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Ten Employees Win Lawsuits for Back Pay from Resource Capital

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March 28, 2014

By Bob Coleman
Editor, Coleman Report

ResourceCapitalLogoProbably a hollow victory though.

Sacramento Business Journal’ Mark Anderson reports…

“Kim Ioanidis, longtime chief operating officer of Resource Capital, won a judgment for nearly $58,000, according to documents filed in Sacramento County Superior Court by the California Labor Commissioner on her behalf.

“At least 10 employees have now won judgments with a combined total of about $319,000. It is unclear whether the judgments will ever be paid, as EDF Resource Capital was shut more than a year ago.

“Frank Dinsmore, the founder of the company, has “pending” civil claims against the SBA for its actions, said Andrew Sackheim, attorney for Dinsmore and Resource Capital. The claims against the SBA’s action are still awaiting a calendar date for an administrative hearing.

“Sackheim said Dinsmore cannot pay anyone because the assets of the company are all locked up by the SBA and all company accounts were frozen by the SBA.

“The SBA in the fall of 2012 said it acted because EDF Resource Capital owed it nearly $15 million — representing its share of the loss on $99 million in loans the SBA charged off. The SBA’s report last year said EDF Resource Capital had less than $2 million in its loan-loss reserve fund when it was seized.”

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