His crook brother Tony Namvar should have been jail too...why he is free?
Call Tony NamvarTelephone: 310-550-5555 ext. 505 Email: tony@pentaco.com
News
LA EventsTop PicksSubmit an EventEvents NewsletterGet MobileEntertainment AdsTicketsArtopiaTacolandiaLA Weekly Pancake Breakfast
LA MusicMusic BlogHenry RollinsConcert CalendarLA NightlifeSubmit an EventMusic NewsletterGet MobileMusic Ads
LA RestaurantsFood BlogFind a RestaurantMenusHappy HoursDealsDining NewsletterGet MobileRestaurant Ads
Ezri Namvar Is the New Bernie Madoff and the Most Reviled Man in Town
(And he speaks for the first time)
In the quiet of a Beverly Hills synagogue, a man shouts in Farsi. Something about a bankruptcy that never should have happened.
Ezri Namvar under house arrest at his Brentwood home
Nessah Synagogue in Beverly Hills
George Haroonian at his rug business in the Helms Bakery building
Fariborz David Diaan at his office in Century City
As a security guard escorts him out, he switches to English: "I have not done anything," he says, suddenly calm. "This is a free country. Tell the rabbi to come."
From the pulpit, a group of attorneys has been trying for an hour to placate a crowd of people angry over the bankruptcy. Each person in the pews has lost a lot of money — perhaps everything they have — and many are beyond calming.
"When I came to this country, I had a lot of respect for the government," a man shouts. "My respect is zero now. It is no different than Iran or Iraq!"
A woman cries out: "Nobody can take their money back from the gangster!"
The gangster in question is Ezri Namvar — better known as the "Bernie Madoff of Beverly Hills." When he was forced into bankruptcy three years ago, he left a trail of ruin and more than $1 billion in claims.
Namvar had built his business on the tight-knit relationships within the Persian Jewish community, and his collapse shattered that trust. With Namvar's affairs in shambles, his creditors have turned on each other — and even on their rabbis. By failing to condemn Namvar in the strongest terms, many say the rabbis have been complicit.
Until Namvar was forced out in disgrace, he served on the board of directors of the Nessah Synagogue. Outside the sanctuary, there is a plaque on the wall: "The dedication of the Hakham Yedidia Shofet Sanctuary was possible by the donation of [the] Namvar Family."
The recent meeting at the synagogue was intended to update creditors on the progress of the unwinding of the Namvar estate. There has been little progress. They want to know why.
One of the attorneys, Skip Koenig, tried to answer: "People have asked, 'GM got resolved in 30 days. Why is this taking two years?'
"The answer is: It's a lot more complicated than GM."
A few miles to the west, in the hills of Brentwood, Namvar is under house arrest. He's living in an $8 million mansion while he awaits sentencing for wire fraud. The mansion has been foreclosed and the bank is trying to evict him. There is a dispute over the water bill, and the lawn has turned to weeds.
Namvar is allowed to attend Saturday services at a Chabad temple near his house. He also can go to his lawyer's office, as well as see his doctor and his therapist. Otherwise, he must stay at home.
Speaking publicly for the first time, he gave his side of the story to L.A. Weekly:
"We got into trouble like everybody else — Lehman Brothers, Fannie Mae, everybody," Namvar says. "We would have paid everybody off if it wasn't for the bankruptcy."
He says his credit cards have been cut off. His situation is so dire that he relies on his brothers to buy him groceries. He used to have a $230,000 Mercedes. Now he drives his mother's Prius.
Standing on the front doorstep, he pulls up his pant leg to reveal his ankle monitor. It's made of hard, black plastic. He sleeps with it. He showers with it. The only thing he can't do is go into the pool.
The Namvar bankruptcy is a tangled mess of competing factions, with hidden agendas and allegations of secret payoffs. But it is also quite simple, says Dan Schechter, a professor of bankruptcy at Loyola Law School.
"At bottom, it's just a busted Ponzi scheme," Schechter says. "The pieces are all over the floor and the victims are scrambling around trying to get something."
Try as Namvar might to shed the Madoff label, it has stuck. It serves a useful parallel, up to a point. Like Madoff, Namvar's clients were largely drawn from the local Jewish community. Like Madoff, he built an unquestioned reputation for financial acumen over 30 years, which prompted many to trust him with their life savings. And like Madoff, the collapse of his financial empire has sown sorrow and destruction.
But there are many differences. For one thing, Namvar still has defenders. Surprisingly, many of them are his creditors.
They continue to believe, not because they are necessarily so fond of Namvar but because the consequences of losing faith in him are so severe. It would mean giving up hope that somehow, someday, he will pay them back.
"Let it go," Schechter advises. "That ship has sailed. He's a crook."
Also unlike Madoff, Namvar himself remains defiant. In May, he was convicted of four federal wire fraud charges for taking $21 million from depositors in his financial exchange. Yet he continues to maintain his innocence.
"This is not a Madoff," says Namvar's brother Mousa Namvar, also speaking to the press for the first time. "This is not a con man. This is not a fraud. This is a guy who got caught in a big storm. He was trying to save the ship and everyone in the ship. And a couple of people were drilling holes."
The scale of the destruction is hard to grasp. Four hundred people have lost their retirement savings, college funds, bar mitzvah money. Realistically, they have little chance of getting more than a fraction of it back.
The tragedy has not only engulfed Namvar. It also has touched prominent rabbis, who have seemed to give Namvar every benefit of the doubt. And it has been a moment for deep reflection among Iranian Jews, both victims and bystanders alike. The community known as Tehrangeles may never be the same.
"We are, today, a wounded and perplexed community," novelist Gina Nahai wrote in a column for The Jewish Journal. "For us, the question is no longer what a Jew will and will not do; it's what we, as a community, will and won't tolerate. It's whether our increasingly Orthodox rabbis will take a public stand against larceny in our own midst, or choose to look away."
The story of Ezri Namvar begins three decades ago with his father, Eilel Namvar, a well-to-do real estate speculator and moneylender in Iran. In the wake of the 1979 Iranian Revolution, his property was seized and he fled to the United States. His son, Ezri, had already gone to school at UCLA and settled in Los Angeles. In time, some 70 Namvar relatives took up residence in L.A.
The Namvar name was an important asset in a Tehrangeles community that runs on family connections that can stretch back more than a century. Added to that, Ezri was seen as a brilliant young man with a remarkable ability to keep the intricate details of real estate transactions in his head.
"This guy Ezri is probably one of the great geniuses in business," says Avi Hakim, a real estate investor and Namvar ally. "He would have a thousand deals, and he would remember details on every single deal."
Like his father, Ezri was a "hard money" lender. He made riskier loans than traditional banks offer, typically to real estate investors. He charged a higher rate of interest — perhaps 10 percent or 11 percent. In turn, he offered his lenders a higher yield than banks would give, something like 7 percent to 8 percent.
According to a source who asked not to be named due to the sensitivity of the case, Namvar got into financial difficulties when he was just starting out. He was saved by a wealthy Iranian businessman who stood up in front of his peers and — with a theatrical flourish — wrote Namvar a blank check. Open an account, he told the young man, and put in whatever you want. The wealthiest members of the Iranian community were persuaded to trust him with their funds.
In an email exchange with the Weekly, Namvar says many investors helped build the business through word of mouth. He attributed his success to "luck and G-d's blessing."
He was also a workaholic, putting in 18-hour days, says his brother Mousa.
"Work becomes a game," Mousa says. "His nature is he wants to achieve, higher and higher. I'm not like that. I want a more quiet life."
According to a trustees' report in the bankruptcy case, the business ran smoothly until 1997, when Namvar changed course and started investing in real estate. In 2002, with credit becoming looser, Namvar "launched into a real estate buying frenzy," according to the report.
His acquisitions included hotels: the Hotel Angeleno, the downtown Marriott, the Cal Neva Resort in Lake Tahoe. He bought office buildings, including the Wilshire Bundy building. His company, Namco Capital Group, occupied the entire 14th floor there, with a commanding view of West L.A. He also bought apartment buildings, vacant land in rural areas, an equestrian center and a pistachio farm.
Many of these properties generated no revenue, and were not expected to pay off for years.
"The pistachio is a seven-year deal," says Mousa, who was responsible for that acquisition. "It's a long-term investment. My investors had the stomach to weather it."
