Please ensure Javascript is enabled for purposes of website accessibility
Lien Documents Against Bitwise Paint Desperate Financial Picture
gvw_edward_smith
By Edward Smith
Published 11 months ago on
June 8, 2023

Share

Lenders may have to get in line to get what’s owed them if financially-distressed Bitwise can’t turn things around.

Read all of GV Wire’s Bitwise coverage at this link.

The California Secretary of State posts claims that lenders make to borrowers through the Uniform Commercial Code. Lenders detail in these documents what was offered as collateral should a borrower not be able to pay back what is owed.

UCC filings are not rare in business finance and are not on their own a sign of financial distress. Seven filings to Bitwise entities were posted as fulfilled.

A Bitwise spokeswoman declined to comment for this story.

The following are active liens against Bitwise:

A Chowchilla Lender Secures 5% of Bitwise 12 Days Before Furloughs

  • 6.7 million shares in BW Industries from former co-CEO Irma Olguin Jr. to Agri Capital Inc., a Chowchilla-based lending company.
  • 6.4 million shares in BW Industries from former co-CEO Jake Soberal to Agri Capital Inc.
  • Bitwise’s parent company, BW Industries Inc., posted a total of 275 million shares on a state of Delaware website, making the combined 13.1 million shares owed to Agri Capital a roughly 4.7% ownership.

Calls for comment made by GV Wire to Agri Capital were not returned.

Bitwise Double Dips on Employee Retention Credits

  • In October 2022, Bitwise leveraged  $4 million in employee retention credits from the IRS toward a loan from investment company 1861 Acquisition LLC. In November, $2 million were leveraged to the same company. Court documents show the tax credits were valued at more than $6 million. ERC provided up to $26,000 per employee for keeping workers employed through the Covid pandemic. The Connecticut company is suing Bitwise to collect the money, accusing Soberal and Bitwise of fraud.
  • Colorado-based investment company Greenline Ventures listed Employee Retention Credits from the same time period as collateral in a filing. Calls made to Greenline Ventures were not returned.
  • Redwood City-based Sobrato Family Foundation listed “all personal property assets” of Bitwise Technology Consulting, LLC. Real estate magnate John Sobrato started the foundation in 1998, providing philanthropic support for Silicon Valley nonprofits, according to the foundation’s website. A call to the Sobrato Foundation was not returned. Vague listings against “all assets” are typically unsecured loans.

Bitwise’s Growing Office Needs

  • Cisco Systems Capital Corp. listed office equipment as collateral against Bitwise Industries Inc.
  • One Apple computer tower and one Pro Display XDR, a computer monitor that can cost as much as $5,000, was listed as collateral, as well as a 24-inch iMac against Bitwise Design Inc. from Illinois-based Secured Lender Solutions LLC.
  • Computer equipment from Dell Financial Services LLC against Bitwise Industries Inc.
  • Equipment leased from Apple Financial Services Powered by De Lage Landen Financial Services against Bitwise Industries.
  • 13 13-inch MacBook Pros and three 16-inch MacBook Pros from CHTD Co.
  • Five 13-inch MacBook Pros and two 16-inch MacBook Pros from Financial Agent Services.
  • An office equipment lease from Camber Road Partners Inc.

2020 Listings Still Active

  • Two 16-inch MacBook Pros and three 13.3-inch MacBook Pros from Secured Lender Solution, LLC.

2019 Listings Still Active

  • Eight MacBook Pros listed by Illinois-based Financial Agent Services.
  • A lien financing statement posted in 2018 from Secured Lender Solutions LLC was amended in 2019 to include 10 MacBook Pros.

RELATED TOPICS:

DON'T MISS

Oprah Winfrey and Dwayne Johnson Pledged $10M for Maui Wildfire Survivors. They Gave Much More.

DON'T MISS

Did Fresno Unified’s Biggest Contractor Not Pay Its Workers? Company Still Gets Millions After Civil Penalty

DON'T MISS

Biden Marks Earth Day by Going After GOP, Announcing $7 Billion in Federal Solar Power Grants

DON'T MISS

Fresno Unified Says It Has No Superintendent Succession Plan Despite HR Leader’s Claim

DON'T MISS

Work Starts on Bullet Train Line From Las Vegas to LA

DON'T MISS

Trustees to Vote on New Fresno High Gym, Bullard Security Fence. Who Were the Low Bidders?

