(1) FJC never take a defaulter to court: it sells “potentially impaired” loans, without discount, to the Marty & Dorothy Silverman Foundation – 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), https://fjc.org/wp-content/uploads/2020/12/2020-06-FJC-Audited-Financial-Statements.pdf (& MEGA)
(2) 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.
(3) Loans bought by MDSF ≥FY2006 (year-end 31July). These details were sent to all of Pacifica’s 120 LSB members on 15Nov2018 by a PacificaWatch minion. LINK
LINK to folder (includes FJC’s auditor’s reports ≥FY2006 (year-end is 31Mar), 990’s, etc.)
[will be fully written-up June-July2021]