According to the trustees' report, which Namvar vehemently disputes, purchases were made "with a wanton disregard for the underlying economics and financial viability of the project."
According to Bradley Sharp, the trustee of the Namco bankruptcy, the company never had more than six employees — hardly enough to manage such a vast and growing enterprise. Namvar used the most rudimentary accounting methods, recording transactions in a simple ledger.
"I have told him I don't have much respect for his business practices," Sharp says.
After two years, Sharp says he still isn't clear on whether Namvar was just sloppy, or whether he was more nefarious. He did routinely transfer assets to limited-liability companies controlled by his relatives.
"It does make me uncomfortable that the company that borrowed this money doesn't own the assets," Sharp says.
(Namvar and his relatives say they have already turned over whatever was owed to the trustee.)
In 2008, the market turned. Namvar never saw it coming. According to the trustee, instead of selling off properties and limiting losses, he continued on "his visionary pathway to riches." He was "delusional."
He was heavily leveraged — though, Namvar says, no more so than many others. According to Mousa, in the back of his mind, Namvar believed if he ever got into trouble, he could access a line of credit worth several hundred million dollars. But credit dried up and Namvar ran out of money. He stopped making interest payments, and his office lobby filled up with people trying to get their money back.
"It was a real rush to the bank," recalls George Haroonian, a creditor who witnessed the scene. "People didn't know what to do. I heard stories of screaming and fighting."
In a desperate scramble to stay afloat, Namvar paid off some of his most demanding investors with money from others. He "borrowed" from the financial exchange — where deposits were supposed to be secure, no matter what — then couldn't pay it back. He told different things to different people, and many say they were recruited to invest while Namvar knew he was floundering.
Michael Eshmoili, a fabric wholesaler who had lent Namvar $1 million, recalls being in the waiting area of Namvar's office around this time. Another investor, an elderly woman, asked if Eshmoili was there to get his money. He said he was. She said she was, too. She was owed $20,000.
Eshmoili figured that amount was so small that Namvar would just pull out his checkbook.
A while later, the woman came out of Namvar's office with a check for just $1,000.
Eshmoili says that's when the depth of the crisis hit him.
"How am I gonna ask for $1 million?" he wondered.
By November 2008, the lenders were growing even more frightened and anxious. Some had filed suit. Namvar called a meeting at the downtown Marriott to plead for time. Drop the lawsuits, he urged, and he would figure a way to pay everybody. It would take a while — maybe a few years. But everyone would be repaid.
Some creditors were angry. There was yelling. Then Eshmoili rose to speak.
"All of us gave this money to Namvar because of his name," he said. "We trusted his name and his father's name. If you trusted him then, you should trust him now. He will get us the money."
Many were persuaded. But not all.
Namvar's most formidable and dogged opponent has been Abraham Assil, a wealthy real estate investor who had parked $6 million with Namvar. When Assil heard the rumors of difficulty, he went to see Namvar.
"He played with my head," Assil says. "He sent me looking for a needle in a haystack."
Assil says Namvar promised to secure his loan with an interest in a penthouse in Israel. So Assil went to Israel to check it out. He says he later found out the penthouse was already being used as collateral for someone else. Assil says he concluded that Namvar had been transferring assets to his relatives and friends.
"Ezri is about misinformation and derailment," Assil says. "Finally it clicked. He was just buying time. I had to move quickly."
Assil gathered up a handful of other creditors and, in December 2008, forced Namvar into involuntary bankruptcy.
Meeting a reporter for coffee recently in the courtyard of the Montage Beverly Hills, the luxury hotel where Dodgers owner Frank McCourt has lived since separating from his wife, Assil shows up impeccably dressed and exuding old-world charm.
"What's your name?" he asks the waitress.
"Cassie," she says.
"My first girlfriend's name was Cassie."
He wastes no time getting down to business: "I'd rather get robbed off the street by someone who puts a gun to my head. When someone does what they did, it's different. They steal your trust. They steal your honor. They never apologized."
When the goat cheese arrives, he asks if it's kosher, then continues.
"A kid who steals a loaf of bread — he gets charged. But what about the guy who commits the biggest fraud in the history of L.A.? He gets only five to seven years?" Assil says, speculating about Namvar's coming prison sentence. "And they let him enjoy what he stole?"
Assil has harsh words for federal investigators, who, he says, barely scratched the surface of Namvar's crimes. He also is unsparing with the leaders of the Orthodox community. He believes they should have spoken out more forcefully and compelled the Namvar family to repay creditors.
"The religious authorities have an obligation to protect those who cannot defend themselves," he says. "Their silence speaks volumes."
Assil had hoped to be semiretired by now, but without the $6 million he lost to Namvar, he must keep working. Still, he acknowledges that he remains comfortable.
He is still following the money with grim determination. He believes "suitcases full of cash" went to Israel. Some may be in Turkey.
"He misjudged me," Assil says. "He miscalculated my abilities and my perseverance. This is not over yet. This is just the beginning."
When Michael Eshmoili spoke up in support of Namvar at the Marriott hotel, he had never met the man.
Eshmoili owns a fabric wholesaling business. It's downtown, and it used to be across the street from a branch of Security Pacific Bank, which Namvar owned, and which has since been seized by the Federal Deposit Insurance Corporation. Eshmoili kept a checking account there, and when he would go in to make deposits he would talk to a bank employee who urged him to invest his savings with Namvar. He would earn a high rate of return — 7.25 percent.
Eshmoili was told his money would be safe.
"He has hotels," he remembers being told. "They made it sound like an empire."
Eventually, he agreed to transfer his entire life savings — just over $1 million — to Namvar.
Eshmoili, who is 55, has suffered more than his share of tragedy. Eight years ago, his wife died of cancer. She was 34. He was left to raise their 6-year-old daughter on his own.
He was engaged to be remarried when he transferred his savings to Namvar. Shortly after, he made an offer on a three-bedroom house in Brentwood, where he planned to move with his fiancée. To make the down payment, he went to Namco. He was told the money wasn't there — he would have to wait. After repeated entreaties, one of Namvar's brothers gave him $60,000.
It wasn't nearly enough, and the escrow fell through. Eshmoili's business suffered a setback, and he couldn't draw on his savings to pay living expenses. So he fell behind on the payments on his small condominium and went into default. His credit score — once perfect — plummeted.
He is still living without a cushion, and without health insurance. The bankruptcy trustee is suing him to recover the $60,000, so it can be distributed evenly to the other creditors. He doesn't have it.
Despite all he has been through, Eshmoili continued to believe in Namvar until only a few months ago. Losing his belief meant admitting he had been duped. But he still hasn't given up hope that he will recover his savings.
"I will never forget my money," he says. "Until the day I die, I will be after my money."
Amid the collapse, Eshmoili's engagement fell through. He would prefer not to say too much about it, except that he is certain he would be married today if he had been able to buy the house in Brentwood.
Instead, he is still living in the condo in the Fairfax area with his daughter, now 14.
"She knows what I have lost," he says. "She refuses to spend money. Even on the smallest thing, even $5. That is sad. She asks, 'Daddy, are we poor?' I say, 'No, we are not. As long as I have you, I am a very rich man.'"
The creditors continue to fight over whether Assil was correct to force the bankruptcy. To some, he was extremely brave. If he had not done what he did, Namvar might have been allowed to dissipate whatever was left of the estate. Thanks to him, the creditors will at least get something — maybe between 5 percent and 15 percent of what they lost.
But many others believe Assil made a mistake by tying Namvar's hands. The bankruptcy trustees have consumed more than $20 million in fees for attorneys and forensic accountants. Many believe the trustees have sold off properties at fire-sale prices. So far, the creditors have not received anything.
If he had been given more time, they believe, Namvar would have found a way to pay.
"Ezri is not an angel. He's a terrible person," says Alex Hakakian, one of the creditors who has been most critical of Assil. "At the same time, he was trying to work something out. I think this would have been resolved by now if that was allowed to happen."
Namvar has encouraged this view.
"I was not allowed to participate in the handling of this big ship, or at least the navigating of it," he tells the Weekly by email. "The only people who are benefiting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. ... I warned the creditors that this would happen if I was put into bankruptcy — that the 'professionals' would devour all the assets, leaving the creditors with nothing. I am afraid that this is what is happening."
