Daniel Sadek: OOPS!

**TGOOD** · #1 05-21-2007, 03:15 PM

"Today he is $16 million in debt, he says. Sadek says he raised $13 million for Quick Loan by selling his cars and refinancing his Newport Coast mansion, an Irvine penthouse and a Las Vegas condo."

http://www.ocregister.com/ocregister...le_1701128.php

Daniel Sadek played Orange County's subprime lending boom like a card shark dealt the ace and jack of spades.

Just five years ago he was selling cars.

Then, in January 2002, he anted up $250 for a state lender license and started selling home loans through his company, Quick Loan Funding.

Over the next five years, Quick Loan wrote $3.8 billion in mortgages, lending money fast – and often on onerous terms – to people with shaky credit.

Boosted by high fees and interest rates – high even for the subprime industry – Quick Loan's after-tax profits averaged 29 percent of revenue. In 2005, Quick Loan's biggest year, profit topped $37 million.

Sadek used the earnings to live the high life, buying a fleet of Ferraris, Lamborghinis and Porsches, dating a soap opera starlet and producing movies. He flew private jets to Las Vegas, where he gambled with high rollers at the Bellagio Resort.

He cultivated a rebel image, wearing a beard and hair to his shoulders, dressing in T-shirts and flip-flops, eschewing the typical mortgage banker's pinstripes.

"How many thieves are wearing a suit?" he asks, sitting in the kitchen of his $4 million Newport Coast mansion.

Quick Loan Funding's name still crowns a Costa Mesa office tower. But Sadek, like the subprime lending industry, is holding a bad hand.

His staff, once 700 strong, has shriveled to about 125. Monthly loan volume plunged to $30 million from a record $218 million in December 2005.

"I've sold all my cars to keep the company going," says Sadek, 38. "Every property I own is mortgaged to the max."

The story continues..

ELIM · #2 05-21-2007, 03:36 PM

oops..
http://www.ferrarichat.com/forum/sho...d.php?t=151555

charliebronson · #3 05-21-2007, 03:38 PM

How did his movie do at the box office? If it tanked, shouldn't DVD sales earn him a tidy profit?

-Peter

**KennyH** · #4 05-21-2007, 03:41 PM

From IMDB:

Budget
$26,000,000 (estimated)

Opening Weekend
$4,000,000 (USA) (15 April 2007) (1,607 Screens)

Gross
$6,823,089 (USA) (6 May 2007) (sub-total)
$6,678,765 (USA) (29 April 2007)
$5,978,776 (USA) (22 April 2007)
$4,000,000 (USA) (15 April 2007)

Weekend Gross
$50,890 (USA) (6 May 2007) (96 Screens)
$381,329 (USA) (29 April 2007) (610 Screens)
$1,306,443 (USA) (22 April 2007) (1,325 Screens)
$4,000,000 (USA) (15 April 2007) (1,607 Screens)

**TGOOD** · #5 05-21-2007, 03:44 PM

Quote:

Originally Posted by ELIM

oops..
http://www.ferrarichat.com/forum/sho...d.php?t=151555

You got me!

INFINITE · #6 05-23-2007, 05:28 PM

I know Daniel personally, and I know he will be back.I wsh him luck

**jjay911** · #7 05-23-2007, 07:40 PM

...

**Senna1994** · #8 05-23-2007, 08:11 PM

Nice Picture.

**jjay911** · #9 05-23-2007, 08:14 PM

Quote:

Originally Posted by Senna1994

Nice Picture.

Thought you would like that...

**OC Speed Junkie** · #10 05-23-2007, 11:10 PM

Quote:

Originally Posted by Senna1994

Nice Picture.

+1 Where is that from?

**Peloton25** · #11 05-23-2007, 11:35 PM

Quote:

Originally Posted by OC Speed Junkie

+1 Where is that from?

It's from that ugly Ferrari they call the Enzo.

>8^)
ER

**jjay911** · #12 05-23-2007, 11:45 PM

Quote:

Originally Posted by OC Speed Junkie

+1 Where is that from?

Due to Copy right law and redistribution rights I cant say. I will bring it to Cigar night with me. JJ

**OC Speed Junkie** · #13 05-23-2007, 11:46 PM

Quote:

Originally Posted by Peloton25

It's from that ugly Ferrari they call the Enzo.

>8^)
ER

Thank you, even with my public school education I was able to guess that. More interested in the publication.

**Teutonic** · #14 05-24-2007, 12:45 AM

Well, that diagram was printed on page 47 of the June Sports Car Market, in Sheehan's column. It's accompanied by an entertaining article on the economics of repairing Enzoes.

**Peloton25** · #15 05-24-2007, 12:51 AM

Quote:

Originally Posted by OC Speed Junkie

Thank you, even with my public school education I was able to guess that. More interested in the publication.

Don't they teach you about sarcasm and levity in public schools too? I could swear that it's in the curriculum somewhere.

>8^)
ER

**OC Speed Junkie** · #16 05-24-2007, 01:12 AM

Quote:

Originally Posted by Teutonic

Well, that diagram was printed on page 47 of the June Sports Car Market, in Sheehan's column. It's accompanied by an entertaining article on the economics of repairing Enzoes.

Thanks. I'll have to pick that up.

Quote:

Originally Posted by Peloton25

Don't they teach you about sarcasm and levity in public schools too? I could swear that it's in the curriculum somewhere.

>8^)
ER

No. I do know how to transform many everyday teaching accessory's into lethal weapons. I presume they figure that is a more useful skill for the majority who will spend most of their lives as guests in state or federal run institutions.
Good for you I am British and through genetics know sarcasm well.

The K Reloaded · #17 05-24-2007, 02:06 PM

Quote:

Originally Posted by charliebronson

How did his movie do at the box office? If it tanked, shouldn't DVD sales earn him a tidy profit?

-Peter

Not necessarily. Often a strong box office dictates how healthy DVD sales should be. In this case he's likely to suffer piracy issues which has cut into DVD sales for everyone.

**jjay911** · #18 05-24-2007, 02:11 PM

Quote:

Originally Posted by The K Reloaded

Not necessarily. Often a strong box office dictates how healthy DVD sales should be. In this case he's likely to suffer piracy issues which has cut into DVD sales for everyone.

I wonder if it was even Pirate Worthy...