Sunday, July 27, 2008

Bank takes loss on Boots loan

The parent company of San Jose's Heritage Bank of Commerce says it may never be able to recover $5.1 million it loaned to Silicon Valley financier William "Boots" Del Biaggio III, who co-founded the bank in 1994.

The decision to write off two loans to Del Biaggio was the primary reason for a $3.1 million loss in its second quarter, the company said in a statement, after earning profits of $1.7 million in the previous quarter and $4 million in the second quarter of 2007.
Sad, really. The Del Biaggio news has been sparse lately, but that will change once some of the bankruptcy proceedings move along.

There are a lot of interested parties.
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15 Comments:

At 7:25 PM, July 27, 2008, Blogger Big Picture Guy said...

The real losers are the bank's shareholders including, prominently, Del Biaggio's father. Since the news about Boots' bankruptcy filing in early June, HTBK's stock price is down about 36%: that's a "loss" of over $40 million in market capitalization. Of course, bank stocks in general have been in freefall but given that the bad loans to Boots account for more than a third of Heritage's non performing loans, his bankruptcy played a major part in the decline of HTBK's stock.

 
At 7:41 PM, July 27, 2008, Anonymous Anonymous said...

Del Biaggio is a crook plain and simple. He ruins everything he and his wife touches

 
At 9:36 PM, July 27, 2008, Anonymous Gerald said...

Anonymous, if you are going to slander people, sign your name to your post. Otherwise, shut your piehole.

 
At 10:33 PM, July 27, 2008, Anonymous Anonymous said...

Actually, I think Boots has come to a plea agreement re: some of his situations in various enterprises. As he now has a criminal record, he is a crook. Regarding what he and his wife touch being ruined, we'll see how Nashville does this year:)

Although the previous anonymous poster was rather blunt, your response was rather harsh. Fraud can destroy plenty of people and Boots has done plenty of fraud.

 
At 10:48 PM, July 27, 2008, Blogger James Mirtle said...

Anonymous, if you are going to slander people, sign your name to your post. Otherwise, shut your piehole.

I'd actually be somewhat inclined to agree. Unless anonymous can get sued, that is...

 
At 11:18 PM, July 27, 2008, Anonymous Anonymous said...

Anonymous, if you are going to slander people, sign your name to your post. Otherwise, shut your piehole.

Ok, I understand. We all know Gerald so being anonymous is totally different. Hmm.

 
At 2:59 AM, July 28, 2008, Anonymous Anonymous said...

Gerald's playing lawyer again.

 
At 7:07 AM, July 28, 2008, Anonymous Anonymous said...

Gerald is actually Gary "NO review for you Bootsie" Bettman

 
At 7:46 AM, July 28, 2008, Anonymous Gerald said...

Ok, I understand. We all know Gerald so being anonymous is totally different. Hmm.

I have posted enough here under my full name that one is sufficient as far as I am concerned, "Anonymous".

I'd actually be somewhat inclined to agree. Unless anonymous can get sued, that is...

He/she knows he/she could.

Actually, I think Boots has come to a plea agreement re: some of his situations in various enterprises. As he now has a criminal record, he is a crook.

Please identify the source for that. It is certainly nowhere in the media, including the local media in his area as far as I know.

Gerald's playing lawyer again.

Not playing, sir/madam.

 
At 11:43 AM, July 28, 2008, Anonymous Gerald said...

Actually, I think Boots has come to a plea agreement re: some of his situations in various enterprises. As he now has a criminal record, he is a crook.

As an aside, Del Biaggio has not even been charged, much less "come to a plea agreement".

 
At 11:54 AM, July 28, 2008, Blogger Derek from Cloud9 Sports said...

"Jim Balsillie would be insolvent too..."

- Boots

 
At 1:03 PM, July 28, 2008, Anonymous Anonymous said...

From Bloomberg:

Creditor Private Bank of the Peninsula said Del Baggio is cooperating with investigations by the U.S. Attorney and the FBI. The bank said creditors ``may be victims of fraud rising into the tens of millions of dollars.''

I'll go with what the bank is saying on this one. Certainly, if not guilty of fraud, the man loved his lifestyle a little too much and was morally bankrupt towards those he is responsible (ie - his creditors)

As for posting anonymously, it's easier on the login and I rarely post. As for being sued, I stated it in the form of "I think" so I doubt the damages would be high. As well, if that's the worst slander Boots has suffered in the past year he should be thankful. Blogs and their resulting commentary, sadly in many cases and perhaps a harbinger of things to come, have less responsibility and more freedom than other forms of writing in the past. That is partly why many teams are not welcoming of bloggers in comparison to more traditional forms of media. If this makes you feel better, maybe you can stuff it down your piehole, Esquire Gerald "Who posts frequently so I would know your name." - - - I would allege that Boots del Baggio could have possibly committed fraud based on promises he may have made that exceeded his capacity to fulfill. Fraud is roughly considered to be unlawful gain through deceipt or trickery. Some people would speculate that perhaps Boots may have committed a fraudulent act. People who have committed such acts are considered to be criminals when convicted by the Canadian justice system. Boots and his lovely wife have not much of a run or recent success and people could certainly say that he's pulling a reverse Midas with a lemon twist.

 
At 1:08 PM, July 28, 2008, Blogger Kel said...

If someone defaults on his loan, and his collateral for the loan never belonged to him, is he a crook?

 
At 4:34 PM, July 28, 2008, Anonymous Anonymous said...

I have posted enough here under my full name that one is sufficient as far as I am concerned....

Now he's like Madonna.

Gerald's playing lawyer again.

Not playing, sir/madam.


That sorta speaks for itself.

 
At 10:55 PM, July 28, 2008, Anonymous Anonymous said...

What kind of a bank has a 1 million dollar profit or a couple million dollar loss?

My local branch probably puts up bigger numbers!

 

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