Brad Sharp, the trustee in charge of Namco Capital Group, rejects that out of hand. The bankruptcy would not cost so much, he says, if the parties involved were not fighting at every turn in court. They have taken untenable positions, and lost, and then appealed. They have demanded extensive discovery.
Much of the Namvar estate was lost to foreclosure. But the trustees have filed some 250 lawsuits to recover whatever assets are still out there. They have sued Namvar's wife, Ilana, to recover a $390,000 diamond. Another suit alleges that $200,000 was spent on Namvar's younger brother's wedding. The trustees have sued the Namvar brothers and other relatives for $300 million.
Mousa says they are chasing phantoms.
"This is bullshit," he says. "I swear to that. I bring the Torah. I put my blood on the line. ... There is no money. Do you think anybody can hide $300 million without a trace?"
A trial is still more than a year away. All of this costs money. Sharp says the trustees have had to hire professionals to run the estate, research the transactions and do the legwork that Namvar never did.
"When you build that infrastructure, you have to build it with professionals who charge by the hour," Sharp says.
The trustees are spending something like $800,000 per month. Unlike the creditors, they will get paid in full.
It's not unreasonable to wonder whether some of this could have been avoided. But that is the system we have, Sharp says.
"It is really tragic," he says. "There are a lot of people who believe that without the bankruptcy, they would have had their money back already. I can say categorically that is not true."
From the beginning, some creditors have urged religious authorities to intervene. Iranian rabbis have no legal power, but they do hold a moral authority in the community.
Rabbi David Shofet, the leader of Nessah Synagogue, and Rabbi David Zargary have been urged repeatedly to publicly require Ezri Namvar's brothers to repay his debts. They have demurred, leading many to conclude that they are in the pocket of the Namvars.
Last fall, Shofet and Zargary issued a letter saying they lacked expertise in this area and recommending that the case be referred to a Jewish court known as a Beit Din. The letter also criticized "the aggressive route of forced bankruptcy."
In language that seemed to give more weight to Namvar's view of events, the rabbis attributed his downfall to "rumors and panic coupled with plummeting real estate prices, as well as mistakes and lapse of judgment committed by Mr. Ezri Namvar."
For many, that wasn't good enough. Chief among them was Benjamin Hakakha, who launched a blog denouncing the Namvars and the rabbis.
"Here's the problem with the rabbis," Hakakha says. "They're not some sort of outside, uninvolved, disassociated entity. They're actually beneficiaries of funds given to them by the Namvars for many years. The same funds that were the clients' moneys fed those guys for years."
Hakakha accused the rabbis of "backstabbing" the community.
"They need to be put on the microscope and come to answer for what they've done," he says.
Zargary referred questions to Shofet. Reached by cellphone, Shofet declined to comment.
"Sir, I have nothing to tell you," he said. "Thank you very much. Bye-bye."
Many creditors have called for a Beit Din. That is how it would be handled back in Iran, where Persian Jews preferred, where possible, to settle matters among themselves rather than through the Islamic court system.
In the United States, Beit Din is the equivalent of an arbitration. A panel of three rabbis hears testimony, makes inquiries and issues a ruling in accord with Talmudic law. The affected parties — typically, though not always, Orthodox Jews — agree to be bound by the ruling.
"This is a court system that is almost three and a half thousand years old," says Rabbi Abraham Union, who serves on a Beit Din at the Rabbinical Council of California. "The law is rooted in the same lawgiver that gave us the Ten Commandments."
In the early going, Ezri Namvar himself suggested the case be handled by a Beit Din. Given the complexity of the case, however, it would have been a daunting challenge for three rabbis who are not lawyers or specialists in bankruptcy.
"It would have been much more efficient and cheaper," Namvar says. "But I do not think we can get a unified creditor force behind this."
Indeed, such cases work only when everyone agrees to be bound by the court's ruling. In a bankruptcy with 400 creditors, that would have been nearly impossible.
"We're very, very limited," Union says. "We're not going to take on a case where we don't have the ability to make legal rulings that will solve the case."
The issue with the rabbis has introduced one more point of conflict into an already labyrinthine case. Like Namvar, the rabbis do not lack for defenders. One of them, Isaac Khanzadeh, addressed an open letter to Hakakha, calling him "deranged" and "dim-witted trash."
"Spineless rodents like you are a plague upon our community," he wrote. He said he was "revolted by your lack of tact, absence of logic, guttural personality, vitriolic demeanor, dark aura and your absolute disregard for facts and truth."
In closing, though, Khanzadeh wished him "inner peace."
There also is a brewing fight between the trustees and the creditors' committees over how to manage the bankruptcy, which promises to be every bit as nasty.
If there is one person who has managed to find some "inner peace" in this, it is Fariborz David Diaan. He is an actor and comedian who had a part in The Stoning of Soraya M. He also lost $1.2 million in the Namvar bankruptcy.
He was — and in some ways, still is — quite bitter about it. Diaan was in the middle of a home renovation when his money went missing. He had to tell the contractors to stop work.
Early on, he began to see the humor in it. In some meetings, he says, he saw community elders behaving foolishly.
"It's as if they were little boys, including Ezri," he says. "The conversations were extremely comedic if you could detach from the misery."
Slowly, Diaan's concept of money began to shift.
"I realized that money and greed is something that can easily take over our minds and make us do irrational and stupid things, no matter how accomplished we think we are," he says. "If I can lose millions of dollars in the blink of an eye, then how important do I want to make that money?"
His thoughts turned into a script for a play. His character loses everything in a Ponzi scheme, then dies of a heart attack. The play, titled Death: A Very Serious Comedy, becomes a critique of Persian materialism (deathcomedy.com).
"It's all about columns and swimming pools," Diaan says. "Iranians like houses with tennis courts, so they can throw big parties on their tennis court. If you search the entire house, you won't find a racket."
In heaven, his character hears of a rabbi who went to hell for stealing cable. He gets to see his own funeral, and notices that the "Beverly Hills Madoff" is in the audience.
"He's not here to mourn my death but to celebrate one less creditor to worry about," he says.
After the play debuted, he saw Namvar at the gym.
"I heard you wrote a play about me," Namvar said.
"Yes," Diaan replied: "If I do 1,000 more performances, I can get back the money I lost."
Although he has learned something from the loss, that does not mean he is going to let it go.
"I know they took the fucking money," he says. "I know they have the money. I know they're trying to get away with it."
On a recent weekend, Namvar invited Diaan up to his house so he could explain everything. Diaan was told it would take four hours.
Diaan went and concluded that Namvar's defense amounted to "a lot of justification — nothing concrete, nothing clear."
But he was impressed by the atmosphere.
"His phone is ringing off the wall," Diaan says. "He's got a lot of friends and fans. His family loves him. If he's got 800 enemies, he's got 200 friends."
Namvar is small, maybe 5 feet 1, with an ebullient mien. He is putting on weight because he can't leave the house. His lawyers have asked for a new trial, arguing that he intended to pay his depositors back but was prevented from doing so by the bankruptcy.
Namvar's a compulsive guy, and he continues to make real estate deals over the phone. He has asked for permission to work for an investment company, but the U.S. Attorney has objected, saying a convicted "fraudster" should not be entrusted with other people's money.
He still hopes he will not go to prison, and says he feels sorrow for the creditors.
"I feel tremendous sadness for all these people and feel very handicapped since I have no control, in order to help them more," he says in an email. "It is obvious that my life has turned around tremendously. ... I believe that G-d has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family."
He also expressed gratitude for the support he continues to enjoy.
"May G-d give me strength to weather the storm and show my appreciation."
113 comments
Jewish Rules should have Not been broken, he could have pulled it off, but the profit lovers not only had no broad vision like him, they were unable to chart through the rugged tides of this economic mess like Ezri would have ...The question is, can one relinquish the agony of suffering and loss they endured, off course not, once the material substance had been sacrificed to a consideration as such, we could only question ourselves, what if....What if, we would have given up on the thirst, the thirst stemming from financial greed, and instead, compromised with the reality of his troubled ordeal, the same reality that compelled us to trust him, and give him our faith.....This may sound nothing more than a medium, not too distant from twilight zone.... but, what if...Mike M. D
Persians are so funny. Reading some of these comments, it seems that so many of them get so angry THAT THEY WRITE IN CAPS. Easily offended, dramatic and so concerned about posturing and putting on an air of wealth that pethaps they didn't perform enough due dillegence when they bequeathed their money to their own Madoff.
