Concept Dorssers: Hendrik Dorssers and the $12 Million Medina Deed of Trust
IN RE MASTRO
United States Bankruptcy Court, W.D. Washington, at Seattle. September 27, 2011
Dorssers and the $12 Million Medina Deed of Trust
Hendrik J. Dorssers ("Hendrik Dorssers") is a resident of Monte Carlo, Monaco and has resided there since 1978. He is the owner of "Concept Dorssers", his trade name registered with the Principality of Monaco since 1997. Concept Dorssers is a proprietorship, not a separate legal entity. This Court shall refer to Hendrik Dorssers and Concept Dorssers together as "Dorssers," unless the distinction between the two is relevant - in which case the Court shall refer to them separately as "Hendrik Dorssers" or "Concept Dorssers."
Through work contacts, Dorssers developed a friendship with Hazelrigg III, a long-time friend of Mastro. Hazelrigg III introduced Dorssers to Mastro. Dorssers had little personal contact with Mastro, but successfully made a few investments with Mastro over the years, including in a fund Mastro termed "Friends and Family" lenders.
On November 5, 2008, Mastro and John Mastandrea ("Mastandrea") executed a promissory note in the amount of $1.2 million (the "November Note") in favor of Hendrik Dorssers, secured by a second position deed of trust on property known as "Cascade Lots." On November 6, 2008, Hendrik Dorssers wired $1,185,136.01 to Michael R. Mastro Properties.
The November Note indicated that payments to Dorssers were to begin on December 5, 2008. Consistent with the November Note, from December 2008 to July or August of 2009, Dorssers received at least seven interest-only payments in the amount of $9,876.13 each.8 This payment amount ($9,876.13) would reflect 10% per annum interest-only payments on a $1,185,136 balance. The Court finds that these payments related to the November Note.
Dorssers became concerned with the quality and extent of his security interest in the Cascade Lots and requested that Mastro provide him with additional security for the November Note loan. Dorssers and his wife, Dina, communicated back and forth with a Mastro associate regarding same.
In a separate purported transaction, on or about February 16, 2009, Mastro, Linda, and LCY, LLC-Series Home executed a promissory note in favor of Concept Dorssers (the "February Note"), secured by a deed of trust on Mastro's and Linda's Medina Residence (the "Medina Deed of Trust"). The February Note provided that "Maker promises to pay the sum of Twelve Million and No/100 Dollars ($12,000,000.00 U.S.) or so much thereof as may be disbursed to, or for the benefit of the Maker in accordance with the terms of this Note." The Medina Deed of Trust states that the grantor is LCY, LLC - Series Homes, that the grantee is Concept Dorssers, and that its purpose is to secure all amounts due under a $12 million promissory note "of even date."9 Notably, the Medina Deed of Trust, by its own terms, does not secure the earlier November Note, but rather the February Note of "even date."
Quelle: Dorssers and the $12 Million Medina Deed of Trust
Zur Firmenübersicht Wolfgang Tober
Zur Firmenübersicht Hendrik Dorssers ("Monaco-Harry")
Zur Übersicht Kristallbäder Heinz Steinhart