Marty & Dorothy Silverman Foundation

(1) Marty Silverman’s fortune was what largely set up both the Foundation for the Jewish Community, FJC, & the Marty & Dorothy Silverman Foundation (abbreviated to MDSF). LINKS on his business history, the Albany bequest, etc..

(2) FJC selling “potentially impaired” loans, without discount, to MDSF – any FJC auditor’s report, e.g. FY2020: “[i]n the event that FJC determines a loan to be potentially impaired, FJC will notify the private foundation that pledged securities to satisfy the loan that FJC intends to exercise its rights under the hypothecation agreement.” (page 12), (& MEGA)

A PacificaWatch minion, 18Oct2018: “So, importantly, FJC don’t call in loans, they farm them out to the foundation. Indeed, FJC sold to MDSF more than nine loans, totalling at least $6.712m, in the four years FY2013 through 2016. Two were comparable to Pacifica’s $3.265m: one of $2.676m in 2013; the other, $2.1m in 2016. These large sales were only disclosed by reference to post-balance sheet events described in the corresponding prior auditor’s report (FY2012, page 10; FY2015, page 15). So FJC have had their fingers burnt in recent years, twice – yet they’ve taken on Pacifica. Why? What’s to gain? (FJC’s auditor’s reports,{6F88AFBC-CE80-46CB-B364-FBB4333B345D} ). Somewhat troublingly, these facts have never been mentioned in any publicly available Pacifica audio or written statement. No PNB director or LSB delegate has publicly demonstrated any awareness either of FJC’s policy in this area, or of this third party, the Marty & Dorothy Silverman Foundation. Also none has acknowledged that two ‘impaired’ loans, comparable in size to Pacifica’s, were sold on in recent years by FJC.” – (comment denoted “5 of 6”)

(3) FJC only allow a loan to have a maximum 5-year term: “we can go out a maximum of five years” (FJC CEO Sam Marks, 18May2020, 4:14). Here’s Sam, from 2:02:

Five years max means that for Pacifica’s loan, started 2Apr2018, & extended in Mar2021 to 30Oct2022 (Pacifica’s FY2019 auditor’s report, p. 15; p. 17 of the PDF), the $3.165m principal becomes due, at the very latest, on 1Apr2023. If indeed FJC grants a 2nd extension, then at most it can only be for another 5mths & 2days, until 1Apr2023 – during which time, if Pacifica hasn’t coughed up, it’ll be sold to the Marty & Dorothy Silverman Foundation.

No Pacifica decision-maker has gone public with this important info.

(4) List the loans bought ≥FY2006 (year-end 31July)? Most of these details were disclosed to all of Pacifica’s 120 LSB members in 15Nov2018 by a PacificaWatch minion. LINK, & (comment denoted “5 of 6”)

(5) MDSF 990-PF’s, etc.: LINK to folder

[will be fully written-up June-July2021]