I do hope "Aaron" reads this...I am sure you are following all of these sorts of comments. I am sorry to read all of this with "Ezri" and "Namco". I understand so very very much now some 18 years later. The brightest in the bunch that "Ezri" never failed to impress. I have been spinning for 24 hours reading all of this. Something told my instinct to check in and sure enough wow.
I just paiid $ 22.89 for an iP a d 2-64GB and my girlfriend loves her Panasonic Lumix GF 1 Camera that we got for $ 38.76 there arriving tomorrow by UPS. I will never pay such expensive retail prices in stores again. Especially when I also sold a 40 inch LED TV to my boss for $ 657 which only cost me $ 62.81 to buy. Here is the website we use to get it all from, bit.ly/r8qxL7
Editor's note: We have removed 10 comments from this article, as they all came from the same IP address and purported to be written by different people, including reporter Gene Maddaus. Two of the comments wrongly claimed that Maddaus was publishing a correction. There have been no corrections made on this story.
It seems that the only people who haven't lost money are the religious dudes. One statement rings true after reading this article about Iranian religious leaders as with all other religious leaders "there is mo business like show business".
When a baby born, he has something to say, and of course he get paid.When new born is a boy, he has something to say, and of course he get paid.When boys and girls reaches puberty age, he has something to say, and of course he get paid.When a couple wants to get married, he has something to say, and of course he get paid.When a couple wants to get divorce, he has something to say, and of course he get paid.When a person passes away, he has something to say, and of course he get paid.When a person scam 400 families , he has nothing to say,"Sir, I have nothing to tell you, Thank you very much. Bye-bye" and of course he was paid in advance.
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU
July 8, 2011:Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? not at all he was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly(310) 574-7215
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU
July 8, 2011:Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? not at all he was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly(310) 574-7215
ON BEHALF OF LA WEEKLY WE HAVE POSTED THE ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN UNEDITED CONTEXT. THANK YOU.
July 8, 2011Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? NOT AT ALL. He was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly
ON BEHALF OF LA WEEKLY WE HAVE POSTED TO ORIGINAL INTERVIEW BY PHONE WITH MR. EZRI NAMVAR. AFTHER NUMEROUS CALLS TO OUR MAGAZINE, WE APOLOGIZE TO MR. EZRI NAMVAR AND HIS FAMILY. PER YOUR REQUESTS, PLEASE READ THE FOLLOWING INTERVIEW IN ON EDITED CONTEXT. THANK YOU.
Ezri,As we discussed, I'm working on a story about you and the bankruptcy case for the L.A. Weekly. It would be helpful if I could get your perspective on many of the issues raised by creditors and others. It would also be helpful to verify some biographical details about you that are not directly related to the case. In a perfect world, I would interview you in person, but I understand that you would prefer to answer questions in writing. Your responses may prompt some follow-up questions. I hope that if so we can continue this exchange.Let me start with the biographical questions and then move to the questions about the bankruptcy case.1. When did you come to the U.S. and why? In Sept. 1969 to Kansas university to study. I received my MBA fron UCLA’s Anderson School of Management in 1976.
2. I understand that your father was a hard-money lender in Iran. Is that true? Is that how you learned the business? NOT AT ALL. He was a land developer and speculator, with major subdivisions, his business evolved into lending as a result of all the loans and mortgages he carried on the properties he sold. So he was doing both.
3. What personal characteristics made you successful? For instance, were you especially competitive, aggressive, well connected, trusted? all of the above , plus designing complicated multifaceted transactions into simple solutions.
4. What reputation do you have in the Iranian community? Did that help build your business? you must ask others, I always thought I had a perfect reputation until late 08 when all the rumors started. We stayed silent.
5. Please describe your charitable efforts in the Iranian community, especially as it relates to the synagogues. In our culture and in Jewish tradition one must not brag about the charity work one does. Perhaps you can ask others. But I can tell you that we were some how involved with many schools ,synygogues, and community centers both in Persian as well as other communities.
Moving to the questions about the bankruptcy case.
1. When and how did you realize that there was a problem? What did you try to do to correct it?
2. The trustees' report gives a lengthy narrative of the collapse of your business. It alleges, among other things, that you became reckless in your real estate investments. I respectfully disagree with the trustees on this point (and several of the other assertions and conclusions made in the report). the ship with a 13 member committee, and I proved to the chairman of that committee Mr. Kermanian that given the time we would have survived, had it not been for the zealousness, of a hand full (less than 6 ) individuals who forced the involuntary b.k despite all the efforts and meetings with community leaders to dissuade them. These individuals 2 of which were not even creditors had other old scores to settle which is beyond the scope of this article. When we held a general meeting on Nov,5 08 at the Marriott , I pleaded to the creditors to excersize restraint, and not force us to b.k. over 97% of the attendees were supportive, but all it takes is 3 people to put u into b.k. everything I predicted has happened , but it is too late , assets have been diposed of at fraction of value. The numbers given to the courts have been wrong , I was not allowed to participate in handling this big ship, or at least help navigating it. And when the outside world sees the weakness of the company due to b.k , they try to take advantage, and became overleveraged this is a relative term, we were less leveraged than most of our peers. Do you dispute the trustees' report absolutely over 80% of the report is wrong and was put together in a hurry just to make my name tainted , and show themselves as saviors , the real question is how much will they pay the creditors? They have said less than 10% themselves. But if any one is up to the challenge I can prove we could have paid much closer to 100% on a 5 yr plan? What did it get wrong? too many items to mention Why was Namco unable to pay creditors? Economic conditions and panic by certain creditors
3. Many of the creditors believe that you have hidden money overseas not at all or have given it to your siblings and other relatives. What is your response to that? They are wrong. I have not hidden money overseas or improperly transferred any money to my siblings or relatives. They gave me a lot more than I gave them, and the records prove that Namco owes my siblings and relatives a lot of money. 4. Many creditors hold out hope that you will be able to disburse their money to them eventually. Will you be able to do that ? What is preventing you? Those who followed the case from the beginning know that my avowed goal from beginning was to do everything within my power to make sure that every creditor was paid every penny he or she was owed. Unfortunately, once I was placed into involuntary bankruptcy, I lost the ability to control that process. As far as the future, a lot depends on what happens with my criminal case. Right now, the court is not allowing me to work. I want desperately to be able to work to provide for my family and to repay my creditors. It hurts me greatly to see how the assets that I worked hard for 30 yrs to build have been wasted and disposed of at nominal prices. Some of those assets are now being re-sold or marketed for much higher prices. 5. The bankruptcy case has gone on for more than two years. Why has it taken so long? What are the complications? I agree that this is an outrage. When I was put into bankruptcy, there were hundreds of properties worth hundreds of millions of dollars. I voluntarily turned over to the trustees more than 104 LLC entities, including those owned by my trust, my wife and my children. None of this money has gone to the creditors. The only people who are benefitting from the bankruptcy are the trustees and their teams of lawyers, accountants and staff. I don’t know the exact number, but I understand that the “administrative fees” associated with the bankruptcy are already more than $25 million. I warned the creditors that this would happen if I was put into bankruptcy – that the “professionals” would devour all of the assets, leaving the creditors with nothing. I am afraid that this is what is happening.
6. The bankruptcy trustee and the attorneys for the creditors committee say that you have fought every effort to recoup money for the creditors. What is your response? This is the most absurd thing I have ever heard. I voluntarily turned over more than 104 LLCs and entites to them which I did not have to , including my trust , my wife’s and children’s assets. I defy them to point to any specific example of me impeding their ability to recoup money for the creditors. . You really should find any attornety familiar with this case, they will tell u the truth provided u do not publish their names. U should also note that both trustees have talked 2 me less than 8 hours total outside of public meetings. If they wanted to recoup money for the creditors they would have listened to my recommendations. As well as cutting down on the expenses.
7. Some of the creditors have suggested taking this case to a Bet Din, or allowing the rabbis to sort it out. What is your view of that? We were the first to advocate this , as it would have been much more efficient and cheaper. But I do not think we can get a unified creditor force behind this. Also I believe the trustees will resist it.
