In the original article I wrote that Shepherd Valley Ministry (SVM) was worth $12M at best.
A sharp-eyed reader noted that the actual funds advanced to SVM was more along the lines of $17M and that $12M was what the CEF Board forgave SVM.
Checking my prior archives (which I should’ve done in the first place 🙂 ) it turns out my reader’s memory is better than mine. The original article has been updated and I’m including the additional text here so people my mailing list members don’t have to go back to the original article to read it.
(1) Update 2022-04-26 – thanks to a reader with a better memory of mine, the actual loss was ~$17M. In CEF: Higgerty Law Statement of Claim Section I – The Shepherd’s Village Loans I go through Higgerty Law’s assertions:
100. Between 1999 and 2014, ABC District advanced to SVML either directly or indirectly through ECHS, CEF monies in the total amount of approximately $17,000,000.00 for the purpose of acquiring and developing the Shepherd’s Village lands (the “Shepherd’s Village CEF Loans”).
108. Between 2011 and 2014, ABC District and/or ECHS, forgave $12,575,685.00 of the Shepherd’s Village CEF Loans, thereby depriving the CEF Trust and the CEF Quistclose Trust of those funds.
This left an outstanding balance of $17M – $12,575,685.00 = $4,424,315.
One wonders where the $12.5M went…