Page 1 of 1
Posted on September 5 at 4:39 a.m.
Just catching up on the business dealings of famed local residents Ira Distenfield and Cam Sanchez has been instructive. (And you are known by the company you keep.) For Distenfield --- who is been described by others as an “ethical train wreck” --- to have been hired by Police Chief Sanchez is absolutely surreal. Distenfield's activities covering the Police Department have amounted to a personal PR machine for the Chief --- to create awareness to the fact that Cam Sanchez (the individual) might be available to consider new professional opportunities like the one in San Berdoo. This is a subtle but most astute observers already recognize this playbook. As for the “moral train wreck” observation --- this paper has reported repeatedly that Distenfield has, in effect, damaged the investments of honest people and failed to pay his creditors like local attorney Richard Lubetzky. And the bankruptcy judge over Distenfield’s filing even put Mr. D. into the LA County Jail for several days for contempt of court. But Distenfield seems to still have lots of money to spend and to be able to afford a home in one of the best areas. What is less obvious is that some of the PR man’s other creditors have judgments against him that are not nullified by any bankruptcy filings. But just like his friend the police chief --- Distenfield is a very resourceful person. Distenfield is thought by these same creditors to have hidden assets offshore. They assert that Distenfield was prudent enough to have transferred a reported $4.4 million of his payout from Dollar Financial on the sale of his last business venture in mid-2005 to a Chicago bank. Which apparently, in turn, quickly transferred those funds to a safe offshore account. The police chief's friend, Mr. Distenfield, is just like the Energizer Bunny. He just keeps on ticking.
On Trojan Dogs
Posted on July 13 at 4:17 a.m.
Have you people lost your minds? The Distenfields are a veritable ethical train wreck. They have a string of three or more companies that they have controlled that have gone into bankruptcy taking the savings of many investors down with them. But the Distenfields always come out on top. They have moved cash offshore and continue to live very well in one of SB’s best neighborhoods. In spite of the fact that they have gone into personal bankruptcy, dodged paying creditors using much questioned business bankruptcy filings, etc. --- such shenanigans saw Mr. The Distenfield spending some time back in March 2009 in the Los Angeles County jail for contempt of court. Does none of this sink into the awareness of the worthies on the Council?
On Firefighters Get Own Show
Posted on May 10 at 6:36 p.m.
The following is my opinion. I got to see first-hand Distenfield, Dollar's CEO and CFO in action. And to be acquainted with the inner workings of the WTP organization. Distenfield had really created a very solid business model with WTP. And he was a superb spokesperson for WTP. After that it went downhill fast. Distenfield was seriously cash-strapped, "robbing peter to pay paul" everywhere, physically burned out, reputed to have had a heart attack, and just totally desperate to have somebody to buy him out. The WTP buy-out was engineered by a LA leverage buy-out firm that also took Dollar public at the same time WTP was acquired --- for big fees. There is no way Dollar's skilled CFO and CEO would not have seen the deceptions in his financial records. Dollar was skilled at buying businesses. (Note that payday lenders like Dollar prey on poor minorities and charge annual interest rates in excess of 500% per year because their typical loan contracts are rolled over an average of 8 times by their desperate customers.) Dollar had to have known that WTP's books were cooked --- and probably planned all along to sue Distenfield after the sale for fraud to minimize their acquisition cost. Dollar had a flawed business strategy in this acquisition. Dollar was skilled at victimizing poor minorities but not running some other types of business. Perhaps their only reason for buying WTP in the first place was to get its self-help divorce business. Some 80% of the divorces in California are done in pro per. Dollar might have thought it could loan such customers the funds for their divorces. Under Dollar there are now less than 75 functioning WTP stores. Dollar had the cash but no vision for running an ethical business.
On We the People Founder Sentenced for Contempt