8. Do you feel remorse for the situation of the creditors? Yes, I feel tremendous sadness for all of these people.
9. What do you make of the arguments between the creditors about the best way to proceed with the case? Well there is big diversity here, every one has an opinion, and unfortunately most creditors are honest good hearted people who do not know what to believe. We need a few leaders and strong sophisticated creditors who are trusted to look at this situation without anger and grudge, and manage the process.
10. Please describe your current circumstances. For instance, barring a successful appeal, it appears that you will be going to prison. My understanding is that you are under house arrest. Your family is being sued by the bankruptcy trustee. Your house, I believe, is in the foreclosure process. To what do you attribute this circumstance? You are correct about my current circumstances. It is obvious that my life has turned around tremendously, my believe in G-D has also increased tremendously, I believe that G-D has a grander plan than what shows on the surface, but unfortunately it has been very difficult on the entire family. The most pressing issue is the fear of unknown and the uncertainty about the future. But we have been blessed with tremendous amount of support, encouragement, and basically unconditional love we have received from family, friends and most of our creditors. May G-d give me strength to weather the storm and show my appreciation.11. What do you believe is the lesson of this case? That is too difficult a question for me to answer at this point.
12. Is there anything else you would like to say to correct the public record about this case? Our creditors are basically good-hearted people who have lost money. They should unify nad make decisions that are not based on emotions. They should also not rush to judgement, and listen to unfounded rumors without knowing all the facts. For example the trustees have reported that Namco gave each one of my children $50 million, but do not mention the other side of the coin that these were loans to Beshmada LLC,(an entity owned by my children). This LLC was turned over to the trustees with over $250 mil in NET EQUITY. This is just one example.
Thank you for taking the time to answer these questions and to set the record straight. I appreciate your thoughtful approach to this story, and for giving me a chance to respond.
Gene MaddausStaff WriterL.A. Weekly
Mr. Maddaus, you interviewed me on Monday for about 10 minutes or so, whydidnt you even mention my name, the answer is because as a creditor i toldyou that i never thought even for a second that Ezri did anything illegal,mistakes he made a few, instead you mentioned the name of Mr
Assil girlfriend, mazal tov we learned about his girlfriend name, with alldue respect your report is quite biased, i apologize for being honest, in myopion you are a very lousy reporter, i dont know which university gave you ajournalism degree?
Mr. Maddaus you called and spoke with me twice for about half an hour; fromyour type of questions I become convinced that you were different than allthe other reporters who in their zeal for sensational Journalism overlookedstatements and authentic documents to propagate the Bernie Madoff of BeverlyHills narrative. I convinced Ezri to speak with you. I was wrong. You turnedto be worst than the dishonest Beverly Hills Currier "reporter" whointerviewed me for half hour yet made a short misquote of what I stated andeven our Rabbis signed statement. You made no mention of any thing I statednor any of the vital information that I e mailed you. Obviously mention ofany intricacies or of the fine attributes of Ezri and his genuinely kind andcharitable family was not congruent with the unsubstantiated allegationsthat your article was filled with. Apparently for the same despicablereasons you chose not to quote Mr George Haroonian a prominent member of thecommunity dubbed as a creditor that lost his money but not his sanity norhis decency. You just put his picture there. You choose to ignore our Rabbis most relevant signed statement which is thatthey used their influence to convince every one of Ezri's four brothers tosubject themselves to Jewish Beit Din, and if it was not for Mr. Assil -"the most reviled man" among Ezri's Creditors, our Iranian Jewish Communitywould have realized its finest hour. Sadly Assil still sees this as apersonal crusade to prove to Ezri that "he misjudged me, my abilities...Myperseverance..." he has no regards for the overwhelming majority of thecreditors who implored begged and besieged him not to file "forcedBankruptcy". Equating Ezri Namvar with Bernie Madoff is grotesquelyunsightly . Were as Madoff systematically lured peaple to "invest" in aclassic Ponzi scheme, Ezri Namvar personally borrowed money and made prudentinvestments valued many times over what he owed. You had one gem though, Fariborz David Dian's insightful observations wereinspiring. Most of us lost much of our perceived tangible assets. Many wentfor the high risk and for a long time enjoyed high interest rate. But nowproject the blame squarely on Ezri and every one associated with him, worstyet come up with silly theories of cash transfers in suit cases
Everyone involved in this story is a greedy idiot. Reading the comments that are obviously from family and friends of the people involved is nothing but entertainment. It's like a train wreck...you don't want to watch it but you can't turn away. You're all delusional and deranged. The only character that comes off as rational in all of this is Fariborz. Good for him for channeling his anger appropriately. All of you defenders of all of these greedy assholes should go get a life.
Apparently you don't have a life. You don't know shit about shit but that's okay. If you have friend's like Fariborz who doesn't have a life but to mimic other peoples' lives, he has no wife, no children, no real family members who like him and just a community that likes to laugh more behind him than with him. You can go ahead and join his stupid circle of friends. Greed was not involved here. Greedy are the people who give their money to an UNSECURED Business NOT A SECURED BANK OF THE UNITED STATES BECAUSE THEY WANT TO GET MORE INTEREST ON THEIR MONEY. REALITY CHECK! NO ONE PUT A GUN TO THEIR HEAD! So when you judge a man who has a immaculate track record of 30years and his family reputation of 80years the same, of course, you call him greedy but people should look in the mirror before pointing fingers. The money in the bank would have been secured BUT THEY CHOSE TO GET MORE MONEY FOR THEIR BUCK. THAT INCLUDES YOUR STUPID LOWLIFE FRIEND FARIBORZ who blames everything on people/community around him (decides to write about as therapy) vs. looking at himself as the real loser that he is. YOU GET A FUCKING LIFE!
Something unexpected surprise
Hello. My friend
the good shopping place
please input our website
{w w w }{jordanforworld}{com}
YOU MUST NOT MISS IT!!!
thank you!!!
{w w w }{jordanforworld}{com}
Believe you will love it.
{w w w }{jordanforworld}{com}
Hello,everyone,sorry take your time a min,show a good fashion stuff
website —— www (vipstores) net —— you can input on your web there,if you
do know how to do,you can click my username and you will come
our company website,maybe you will find something your like,thanks!
These comments are hysterical. I thought you guys were just hairy, I never knew persians were funny too!
Apart from beeing cheap as f*ck humor seems to be par of their personality even if that means someone else's sorrow
I think Mr Mad-ass likes persion ASS & finally he found our ass-ill .By writing this report he made L.A weekly worth cleaning the Ass with!!!!!!!!
Mr. Maddaus, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
Dear Mr. Maddaus;
When you ask a teenager just finishing high school, what do you want to do in the future, someone with decency would respond, I want to do what I love, but I want to help people while I am doing it and make a difference. A journalist chooses to have this profession to have a voice to tell it as it is, with honesty and clarity. A journlist talks for the people that do not have a voice or are being unjustly treated, blamed or judged, and has the power to make a difference in a positive way and earn his title and recognition, a title that comes with the great privilege and freedom to write and tell a story that is the TRUTH and nothing but the truth. By doing so, he can help and clarify what the readers or the community do not know and make a difference. Just as a doctor makes a difference when he saves a life, or a therapist when he helps an emotionally distressed get back to having a normal and happy life, or a teacher by being a big part of a child’s future, by teaching and giving a child love and confidence. These are all professions that can make a huge difference in people’s lives.
A journalist almost has the power of G-d, because G-d does not judge or take sides. God treats all his beings with fairness, as does a professional journalist, who has been given this power, as he writes, to write fairly and in an unbiased manner. ONCE A JOURNALIST ABUSES THE POWER HE IS GIVEN, HE HAS FAILED HIS RESPONSIBILITY AS THE MESSENGER OF TRUTH, AND DOES NOT DESERVE TO HAVE THIS PRIVILEDGE. That journalist is proven to be bad at what he does, because his work is pointless and false. Shakespere said “nothing can come of nothing”. And by writing with no conscience or substance, you have introduced nothing with your article.
As you begin your article with its purposely catching and misleading title, “Ezri Namvar is the New Bernie Madoff and the Most Reviled Man in Town”, it is evident that you have abused your power and misused your position and your privilege as a writer. It shows that you are neither informed nor clear as to what the case is for Ezri Namvar. You are either very naïve and foolish, extremely bad at what you do, or have been bribed with money and brainwashed by a certain man’s deceitful and dangerously false charm that got us all here in this mess in the first place. Shakespere said “He is mad that trusts in the tameless of a wolf”. The wolf sir is Mr. Assil himself, one of the individual’s that you have chosen to interview and quote in your article.
