Latest / San Jose News Today | 2 Min News | The Daily News Now!
Pacific Private Money Files for Bankruptcy | San Jose News
Pacific Private Money, a Novato-based investment firm with 13 affiliated companies, has filed for Chapter 11 bankruptcy amid a flood of lawsuits and federal investigations. With assets and liabilities estimated between $10M and $50M and over 100 listed creditors—possibly as many as 600, including elderly investors—the company’s collapse stems from a failed short-term mortgage business crippled by rising interest rates. Investors are suing for their money, including a $4.6M claim against founder Mark Hanf and COO Nam Phan, while some creditors are cutting losses. The California regulator has…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.