David Robert Stone, owner of Cornerstone Financial Services in San Rafael, has filed for Chapter 7 bankruptcy, citing over $70 million in liabilities against only $24.9 million in assets. This situation has left many local investors, particularly those in their 70s and 80s, fearing significant financial losses, with some expecting to receive only 'pennies on the dollar.' The bankruptcy filing indicates secured creditor claims totaling more than $62.8 million, but only $12.6 million in loans are available as collateral, raising questions about the viability of Cornerstone's business model that specializes in financing semi-truck purchases.
Investors are facing unrecoverable losses as Cornerstone Financial Services, led by David Robert Stone, files for bankruptcy with liabilities of over $70 million.
With secured creditors owed over $62.8 million and only $12.6 million in assets backing those claims, local investors fear significant financial loss.
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