Dear Mr. Maddaus, Ezri Namvar had worked very hard and achieved great success. With his reputation of 30 years, and his many business dealings and relationships, he earned people’s trust and good faith. Mr. Namvar was and still is admired by many who know him personally, and has had a big hand in their road to success. But unfortunately, with any kind of success and exposure, comes envy, jealousy, and unfunded hatred. As a result, some individuals of whom are not even creditors has made their life mission to ruin Mr. Namvar’s life by first forcing him into Bankruptcy, and then spreading rumors none of which has been proven as of this date. Dear sir, you cannot cheat your way into making a reputable company and earning the good faith of people. Reputation is EARNED by years of business practices with real people and reputable companies. I suggest, next time you think twice before you attempt to tarnish someone’s name and reputation and quote some professor who knows nothing about Mr. Namvar and his case.
In our community many families know each other not just from 5 or 10 years ago. They have knowledge of the characteristic of their acquaintances that go back to maybe 50 to 100 years of watching the family do business in the community, their treatment of their families and relatives and what kind of reputation they have earned by the values they lived by. I like to inform you that I am acquainted both with Mr. Namvar and his family as I am with Mr. Assil and his family and all his extended relatives. In fact my family knows Mr. Assil and his family background from 70 years ago. Here is a man that is great at charming and influencing, to get his agenda on track and he is one with no conscience when it comes to money, power, relations, or family. That is evident in how many people, including many of his close relatives continue to speak ill of this man’s values and behavior. He has managed to cheat, lie and deceit many in his business dealings even his own family members that have resulted in many lawsuits being against him. He is a big talker, with no regard for anyone but himself, and quite self observed due to his issues and insecurities. As a result, his destructive character has managed to destroy a family, a business, and a community of people who believed and trusted in Mr. Namvars’ word and promise. I wonder if Mr. Assil mentioned to you that he knew Mr. Namvar for a great number of years and profited from doing business with him on many occasions, resulting in him becoming a rich individual.
Since the downfall of the economy 3 years ago, which has been compared to the recession of the 1920’s, many have been hurt, including many in our Jewish Persian community, completely unrelated to Mr. Namvar’s case. But they managed to keep their situation hidden, so they can still have pride in a community that unfortunately, picks most of their acquaintances and socializing buddies based on their pockets. Now lets go back to Ezri Namvar. When the economy collapsed in 2007, Ezri Namvar was still a very rich man. In fact, Ezri Namvar had more assets than liability. So that means his company was not bankrupt. So when panic started in the whole country, in regards to banks, going down one after another, so did in our Persian community. As it did, people lined up one after another, thinking that Mr. Namvar is bankrupt and might go into bankruptcy, and began asking for their money. Now if you have any notion of business sir, if all the customers of Bank of America (BOA) line up at their front door and say, “we want our money tomorrow”, although BOA has assets way over what people are asking for, they still need TIME to liquidate these assets in order to give people what they want. The keyword here sir is “TIME”.
And some time was given to Mr. Namvar by most of the individuals who trusted their money with him to begin with and believed and had faith in his word, that he would return their money as soon as he could liquidate. And Mr. Namvar did.
I wonder if Ezri Namvar is the “New Madoff”, how come he had paid two thirds of his creditors right until the time before he was forced into involuntary bankruptcy??? Did Bernie Madoff do the same sir? If Ezri Namvar is the “New Madoff”, how come he had enough assets necessary to liquidate and pay the remaining one third of the creditors waiting and send everyone home happy??? I never read anything about Mr. Madoff paying off his creditors. In fact I read that there was no trace of the money that was given to Bernie Madoff. Since you describe and compare Ezri Namvar to Mr. Madoff, please give me facts and proof, “WHERE DOES IT SAY THAT MR. BERNIE MADOFF PAID AND RETURNED MONEY TO TWO THIRDS OF HIS CREDITORS? IF MR. NAMVAR IS A “CROOK”, AS QUOTED BY YOUR PROFESSOR, WHY DID HE OFFER TO PAY HIS CREDITORS AND ASK THEM TO WAIT? DO CROOKS OFFER TO PAY THEIR CREDITORS? I ALWAYS THOUGHT THAT CROOKS HIDE OR RUN AWAY FROM THE COUNTRY? IF MR. NAMVAR HAS MONEY HIDDEN IN TURKEY, WHY DID HE OPEN ITS DOORS AND HIS FILES AND RECORDS, AND BROUGHT NUMBER OF INDIVIDUALS INCLUDING MR. ASSIL TO DISTRIBUTE, LIQUIDATE, AND HELP THE CREDITORS THAT WERE WAITING TO GET PAID? DON’T “CROOKS” HAVE THINGS TO HIDE? DOES A “CROOK” INVITE AND ALLOW OTHERS TO LOOK THRU THEIR FILES WILLINGLY AND WITH CLASS? I GUESS YOU WOULDN’T KNOW MUCH ABOUT CLASS WOULD YOU?
I suggest you write a public apology letter first to the subject of this letter, Mr. Ezri Namvar and to the creditors that have been used as puppets with insensitivity of words and biased information and have been deceived by the likes of amateur reporters like yourself. Who it seems have been fired from 3 different newspapers within the last 3 years.
It is shameful to see a writer, who is born and educated in America, to have such corrupt work ethics, as to not even care what his misleading article will do to a wounded businessman and a wounded community, whom have not only lost their money, but their faith and trust. A community who is tired of waiting, and is desperate for results that they knew they would have had, if a few destructive people had not interfered, to postpone, destroy and bring millions of dollars of assets to ashes, because of their suspicious mentality, issues of jealousy, personal vendetta, and let us not forget ENVY.
Today sir, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
I AM ASHAMED TO BE CALLED AN AMERICAN CITIZEN, IF YOU ARE AN EXAMPLE OF WHAT AN AMERICAN CITIZEN VALUES AND LIVES BY. SHAME ON YOU MR. GENE MADDAUS. YOU SHOULD BE DISQUALIFIED AS A WRITER AND FIRED BY YOUR SUPERIOR, AND AS A RESPONSIBLE CITIZEN AND READER OF YOUR MOST UNSKILLFUL WORK, I WILL MAKE SURE THAT YOUR SUPERIOR WILL KNOW ABOUT YOUR WORK ETHICS AND PRACTICES SIR.
Lengthy, but TRUE! I agree. This is well written. You should write this to the supervisor of the LA Weekly. This reporter is nor fit as a person nor journalist to take such compelling issues. As for Mr. Ezri Namvar, I know his intention was not to ruin his life, 30 years of hard work, and reputation of himself and family and now his freedom for MONEY! WHO WOULD BE SOO CRAZY. That leaves you with nothing and only gives the upper hand to all his enemies, banks, trusties, lawyers and who ever else wants to fall on the bandwagon (such as Mr. Youseffie, that stupid lawyer or Mr. Hahkahkah, who is neither a businessman nor a creditor). WELL SAID. THANKYOU.
It is very obvious Ezri and his family has lots of free time to write comments here and defend him.They are unsuccessfully trying to blame, Mr. Assil, Trusties, Creditors, The Judge, Juries, lawyers, Banks, Government, the System, and even the LA Weekly reporter.Everybody is responsible for this catastrophe, expect him and his family.He thinks G-d is also responsible. He has an interesting plan, but the problem is, he is not sharing his plan with him.Ezri and his family miscalculated something. They were doing business as usual ( Like in Iran) hard money, usury, cheating,......and they were hoping there is a hole in legal system and by bribery they can beat the system and by donating money to temples they can buy heaven.
