In August, settlement was achieved in the bankruptcy of Clem Carinalli, the largest personal bankruptcy in Sonoma County history. Hulberg represented Carnalli’s former partners Dennis Hunter and Jim Ratto, against claims by the Trustee that Carinalli transferred or sold assets to them at below market prices. Hulberg valued 17 properties –mostly residential subdivision land, with varying levels of entitlement. A challenge in the valuation was appraising property for an August 2008 date – the nadir of the financial meltdown. Hulberg worked with attorney Wendy Smith of Binder & Malter.
In praising Hulberg’s work, prominent Sonoma-Napa County developer Dennis Hunter said “Hulberg’s work was very professional. They are head and shoulders above other appraisal firms”. In a call with Hulberg president Norm Hulberg, Hunter continued, ”this was the most excellent appraisal work I have seen…when I need a real valuation in the future, I will call on you”.
Indeed, this week Hunter hired Hulberg and Associates to represent him in a property tax appeal for one of the properties that was involved in the bankruptcy.