Hillside Valley worthless in 2010
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Transcript of Hillside Valley worthless in 2010
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EXHIBIT A
1. Total investment in Hillside Valley as of August 2011, when it was 60 to 70% complete
Investor Amount invested
Investors Savings loan balance1 $15,500,000
David Connolly1 $780,000
Richard Colasuonno (Barese Construction) 1 $184,000
Land cost2 $1,100,000
Hillside Investment Trust3 $8,500,000
Total $26,064,000 1 See 11bk21689 Eastern District PA Doc 13 2 Not included in Investors Savings loan alleged to have been paid off in
2007. 3 Estimate based on $9.1 million less distributions made to investors in 2009.
2. Appraised as is value of Hillside Valley in June 2010 to Nov 2010 is less than its loan value
Appraiser Date As is Value
Dietrick (commissioned by Davis in Davis v. Connolly)1
June 2010 $11,840,000
Ingram (commissioned by Hillside Valley)2
June 2010 $13,000,000
Dietrick (commisioned by Investors Savings)3
Nov 2010 $9,560,000 - $10,157,500
Loan Balance
Aug 2010 $15,080,331 1 See 9cv4629-SRC-MAS Doc 46-17 2 See 9cv4629-SRC-MAS Doc 46-18 3 See 11bk21689 Eastern District PA Doc 27-12