NO MY FRIEND. NO ONE HAS FREE TIME TO DO SHIT. WE ALL WORK HARD. you forget, 14% of the nation is unemployed and the other percentage is underemployed. If you like Assil, Trusties, lawyers, banks, government and so forth maybe you should be in such a predicament. These comments come from rational and not emotion. He has paid his dues and wanted and still wants to pay people back. NO ONE LET HIM. So we put our faith in Mr. Assill, Trusties, Creditors, The Judge, lawyers, and reporters who are supposed to work for the truth and facts. BUT SOOOOOOOOOOOOOOOOOO MUCH BULL SHIT GETS INTO ALL THESE STORIES THAT NO ONE KNOW WHAT THE TRUTH IS. THIS REPORTER WROTE A VERY BIAS STORY. we Had to know Mr. Assil eats kosher or what he said to the waitress. But you exclude all the details from Ezri Namvar's personal struggle and the support he has from people of the community, despite what is always written. Who the hell was the Loyola Professor to make a comment that this is definitely as Ponzi Scheme. Are his fact based on anything OTHER THAN HIS OWN BIASED OPINION. No where has it been proven that any ponzi existed in this situation. WOW, DOESN'T OUR COMMUNITY LOOK STUPID WHEN WE LEARN A NEW WORD AND RUN WITH IT ...."PONZI". REAL MONEY AND ASSETS EXISTED BEHIND THE BUSINESS NOT A PYRAMID OF TAKING MONEY FROM ONE PERSON TO GIVE TO ANOTHER because the whole business make up of the company was a lie. That is a ponzi scheme. If assets didn't exist, the Namvar's wouldn't be called all these names and so many claims to be made that money was hidden. The most obvious, where the hell does the trustee get money to pay himself and his team $800,000 EACH MONTH????!!!!!!
ACCOUNTABILITY HAS BEEN TAKEN AND YOU HAVE SERIOUS ISSUES WITH RABBIS AND TEMPLES. maybe you should skip going to them.
YAH! YOU KEEP THINKING THAT WAY WHILE the trustee and the board of creditors all sit around and figure out what to do with the asset that are left over. They don't need to steal from behind the communities' back. They are doing it with legal justification and getting paid $800,000 per month (total $30 million) in legal fees. We all need to WAKE UP AND SMELL THE BULL SHIT. If the bankruptcy didn't happen and Namvar was able to work we would be much further along getting our money back than now. No One mentions how Ezri Namvar brought a plan 2 years ago put the assets in a public trust for all the creditors to own shares of. He even had a individual Trust to put up $300 million dollars to take to do this. He was willing the pay the trustee $10 million to leave BUT YOU KNOW WHAT HAPPENED? The trustee said he wanted $30 million SO THE PLAN FISSEL AWAY AND DIED. yeah, we should all be so lucky to be in bankruptcy. That's why two third's of the creditors were paid back before BANKRUPTCY and now the TRUSTEE IS SUING THOSE PEOPLE TO GET MONIES BACK THAT IS RIGHTFULLY THEIRS!!!!! WHO IS THIS BANKRUPTCY WORKING FOR? NOT THE CREDITORS! THANKS MR. ASSIL AND FRIENDS. I DEFINITELY BLAME HIM. HE WAS NOT CONNED! HE KNEW EXACTLY WHAT HE WAS DOING. HE EVEN SAID SO IN FRONT OF 400 PEOPLE AT A MOST CREDITOR'S MEETING. I DON'T CARE ABOUT THE MONEY!!!
Are you saying that paying the creditors is a lie sir. What about the the monies that had to be returned so that the government can do it their way, is that a lie. Is it fair to take back what belongs to the people that have been paid, and pay amateur lawyers to sit around and waste time and get big paychecks? And who is the cause of the money that had to be returned sir. I think the answer is one individual who has big issues with anger and mistrust. One sees others as themselves. All deceitful people see others as deceitful, and they don't trust.
This is why we are here sir , the key word is TRUST. IF YOU TRUST SOMEONE WITH YOUR MONEY, YOU SHOULD TRUST THAT THEY WILL RETURN IT TO YOU AS WELL. If you mistrust and are suspicious of someones word and business dealings, do not give them your money. Everyone makes a choice, and must take responsibility for their choices. No one should loose money. One dollar lost is too much. But we must understand that after these couple of years since the downfall of the economy, people would have been paid by now if a few foolish people would have not interfered and caused this distruction.
WELL SAID. People panic where there is confusion. They take extreme measures for forcing INVOLUNTARY BANKRUPTCY. BUT THEY NEVER BLAME THEMSELVES FOR NOT GIVING ENOUGH TIME TO GET THEIR MONEY BACK. EVERY PERSON WHO EVERY WORKED WITH NAMVAR ALSO BENEFITED EMMENSELY! THEY MADE MONEY on his returns and they loved him for it. But when the shit hits the fan, IT'S NOT THEIR FAULT, he is a crook and IT'S A FUCKING PONZI SCHEME. SURE! HIS PONZI SCHEME PAID BACK $280 MILLION DOLLARS TO CREDITORS BEFORE THE FORCED BANKRUPTCY! It's such a PONZI SCHEME that the trustee and all their team can get paid $800,000 each month for work they are "SUPPOSEDLY" DOING. FROM WHAT MONEY OR WHAT ASSETS? THE ONES THEY CLAIM THEY CAN'T DELEGATE TO THE CREDITORS THEY OWE TOO OR WORK FOR? what is a scheme is the bunch of THEIVES RUNING THE SHOW AND THE LOSERS like Ebrahim Assil, Hahkahkah and Yousefian who are taking the stories and running with it ALL THE WAY TO THE BANK, TO NEWSPAPERS ETC. All with their own versians of what has happened.
please input our website
{w w w }{jordanforworld}{com}
YOU MUST NOT MISS IT!!!
thank you!!!
{w w w }{jordanforworld}{com}
Believe you will love it.
{w w w }{jordanforworld}{com}
Something unexpected surprise
Hello. My friend
the good shopping place
please input our website
{w w w }{jordanforworld}{com}
YOU MUST NOT MISS IT!!!
thank you!!!
{w w w }{jordanforworld}{com}
Believe you will love it.
{w w w }{jordanforworld}{com}
mr Assil was absolutely beekar in Israel and wondering the streets of Israel before he came to usa, he is no dishonest and money hunger that most of his immediate family like brother and nephews can not stand him go to hell assil, in the end you will be punished, just wait
i agree with Thehourglass24 , Mr. Maddaus; is an amateur and dishonest person, you are qualified to be a writer, FUCK YOU YOU PIECE OF SHIT
abraham assil is the sleaziest man around and the most hated in the persian community. he even says "the namvar's would prostitute their wives and children to make money"... what kind of decent human being would say this? especially someone who has a wife and kids of their own. assil you'll get it coming...just wait and see.
Dear Mr. Maddaus;
When you ask a teenager just finishing high school, what do you want to do in the future, someone with decency would respond, I want to do what I love, but I want to help people while I am doing it and make a difference. A journalist chooses to have this profession to have a voice to tell it as it is, with honesty and clarity. A journlist talks for the people that do not have a voice or are being unjustly treated, blamed or judged, and has the power to make a difference in a positive way and earn his title and recognition, a title that comes with the great privilege and freedom to write and tell a story that is the TRUTH and nothing but the truth. By doing so, he can help and clarify what the readers or the community do not know and make a difference. Just as a doctor makes a difference when he saves a life, or a therapist when he helps an emotionally distressed get back to having a normal and happy life, or a teacher by being a big part of a child’s future, by teaching and giving a child love and confidence. These are all professions that can make a huge difference in people’s lives.
A journalist almost has the power of G-d, because G-d does not judge or take sides. God treats all his beings with fairness, as does a professional journalist, who has been given this power, as he writes, to write fairly and in an unbiased manner. ONCE A JOURNALIST ABUSES THE POWER HE IS GIVEN, HE HAS FAILED HIS RESPONSIBILITY AS THE MESSENGER OF TRUTH, AND DOES NOT DESERVE TO HAVE THIS PRIVILEDGE. That journalist is proven to be bad at what he does, because his work is pointless and false. Shakespere said “nothing can come of nothing”. And by writing with no conscience or substance, you have introduced nothing with your article.
As you begin your article with its purposely catching and misleading title, “Ezri Namvar is the New Bernie Madoff and the Most Reviled Man in Town”, it is evident that you have abused your power and misused your position and your privilege as a writer. It shows that you are neither informed nor clear as to what the case is for Ezri Namvar. You are either very naïve and foolish, extremely bad at what you do, or have been bribed with money and brainwashed by a certain man’s deceitful and dangerously false charm that got us all here in this mess in the first place. Shakespere said “He is mad that trusts in the tameless of a wolf”. The wolf sir is Mr. Assil himself, one of the individual’s that you have chosen to interview and quote in your article.
