Marin lender claims bankruptcy, citing $70M in liabilities

Bay Area lender claims bankruptcy, citing $70 million in liabilities

The proprietor of a San Rafael lending business is seeking bankruptcy protection, leaving local investors worried about major losses. David Robert Stone, who runs Cornerstone Financial Services, reported more than $70 million in liabilities and about $24.9 million in assets. Many of his creditors are Marin County residents. Related Articles Credit union eyes HQ and branch campus with San Jose property purchase Cred…

Marin lender claims bankruptcy, citing $70M in liabilities

The proprietor of a San Rafael lending business is seeking bankruptcy protection, leaving local investors worried about major losses. David Robert Stone, who runs Cornerstone Financial Services, reported more than $70 million in liabilities and about $24.9 million in assets. Many of his creditors are Marin County residents. “The investors are going to take a huge haircut on this,” said Robert Vogl, a retired business executive who lives in Fairf…