The financial mess left by indicted real estate mogul Ken Mattson is moving closer to resolution, but with sobering results for investors.
The Press Democrat reports bankruptcy lawyers have detailed a new plan to liquidate Mattson’s companies, which is necessary due to his chaotic bookkeeping. The proposed solution pools all assets, but experts estimate that investors owed $231 million may only recover 20 to 40 cents on the dollar.
Furthermore, a new investigative report alleges Mattson created a massive “slush fund,” draining company accounts for $510,000 in personal expenses while the properties deteriorated.
