Jeff Smith 10 a.m., June 30
Mortgage of U-T's Lynch in Default
Assessor/recorder/county clerk records show a mortgage of Union-Tribune Chief Executive John T. Lynch is in default. The document lists his wife Catherine and the Lynch Family Trust. (This blog is a collaboration of three Reader journalists: Dorian Hargrove exchanged three emails with Lynch, Matt Potter pulled the records and I got the original tip and did the writing.)
In the first email, Lynch told Hargrove, "I know you will attempt to make something celatious (sic: see below) of this, but several of my assets were tied up for 15 months when I was in a lawsuit with the former partners of the two radio companies of which I was a part owner. The lawsuits have been settled. And frankly, my personal balance sheet is in good shape. I have no (0) debt other than this one mortgage." In a second email, Lynch said that the mortgage originator was seized by the FDIC and the loans sold for 40 cents on the dollar. In a third email, he said, "I stopped paying the mortgage when the new lender, who acquired at a discount, raised the payment unilaterally. The intent was to force a renegotiation, which it has." The matter should be settled this week, Lynch says.
Then Lynch asked, "Why is my personal financial information being analyzed by the Reader?" Among many things, the reason is that the default is a matter of public record, and Lynch is an important person in San Diego.
I am not sure I understand why Lynch used the word "celatious." It is a rare word -- almost non-existent. A 1934 Webster's says that celation is "concealment, esp. of a pregnancy or childbirth." Currently, the word is used infrequently, seemingly in matters concerning concealment of a child born out of wedlock. The word "cellacious" is a new coinage of salacious or lustful material communicated by mobile phone. The Reader has nothing celatious, cellacious, or salacious in mind when pursuing this financial matter.
More like this:
- Foreclosure ends — Dec. 10, 2012
- U-T San Diego CEO John Lynch to speak to Association of Corporate Growth — Nov. 5, 2012
- U-T CEO John Lynch's apparent willingness to shape media coverage and public policy — Oct. 4, 2012
- The months leading up to the purchase of UT San Diego were not easy on John Lynch, UT's CEO, involved in two costly lawsuits — Sept. 21, 2012
- Strong-Arming Tactics Not New For U-T San Diego CEO John Lynch — Aug. 7, 2012