DON'T MISS

Will CA Lawmakers Crack Down on Spending by Utility Companies?

DON'T MISS

Supreme Court Will Take Up the Legal Fight Over Ghost Guns, Firearms Without Serial Numbers

DON'T MISS

Express Files for Chapter 11 Bankruptcy Protection, Announces Store Closures

DON'T MISS

Will There Be a Third Measure E? What Richard Spencer Says.

UP NEXT

Did Fresno Unified’s Biggest Contractor Not Pay Its Workers? Company Still Gets Millions After Civil Penalty

UP NEXT

Biden Marks Earth Day by Going After GOP, Announcing $7 Billion in Federal Solar Power Grants

UP NEXT

Fresno Unified Says It Has No Superintendent Succession Plan Despite HR Leader’s Claim

UP NEXT

Work Starts on Bullet Train Line From Las Vegas to LA

UP NEXT

Trustees to Vote on New Fresno High Gym, Bullard Security Fence. Who Were the Low Bidders?

UP NEXT

Will CA Lawmakers Crack Down on Spending by Utility Companies?

UP NEXT

Supreme Court Will Take Up the Legal Fight Over Ghost Guns, Firearms Without Serial Numbers

UP NEXT

Express Files for Chapter 11 Bankruptcy Protection, Announces Store Closures

UP NEXT

Will There Be a Third Measure E? What Richard Spencer Says.

UP NEXT

Los Angeles Mayor Karen Bass Safe After Suspect Breaks Into Official Residence, Police Say

Edward Smith,
Multimedia Journalist
Edward Smith began reporting for GV Wire in May 2023. His reporting career began at Fresno City College, graduating with an associate degree in journalism. After leaving school he spent the next six years with The Business Journal, doing research for the publication as well as covering the restaurant industry. Soon after, he took on real estate and agriculture beats, winning multiple awards at the local, state and national level. You can contact Edward at 559-440-8372 or at Edward.Smith@gvwire.com.

Fresno Unified Says It Has No Superintendent Succession Plan Despite HR Leader’s Claim

7 hours ago

Work Starts on Bullet Train Line From Las Vegas to LA

8 hours ago

Trustees to Vote on New Fresno High Gym, Bullard Security Fence. Who Were the Low Bidders?

Local Education /

9 hours ago

Will CA Lawmakers Crack Down on Spending by Utility Companies?

10 hours ago

Supreme Court Will Take Up the Legal Fight Over Ghost Guns, Firearms Without Serial Numbers

10 hours ago

Express Files for Chapter 11 Bankruptcy Protection, Announces Store Closures

10 hours ago

Will There Be a Third Measure E? What Richard Spencer Says.

10 hours ago

Melvin and Matzah: Giants Manager Recalls Childhood Passover

11 hours ago

Los Angeles Mayor Karen Bass Safe After Suspect Breaks Into Official Residence, Police Say

12 hours ago

Newsom Wants to Make It Easier for Arizona Women to Get a California Abortion

12 hours ago

Oprah Winfrey and Dwayne Johnson Pledged $10M for Maui Wildfire Survivors. They Gave Much More.

Lana Vierra misses the swing set at her Lahaina home, which was reduced to ashes in the wildfires that swept through her community last summ...

6 hours ago

6 hours ago

Oprah Winfrey and Dwayne Johnson Pledged $10M for Maui Wildfire Survivors. They Gave Much More.

7 hours ago

Did Fresno Unified’s Biggest Contractor Not Pay Its Workers? Company Still Gets Millions After Civil Penalty

7 hours ago

Biden Marks Earth Day by Going After GOP, Announcing $7 Billion in Federal Solar Power Grants

7 hours ago

Fresno Unified Says It Has No Superintendent Succession Plan Despite HR Leader’s Claim

8 hours ago

Work Starts on Bullet Train Line From Las Vegas to LA

Local Education /
9 hours ago

Trustees to Vote on New Fresno High Gym, Bullard Security Fence. Who Were the Low Bidders?

10 hours ago

Will CA Lawmakers Crack Down on Spending by Utility Companies?

10 hours ago

Supreme Court Will Take Up the Legal Fight Over Ghost Guns, Firearms Without Serial Numbers

MENU

CONNECT WITH US

Search

Send this to a friend