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2012-03-29T00:00:00.000Z

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Wrong James Wynstra?

Mr. James Wynstra A.

Founder and President

HOMESTEAD NORTHWEST INC

HQ Phone: (360) 354-0291

HOMESTEAD NORTHWEST INC

759 E Badger Rd

Lynden, Washington 98264

United States

Background Information

Affiliations

Member
Great Links Resorts

Education

law degree

University of Puget Sound

Web References (65 Total References)


James Wynstra, founder and ...

www.bellinghamherald.com [cached]

James Wynstra, founder and president of the Homestead companies, described that firm as the construction arm of Homestead Northwest Inc. during a February 2012 creditors' meeting. Wynstra also said he expected the parent company and other related businesses to make their own bankruptcy filings soon.

...
Wynstra and Homestead Northwest Inc. companies raised an estimated $121 million from investors from 1989 until 2009, according to an April 2011 statement of charges filed by the Washington Department of Financial Institutions. Many of those investors were repaid over the years, but the state agency estimated that $60 million or more was still owed as of April 2011.
The company's finances froze up in April 2009, when Homestead stopped making interest payments to its investors.
The Department of Financial Institutions contends that Homestead's investment strategies violated state securities laws by selling unregistered securities and misleading investors about the firm's prospects. Wynstra has said he intends to contest those accusations and the $100,000 fine that the state agency wants to impose.
...
Veltkamp handled the Jan. 18, 2012, bankruptcy filing of Homestead NW Development Co., one of several Homestead companies controlled by founder and president Jim Wynstra.
...
BELLINGHAM - Homestead Northwest's investors and other creditors had a chance to confront the company's president and founder, Jim Wynstra, on Monday, Feb. 27, as the company's bankruptcy proceeding got under way.
Few of the more than 50 people who showed up for the creditors' meeting at the Whatcom County Courthouse took advantage of their opportunity to question Wynstra in front of Virginia Burdette, the bankruptcy trustee.
...
In an April 2011 statement of civil charges against Homestead's president and founder, James Wynstra, the Washington Department of Financial Institutions estimated that, taken together, the Homestead companies owe about $65 million to an estimated 350 investors.
...
"Look at your glass," James Wynstra wrote his Homestead Northwest investors on June 27, 2008. "Is it half-empty or half-full?
Less than a year later, the glass was bone-dry. But Homestead investors who relied on letters from Wynstra, the development company's president and founder, had little reason to suspect onrushing disaster.
...
In a Chapter 7 bankruptcy document filed Wednesday, Jan. 18, the company and its founder-president, James Wynstra, report assets of between $1 million and $10 million.


James Wynstra, founder and ...

bell.vrvm.com [cached]

James Wynstra, founder and president of the Homestead companies, described that firm as the construction arm of Homestead Northwest Inc. during a February 2012 creditors' meeting. Wynstra also said he expected the parent company and other related businesses to make their own bankruptcy filings soon.

...
Wynstra and Homestead Northwest Inc. companies raised an estimated $121 million from investors from 1989 until 2009, according to an April 2011 statement of charges filed by the Washington Department of Financial Institutions. Many of those investors were repaid over the years, but the state agency estimated that $60 million or more was still owed as of April 2011.
The company's finances froze up in April 2009, when Homestead stopped making interest payments to its investors.
The Department of Financial Institutions contends that Homestead's investment strategies violated state securities laws by selling unregistered securities and misleading investors about the firm's prospects. Wynstra has said he intends to contest those accusations and the $100,000 fine that the state agency wants to impose.


James Wynstra, founder and ...

bell.vrvm.com [cached]

James Wynstra, founder and president of the Homestead companies, described that firm as the construction arm of Homestead Northwest Inc. during a February 2012 creditors' meeting. Wynstra also said he expected the parent company and other related businesses to make their own bankruptcy filings soon.


DFI's accusations against Bennett are ...

www.bellinghamherald.com [cached]

DFI's accusations against Bennett are similar to those made last year against James Wynstra, the founder of Lynden-based Homestead Northwest Inc., although on a smaller scale.

...
BELLINGHAM - Homestead Northwest's investors and other creditors had a chance to confront the company's president and founder, Jim Wynstra, on Monday, Feb. 27, as the company's bankruptcy proceeding got under way.
Few of the more than 50 people who showed up for the creditors' meeting at the Whatcom County Courthouse took advantage of their opportunity to question Wynstra in front of Virginia Burdette, the bankruptcy trustee.
...
Veltkamp handled the Jan. 18, 2012, bankruptcy filing of Homestead NW Development Co., one of several Homestead companies controlled by founder and president Jim Wynstra.
...
"Look at your glass," James Wynstra wrote his Homestead Northwest investors on June 27, 2008. "Is it half-empty or half-full?
Less than a year later, the glass was bone-dry. But Homestead investors who relied on letters from Wynstra, the development company's president and founder, had little reason to suspect onrushing disaster.
...
In a Chapter 7 bankruptcy document filed Wednesday, Jan. 18, the company and its founder-president, James Wynstra, report assets of between $1 million and $10 million.


