Real estate investor and broker Patrick Aurignac — who has lost about $10 million worth of his San Luis Obispo properties to foreclosure — has filed for personal Chapter 7 bankruptcy.
His total assets are around $167,000; his outstanding debts are estimated at almost $8.5 million, according to his bankruptcy documents filed July 30.
Aurignac is suing San Luis Trust Bank for foreclosing on property near Cal Poly that he claims pushed him over the brink. Others, including Rabobank, Founders Community Bank and American Express Centurion Bank, are suing Aurignac for allegedly breaching his contract with them as they attempt to recover hundreds of thousands of dollars worth of unsecured loans to the businessman, according to Aurignac’s filings.
“It’s a very emotional time,” he said in an interview last week. “I’ve been in the real estate business for 20 years. I have friends and business acquaintances in the business up to 60 years. Everyone I talk to has never seen such a drastic and horrible depreciation in the real estate market and a credit crunch as this.”
He said he focused his investing on real estate, but he thinks that had he diversified into stocks and other investments, the result would have been the same.
“I think things are bleak across the board,” Aurignac said. “This happened quick and caught everyone by surprise.”
He added that “the reason I filed bankruptcy is there was no way for me to secure any type of financing to dig my way out of this thing. I felt it was better to turn over my lawsuit against San Luis Trust Bank to the bankruptcy trustee. He can pursue it on my behalf. I hope that suit will generate a couple million dollars to help pay back as many people as possible.”
— Melanie Cleveland
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San Luis Obispo graphics firm iii Design recently hired Elissa Quilici to handle project management.
Quilici is a recent graduate of Cal Poly’s Graphic Communications department.
iii Design creates packaging, advertising and marketing work for clients including the Sundance Film Festival, Firestone Walker Brewery, the San Luis Obispo Children’s Museum and the San Luis Obispo Museum of Art. The firm recently received several silver and bronze awards at the 2010 San Francisco International Wine Competition for wine labels created for PasoPort Wine Company and Ortman Family Vineyards, both of Paso Robles.
— Julia Hickey