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(Finansavisen.no): In a few years, and with borrowed money, the investor Dag Dvergsten (59 years) spent about NOK 100 million for the construction of a luxury home on a Five hectare plot in the state of Wisconsin in the United States.
In an interview with Finansavisen in August 2016, Dvergsten told him that he had invested between 10 and 12 million dollars in the house.
He also said that this could be worth up to $ 14 million.
The dwarf said that real estate investing in the United States "probably gave a good appreciation of value to the group" and that he was not interested in selling at that time, even if it would reduce the burden of debt.
In retrospect, it is clear that housing never earned the amounts mentioned by Dvergsten. Not even his former attorney was close to Dvergsten's assessment. Two months before the interview, she wrote a statement to a US court in which the value of the property would be around $ 8 million. Probably this sum was too high. Finansavisen has read a rate as low as $ 3.1 million.
The house is now forcibly sold and the highest bid was $ 3.5 million. The sum was just large enough to cover mortgage debt and selling costs. Thus, the US-owned company does not sit at home, Rocky Point International, with another cent or other value that can cover other debts of the company. And it's high.
There were two stakeholders in the forced auction, which was conducted by the Waukesha County Sheriff.
The winner became the American finance company Rocky Point Lending.
The family helped the dwarf
The name of the company, which is almost identical to the company owning the house in the United States, was created at the time by Dag Dvergsten's American trance, Michael Shannon. He also helped his Norwegian parent with money in a previous case.
If Shannon is still the owner of the finance company after it won the forced sale auction, the answer is blurry.
– The loans were made on normal commercial terms. The ownership structure of Rocky Point Lending is not fully known to the undersigned, but as far as I know, Michael Shannon has no ownership of this company, writes Dag Dvergsten in an email to Finansavisen.
In January 2016, when the investment company Dag Dvergsten AS had significant liquidity problems and could not even pay its employees in Norway, the US real estate company received a loan of 1.5 million euros. dollars from Shannon's company. The debt was secured by a mortgage on the property and Dvergsten provided a personal guarantee for the loan. He informs today that he has no claim against him in this regard.
Losing 70 million
In the autumn of 2017, Fredrik A. Borch in Langseth Advokatfirma was given the task of gathering the information and preserving the values after the bankruptcy of the Norwegian investment company Dag Dvergsten AS. The company owned several platforms, the previously listed health technology company Cellcura, and was involved in the creation of Rocksource and Nordic Mining.
These values are not so numerous. Forced sales money in the United States, the owner can look far behind.
"Our claim of about NOK 70 million against Rocky Point International should probably be considered lost," Borch told Finansavisen.
Day Dvergsten was sitting either side of the table when his investment company had loaned Rocky Point International the money needed to build the luxury home in the United States.
The loan conditions were very favorable.
The $ 70 million was lent at once interest free and only, and was to be repaid by 2024. The loan was granted without any form of collateral on the property in the United States.
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