Dear Mr. Maddaus, Ezri Namvar had worked very hard and achieved great success. With his reputation of 30 years, and his many business dealings and relationships, he earned people’s trust and good faith. Mr. Namvar was and still is admired by many who know him personally, and has had a big hand in their road to success. But unfortunately, with any kind of success and exposure, comes envy, jealousy, and unfunded hatred. As a result, some individuals of whom are not even creditors has made their life mission to ruin Mr. Namvar’s life by first forcing him into Bankruptcy, and then spreading rumors none of which has been proven as of this date. Dear sir, you cannot cheat your way into making a reputable company and earning the good faith of people. Reputation is EARNED by years of business practices with real people and reputable companies. I suggest, next time you think twice before you attempt to tarnish someone’s name and reputation and quote some professor who knows nothing about Mr. Namvar and his case.
In our community many families know each other not just from 5 or 10 years ago. They have knowledge of the characteristic of their acquaintances that go back to maybe 50 to 100 years of watching the family do business in the community, their treatment of their families and relatives and what kind of reputation they have earned by the values they lived by. I like to inform you that I am acquainted both with Mr. Namvar and his family as I am with Mr. Assil and his family and all his extended relatives. In fact my family knows Mr. Assil and his family background from 70 years ago. Here is a man that is great at charming and influencing, to get his agenda on track and he is one with no conscience when it comes to money, power, relations, or family. That is evident in how many people, including many of his close relatives continue to speak ill of this man’s values and behavior. He has managed to cheat, lie and deceit many in his business dealings even his own family members that have resulted in many lawsuits being against him. He is a big talker, with no regard for anyone but himself, and quite self observed due to his issues and insecurities. As a result, his destructive character has managed to destroy a family, a business, and a community of people who believed and trusted in Mr. Namvars’ word and promise. I wonder if Mr. Assil mentioned to you that he knew Mr. Namvar for a great number of years and profited from doing business with him on many occasions, resulting in him becoming a rich individual.
Since the downfall of the economy 3 years ago, which has been compared to the recession of the 1920’s, many have been hurt, including many in our Jewish Persian community, completely unrelated to Mr. Namvar’s case. But they managed to keep their situation hidden, so they can still have pride in a community that unfortunately, picks most of their acquaintances and socializing buddies based on their pockets. Now lets go back to Ezri Namvar. When the economy collapsed in 2007, Ezri Namvar was still a very rich man. In fact, Ezri Namvar had more assets than liability. So that means his company was not bankrupt. So when panic started in the whole country, in regards to banks, going down one after another, so did in our Persian community. As it did, people lined up one after another, thinking that Mr. Namvar is bankrupt and might go into bankruptcy, and began asking for their money. Now if you have any notion of business sir, if all the customers of Bank of America (BOA) line up at their front door and say, “we want our money tomorrow”, although BOA has assets way over what people are asking for, they still need TIME to liquidate these assets in order to give people what they want. The keyword here sir is “TIME”.
And some time was given to Mr. Namvar by most of the individuals who trusted their money with him to begin with and believed and had faith in his word, that he would return their money as soon as he could liquidate. And Mr. Namvar did.
I wonder if Ezri Namvar is the “New Madoff”, how come he had paid two thirds of his creditors right until the time before he was forced into involuntary bankruptcy??? Did Bernie Madoff do the same sir? If Ezri Namvar is the “New Madoff”, how come he had enough assets necessary to liquidate and pay the remaining one third of the creditors waiting and send everyone home happy??? I never read anything about Mr. Madoff paying off his creditors. In fact I read that there was no trace of the money that was given to Bernie Madoff. Since you describe and compare Ezri Namvar to Mr. Madoff, please give me facts and proof, “WHERE DOES IT SAY THAT MR. BERNIE MADOFF PAID AND RETURNED MONEY TO TWO THIRDS OF HIS CREDITORS? IF MR. NAMVAR IS A “CROOK”, AS QUOTED BY YOUR PROFESSOR, WHY DID HE OFFER TO PAY HIS CREDITORS AND ASK THEM TO WAIT? DO CROOKS OFFER TO PAY THEIR CREDITORS? I ALWAYS THOUGHT THAT CROOKS HIDE OR RUN AWAY FROM THE COUNTRY? IF MR. NAMVAR HAS MONEY HIDDEN IN TURKEY, WHY DID HE OPEN ITS DOORS AND HIS FILES AND RECORDS, AND BROUGHT NUMBER OF INDIVIDUALS INCLUDING MR. ASSIL TO DISTRIBUTE, LIQUIDATE, AND HELP THE CREDITORS THAT WERE WAITING TO GET PAID? DON’T “CROOKS” HAVE THINGS TO HIDE? DOES A “CROOK” INVITE AND ALLOW OTHERS TO LOOK THRU THEIR FILES WILLINGLY AND WITH CLASS? I GUESS YOU WOULDN’T KNOW MUCH ABOUT CLASS WOULD YOU?
I suggest you write a public apology letter first to the subject of this letter, Mr. Ezri Namvar and to the creditors that have been used as puppets with insensitivity of words and biased information and have been deceived by the likes of amateur reporters like yourself. Who it seems have been fired from 3 different newspapers within the last 3 years.
It is shameful to see a writer, who is born and educated in America, to have such corrupt work ethics, as to not even care what his misleading article will do to a wounded businessman and a wounded community, whom have not only lost their money, but their faith and trust. A community who is tired of waiting, and is desperate for results that they knew they would have had, if a few destructive people had not interfered, to postpone, destroy and bring millions of dollars of assets to ashes, because of their suspicious mentality, issues of jealousy, personal vendetta, and let us not forget ENVY.
Today sir, you have failed greatly as a human being and a responsible citizen to set the record straight. You have naively been tamed and influenced by con artists like Mr. Assil and his associates, over a cup of coffee and some sweet talk at a fancy hotel. You sir do not deserve and must not be given the right to be a writer. You do not fall into the category of decent people who choose a profession to make a difference. You have abused your position and chosen to write a viciously misleading piece, by ONLY inserting what can purposely mislead, destroy, and provoke your readers. I am guessing that you are afraid to once again go looking for a new job. You have diminished the title of a journalist and fall in the category of the same people who work for the gossip magazines and go to any lengths to bring a paycheck home. SHAME ON YOU AND YOUR ETHINCS.
I AM ASHAMED TO BE CALLED AN AMERICAN CITIZEN, IF YOU ARE AN EXAMPLE OF WHAT AN AMERICAN CITIZEN VALUES AND LIVES BY. SHAME ON YOU MR. GENE MADDAUS. YOU SHOULD BE DISQUALIFIED AS A WRITER AND FIRED BY YOUR SUPERIOR, AND AS A RESPONSIBLE CITIZEN AND READER OF YOUR MOST UNSKILLFUL WORK, I WILL MAKE SURE THAT YOUR SUPERIOR WILL KNOW ABOUT YOUR WORK ETHICS AND PRACTICES SIR.
If you are so ashamed to be an American citizen, why not go back to Iran? Seems like the logical solution.
7.25%? Reminds me of the old saying if it looks to good to be true, it probably is... Greed makes people do dumb things, both the man who stole 300 million from his community and those who invested in a scheme like this after the Bernie Madoff ponzi debacle. Look before you leap and when you leap take a temperature reading often with these private investor groups. We all learned something... again.
It is too bad that all of you dirty jews were not on that island in Norway. The world would be much better without all of you thieving lying bastards.
"When I came to this country, I had a lot of respect for the government," a man shouts. "My respect is zero now. It is no different than Iran or Iraq!"...
The problem is not the government. The problem is that the people REFUSE to take action against a corrupt government. Until the government is forced to FEAR doing wrong, they will continue to do wrong.
I paid $32.67 for a XBOX 360 and my mom got a 17 inch Sony laptop for $94.83 being delivered to our house tomorrow by FedEX. I will never again pay expensive retail prices at stores. I even sold a 46 inch HDTV to my boss for $650 and it only cost me $51.78 to get. Here is the website we using to get all this stuff, MetaCent.com
I paid $32.67 for a XBOX 360 and my mom got a 17 inch Toshiba laptop for $94.83 being delivered to our house tomorrow by FedEX. I will never again pay expensive retail prices at stores. I even sold a 46 inch HDTV to my boss for $650 and it only cost me $52.78 to get. Here is the website we using to get all this stuff, MetaCent .com
Now Trending
Loading...