"Look at your glass," James ...

www.bellinghamherald.com [cached]

"Look at your glass," James Wynstra wrote his Homestead Northwest investors on June 27, 2008. "Is it half-empty or half-full?

Less than a year later, the glass was bone-dry. But Homestead investors who relied on letters from Wynstra, the development companys president and founder, had little reason to suspect onrushing disaster.
...
"To provide you with some assurances, I am providing a little extra financial detail with this letter," Wynstra said in a "Mid-year report" also dated June 27, 2008.
The assurances included a list of "assets that we control and manage" with an estimated value of $127 million. But there was no information on how much debt Homestead owed on that property, and little indication that the market value of all kinds of real estate was plummeting at the time.
Instead, Wynstra encouraged investors to keep their money with Homestead, and add more. He offered a $25 gift certificate good at any of the company's restaurants for anyone who agreed to renew a loan to the company instead of pulling money out on the due date. For those willing to add $250,000 or more, he offered $250 gift certificates plus an interest rate of 8.5 percent.
On Oct. 31, 2008, Wynstra opened another letter by noting that some of his acquaintances had lost huge sums on their investments in Washington Mutual and other stocks.
"Your investment with Homestead is different in this respect: We hold hard assets that back all of our obligations to each and every one of you," Wynstra wrote.
As late as January 2009, Wynstra was enticing new investment money with a "high yield Triple Ten program" promising 10 percent interest for investments of up to $100,000.
But in April 2009, Wynstra stopped making payments to hundreds of people who had an estimated total of $65 million invested with the company.
At that point, Wynstra apparently stopped taking new investments, but he urged his investors to stay loyal and give him a chance to salvage the company and pay them back.
As late as April 2011, Wynstra was still writing to his investors, offering brief summaries of his efforts to keep Homestead afloat.
"Our overall goal is to maximize repayment to all of you whether you have a good or weakened collateral position or no collateral position at all," his April 6, 2011, investor letter said.
Later, on the second page of the same letter, he devoted one paragraph to the statement of charges filed against him and his company by the Washington Department of Financial Institutions.
"We have received a notice from the Department of Financial Institutions that we have violated securities laws and of their intent to impose a $100,000 fine on me," Wynstra wrote. "This notice was totally expected."
Wynstra did not mention that among other things, the state agency accused him of violating the anti-fraud provision of securities law, partly because of the letters he sent to his investors attempting to assure them that Homestead was sound.
...
Investors like Sandberg got letters from Wynstra warning them that if they demanded their money back or took legal action, the company would go bankrupt and nobody would get repaid.
...
Wynstra boasted of his own numbers-crunching ability when he testified under oath to Department of Financial Institutions investigators in January 2011.
"I'm basically a numbers freak, and that's probably kept me from messing with computers because I am quick in terms of numerical analysis without machines," he testified.
...
Through his attorneys, Wynstra has rejected requests for comment. But in his January 2011 testimony to DFI, Wynstra said he, too, is in bad shape.
"Basically, I have nothing," he testified. "I have evacuated myself to half of protected bankruptcy-level assets at this point, and put everything I have into trying to maintain these companies and see if there is a pathway through. ... I get myself out of bed and go there (to his office) and do what I can to find a pathway through these things, through these challenges that we have."
Since one of the Homestead companies, Homestead NW Development Co., filed bankruptcy in January 2012, Wynstra has lost control over the remnants of his once-extensive enterprise.
...
During a January 2012 deposition in a civil case, and during a later bankruptcy creditors' meeting, Wynstra refused to answer some questions and invoked his "right to remain silent," although he did not use the term "self-incrimination."
...
• Incorporated 1991 by James Wynstra of Lynden.
...
• April 2009: Wynstra suspends payments to investors.
• April 2011: Washington Department of Financial Institutions contends Wynstra's investment plan violated securities law.
...
BELLINGHAM - Homestead Northwest's investors and other creditors had a chance to confront the company's president and founder, Jim Wynstra, on Monday, Feb. 27, as the company's bankruptcy proceeding got under way.
Few of the more than 50 people who showed up for the creditors' meeting at the Whatcom County Courthouse took advantage of their opportunity to question Wynstra in front of Virginia Burdette, the bankruptcy trustee.
...
Veltkamp handled the Jan. 18, 2012, bankruptcy filing of Homestead NW Development Co., one of several Homestead companies controlled by founder and president Jim Wynstra.
...
In an April 2011 statement of civil charges against Homestead's president and founder, James Wynstra, the Washington Department of Financial Institutions estimated that, taken together, the Homestead companies owe about $65 million to an estimated 350 investors.
...
"All we're trying to do is preserve the records," said Denice Moewes, the Seattle attorney working with trustee Virginia Burdette on the bankruptcy filed by Homestead NW Development Co., one of several firms linked to Homestead Northwest Inc. and its president and founder, James Wynstra.
...
During that testimony, Wynstra said that the records of Homestead NW Development Co. were stored at the same Guide Meridian office that held the records of eight other Homestead-related firms that will be filing their own bankruptcy cases soon.
...
In a Chapter 7 bankruptcy document filed Wednesday, Jan. 18, the company and its founder-president, James Wynstra, report assets of between $1 million and $10 million.

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