First National Bank Edinburg and Tundra Village Scandal Hits TV News in
Rio Grande Valley
Ortega not returning phone calls from KVEO!
Read and Watch entire KVEO report & Video Clip:
Sunday, January 27, 2013
Texas-size troubles for the state's No. 12 bank
Published 6:17 pm, Thursday, January 31, 2013
First National Bank Edinburg 4Q Results and Another Lawsuit!
The Hits Keep Coming for First National Bank Edinburg!!
Just When You Thought Things Hit Rock Bottom for the Edinburg Idiots, Their Numbers Continue to Worsen!!
STRAW MEN REVOLT!!
DOES IT SOUND LIKE SOMEBODY'S "STRAW-MAN" ISN'T HAPPY??
MORE 100% FINANCING??
Hurry up and settle this one, too!!
Monday, March 19, 2012Tundra Village still awaits improvements!
By Patrick Danner Updated 08:32 p.m., Monday, March 19, 2012
Tuesday, January 11, 2011
Trustee's office acts in developer Padilla's case.
Published: 07:50 p.m., Tuesday, January 11, 2011
Disgraced developer Mauro T. Padilla III's bankruptcy reorganization apparently doesn't have much of a chance of succeeding. The U.S. Trustee's office has asked a bankruptcy judge either to dismiss Padilla's bankruptcy case or convert it to Chapter 7 liquidation. Padilla — who faces federal prison time after pleading guilty last year to lying to a bank to secure additional funding for construction of a townhouse project near the Toyota plant — doesn't have “sufficient cash flow to continue in this Chapter 11 case or pay any significant amount to the millions of dollars in claims filed in the case,” the U.S. Trustee's office alleged in a court filing last week.
Padilla, along with wife Maria Del Rosario Padilla, filed for bankruptcy in August after a lender moved to foreclose on their San Antonio estate at 8815 Mount Arcadia. The property has been for sale with an asking price of $1.4 million, though the value is listed at $839,256 in the bankruptcy petition.
Various creditors claim the Padillas have failed to make payments to them. The creditors want the court to allow them to enforce their claims against the Padillas. The Padillas' bankruptcy petition lists almost $1.2 million in assets and $7.7 million in liabilities.
Mauro Padilla is set to be sentenced March 2, the U.S. Trustee's office noted in its filing, “further diminishing the debtors' ability to pay post-petition obligations or fund a plan of reorganization.” Federal prosecutors want him sentenced to more than 121/2 years in prison. Steven Cennamo, a bankruptcy lawyer for the Padillas, said he will oppose the motion to convert or dismiss the case.
“We're going to file a plan of reorganization to pay the creditors,” Cennamo said.
The Padillas last month asked the court to extend their exclusive right to file a plan of reorganization until late February. They need additional time to resolve how much they owe the IRS, Cennamo said.
“The IRS has filed a $603,362.25 priority claim which makes any (reorganization) plan infeasible,” the Padillas' lawyers stated in court documents last month. It couldn't be determined if the Padillas will oppose the U.S. Trustee's motion, but a conversion to Chapter 7 likely would mean the Padillas would have to give up control over their assets to a bankruptcy trustee. The Chapter 7 bankruptcy trustee can sell debtor assets that aren't exempt from the reach of creditors. The trustee also could prosecute any claims of the debtor.
If a bankruptcy is dismissed altogether, then creditors can sue the debtor to take whatever assets they can.
Mauro Padilla in May pleaded guilty to a charge of making false statements to First National Bank for a loan on Tundra Town Home Village, a project he was building on Texas 16. Three counts of bank fraud and two other counts of making false statements to a bank were dropped as part of Padilla's plea deal.
Separately, a company that is one-third owned by Maria Padilla filed for Chapter 11 last week. Papo Property Holdings LLC owns about a dozen properties.
Thursday, September 16, 2010
Troubled developer files for bankruptcy
Published: 12:00 a.m., Thursday, September 16, 2010
Two years after a planned upscale residential development aimed at Toyota workers on the South Side unraveled in scandal, legal problems continue to mount for its former developer.
MAURO PADILLA has hit the TV NEWS and NEWSPAPER MEDIA several times!
SAN ANTONIO - It is the large graffiti, the busted out windows, and the damaged rooftops in a vacant subdivision that first catch your attention while driving along South Highway 16 in South Bexar County. "It's pretty much getting like an eye sore, because of all the graffiti that's going on," said neighbor Linda Sanchez. The tacky-looking subdivision was supposed to be Tundra Village Townhomes. There are 45 undeveloped 4-plexes on the property. They have been sitting vacant for several years. News 4 WOAI first told viewers about property in October 2009. That is when the FBI arrested the builder, Mauro Padilla III, on charges of bank fraud. Padilla's lawyer, Adam Cortez, told News 4 WOAI the contractor's company lost the property in bankruptcy last year. Bexar County engineers say the unfinished area was developed without approved plats, without utility lines and without roads. News 4 WOAI I spoke with a South Texas man named Ruben Cazares, who told us he purchased the property from the bank in November.
Cazares says he's hired an engineering firm to research the property, and he has plans to get the townhome community back on the tax roles. When News 4 WOAI asked Cazares if he had concerns about the vandalism on the site, he told us "no." He says the vandalism is expected when properties sit vacant for so long. Neighbors say they just want to see the area cleaned up. "Hopefully, get somebody to come fix it up and have people move in, instead of leaving it there like an eyesore," said Sanchez. The county engineer says her office will be happy to work with the ultimate property owner on getting the issue resolved and bringing the subdivision into compliance. Workers in the Bexar County Code Compliance office say they have not received any complaints of vandalism at Tundra Village Townhomes.
Local man says he's not guilty of embezzling millions
by Stacia Willson / KENS 5
Posted on October 9, 2009 at 7:17 PM
Updated Tuesday, Oct 27 at 3:42 PM
Mauro Padilla promised a neighborhood of brand new homes near the Toyota plant. But investigators say he abandoned the project and embezzled millions of dollars from the bank.
He promised a neighborhood of brand new homes near the Toyota plant. But instead investigators say he abandoned the project and embezzled millions of dollars from the bank.
Friday 55-year-old Mauro Padilla III faced multiple counts of bank fraud, but he claims he is innocent.
Along Hwy. 16, just south of the Toyota plant, you can find row after row of four-plexes. At one time the area showed potential for growth. But now all 37 buildings in Tundra Village have been abandoned. The bank is out the cash, and the federal government says Padilla is responsible. According to the court docket, from 2007 to 2009 Padilla borrowed more than $8 milllion from First National Bank, and never paid it back.
The contractor and real estate developer promised to build in the area, but after the walls went up, everything else went downhill. Adam Cortez, Padilla's attorney, said the project stalled for several reasons, one of which was the uncertainty of the Toyota plant. Meanwhile, the bank was uncertain about getting their money back. The FBI got involved, and now Padilla is in trouble with the law. Cortez claims the money his client borrowed will somehow resurface. Padilla bonded out Friday morning. He is due back in court within the next few months, when he will face up to 30 years in federal prison and a fine not to exceed $1 million.
The following is an archived video story. The text content of that video story is available below for reference. The original video has been deleted and is no longer available.
Local Business Man Waives Plea Deal
A San Antonio builder accused of bank fraud waives a plea deal in court today. Mauro Padilla will now head to trial next month. We first told you about Padilla in 2008. He was supposed to build the Tundra Village off Highway 16 south near the Toyota plant, but never finished the job. In October, a grand jury indicted him on six counts, including bank fraud. Prosecutors say Padilla lied about the project and kept the money. His trial begins March 1st.
Posted By: Sandra Ibarra