April 20, 2014

DBSI in Dollars

Filed under: Probable Cause — Tags: — Bill @ 3:42 pm

DBSI$ copyOpenCdA’s previous posts about the DBSI securities fraud trial in Idaho’s Federal District Court have focused on the criminal trial.

Of course, a portion of that trial revealed the dollar losses suffered by those caught up in the scheme.  It  is difficult for most of us to grasp the magnitude of those dollar losses.  The aggregate approximations sometimes used, “millions if not billions of dollars,” doesn’t begin to help us appreciate the pain and suffering incurred by DBSI’s creditors.  For a small creditor, the loss of just a few thousand dollars may mean the loss of a business or the ability to retire.

Thanks to OpenCdA reader “Stebbijo” we can begin to personalize the losses and maybe to better appreciate not just their dollar value but their emotional impact as well.  “Stebbijo” provided us with this List of Creditors filed in the Federal Bankruptcy Court in Delaware.  You will note that there are 1,791 pages, and there are 20 or more creditors listed on each page.  The actual list of creditors is only 895 pages, but there are two lists:  one is sorted in ascending alpha on the creditor’s name, and the other is sorted in ascending numeric by claim number.  In addition to identifying the creditors, the column headed “Claim Amount” often but not always lists the dollar amount of each claim.  For those interested in looking at the various bankruptcy filings in re DBSI Inc., et al, The case number is 1:08-BK-12687.

OpenCda has quickly scanned about 500 pages looking for creditors who listed their address in northern Idaho.  We have found at least 10 in northern Idaho.   We do not believe that is the entire number, however, since some of the claims were likely filed through attorneys with addresses not in northern Idaho.  For example, a creditor identified as “Call Ctr Coeur DAlene Ironwood Tenants in Common” used a law firm in Eagle, Idaho, and filed claims in excess of $1,066,400.91.

Careful readers will note we have avoided referring to the creditors as “victims,” because some of the creditors listed in the List of Creditors include criminal defendants Swenson and Ellsion.  The creditors may be investors, but they may also be businesses who provided goods and services to acquire, build, or operate the various DBSI enterprises.

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