfolio at any point in time.
About SilverLeaf Financial
Headquartered in Salt Lake City, Utah, SilverLeaf Financial focuses on acquiring non-performing commercial loans secured by first position trust deeds. These assets are acquired from the FDIC, regional banks, special servicers and other financial institutions for the purpose of future monetization. For more information, visit SilverLeaf Financial's website www.SilverLeaf-Financial.com
