Dr. Gary Karlin Michelson, Found Animals Foundation, Forbes billionaire, 20 Million Minds, Alya

Dr. Gary Karlin Michelson, Found Animals Foundation, Forbes billionaire, 20 Million Minds, Alya
Dr. Gary Karlin Michelson, Found Animals Foundation, Forbes billionaire, 20 Million Minds, Alya

Saturday, September 7, 2013

Gary Michelson claims he was defrauded, Judge disagrees

This one is a really stupid lawsuit. It reminds me of the teak farms. Gary loses no money yet still claims fraud. G. Karlin MICHELSON et al., Plaintiffs and Appellants, v. Bert S. CAMP, Defendant and Respondent.

A man wanted a loan against his property on La Cienega. Gary had it appraised. It appraised at $900K. Gary loaned about $475K on that property and a vacant lot worth $100K. The owner of the property didn't make payments and went bankrupt. The bankruptcy court orders an appraisal. The property is only worth $375K plus $35K for the vacant lot. Someone tells Gary the property is worth $1M. Gary bid $652K at the foreclosure sale. That amount is the amount of the note, foreclosure fees, attorney fees, interests, insurance...

Because Gary Michelson bid $652K on his own, that established legal "market value." Gary Michelson then sold the property for $400K at what he believes to be a loss. "Appellants stated that they had incurred $200,000 in out-of-pocket losses, which they defined to include taxes, insurance, and attorney's and foreclosure fees.   Appellants further contended they were entitled not just to out-of-pocket losses, but to loss of the “benefit of the bargain” measured by the difference between the fair market value of the property and $900,000."

This really sounds like teak farms. Judge ruled that they lost nothing. They cannot sue for "benefit of the bargain."No one forced them to bid $652K at the foreclosure sale. If anyone should have been sued here, it was the appraiser. Even then Gary didn't lose money because of the bad appraisal. He knowingly bid $652K in the foreclosure sale. He didn't have to bid at all as he was the first. He could have bid $475K or $400K or $300K. You don't have to bid the full amount. He should have also done another appraisal and not just taken someone's word for it.


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