Sullivan Response - March 12, 2013

The following message is Danny Sullivan's response to Dan Harkey reprinted in its entirety. Only Mr. Sullivan's email address has been redacted for privacy. The Harkey letter can be found by clicking here.

On Mar 12, 2013, at 6:13 PM, Danny Sullivan <{redacted}@yahoo.com> wrote:

Thanks for the email Dan. Next time, just pass on all of the emails for the rest of the investors and I can cc them on everything we discuss. I'm not at all concerned with what I wrote and only you know the truth Dan. You've committed fraud and you obviously are twisting the truth at this point to futher disrupt the due process. What I fail to understand is if we're the ones stalling, why did PCF file BK? 

The fact that other investors failed to sue you exhibits how clueless they are about what you've done. Those of us who are seasoned through the school of hard knocks know better than to turn a blind eye to the corruption that has gone on here. As far as my attorneys losing control of their clients, I do not answer to them. I am my own individual and I wanted to speak my mind to you personally. I'm glad you responded because now I've gotten you to reflect a little bit and you lashing out in defense tells me I'm in your head.  

Apparently you do not recall our conversation that I quoted in my deposition from 2009 regarding liquidating these dwindling assets. Your exact quote at that time was to "put on my big boy pants and make a big boy decision, pony up the cash calls, and hold the property." You also had stated you had people that would buy out my position for 20k - pennies on the dollar in your words  (I had 72k in.) You never performed Dan and I ended up with a whopping 3 cents on the dollar. I don't think there's much more damage you can do than that to investors. That reeks of failure and even the most distressed assets I sell are nowhere near that level of losses. The only losses that were that bad were part of Jay Miller's mess and Estate Financial's fallout, all of which was fraught with corruption and deception. Which means DCP and likely your other loans were filled with.... Inflated appraisals, collusion, corruption, short funded loans, impounds that weren't there as advertised, etc.etc etc. I don't really care if you put me on blast to the world Dan. No one knows me and no one cares. It just looks more and more like you are trying to scramble which means at least now I am getting to you. 

You asked me the other day if the DCP loan was my only concern. Are you admitting you screwed up then? I have no interest in any other loans and I did not invest in other loans, so why should I be concerned with other loans? I am too busy trying to make up for the losses I've incurred so I can't spend my life chasing you down and researching every wrong move you made. What I do know is that I lost my ass on this deal and PCF did not heed any warnings that I had expressed early on. Ultimately, it took years to finally foreclose and then you guys gave yourselves a 150% raise upon taking back the property as an REO. After a few years of bobbling the property and managing dirt, you finally sold it at the rock bottom of the market for a paltry 4 million when the original appraisal reflected 72M in value. That's a pretty big disparity in my opinion, one which you cannot blame on the market. 

I'm not trying to start a pissing match with you. We obviously disagree and that's fine by me. I'll let the attorneys and the court handle it at this point and you can go back to whatever you were doing as well. In the meantime, consider for just a second how many lives you've affected. If you have no soul then it won't affect you. In hindsight, I take back what I said. I won't smile when you die and that was wrong to say. I forgive you for you were lured by greed and self preservation. I hope someday you concede that you made a wrong decision and ask your maker for forgiveness.

Danny Sullivan