Glickman Costs Public

Your article regarding Mike Glickman’s unfortunate run of bad luck with a disastrous real estate market was heartwarming and inspiring, until I got to the last four paragraphs. He is portrayed as the real estate prodigy who was extremely successful and an inspiration to marketers alike. He is rebounding from financial ruin with an aggressive work attitude.

However, he has done it on the backs of his creditors, customers, and taxpayers through the bankruptcy court.

There is $3 million in assets that are to be distributed among the $29.3 million in debt he owes. Your local bank, newspaper, office supply store, utility companies, laborers, contractors, escrow offices, title insurance companies, government tax collectors, and suppliers will likely take a severe loss totaling $26.3 million.

We will all pay for this loss one way or another in our dealings with these companies.

Glickman is delighted that he has continued to maintain his image and extravagant lifestyle through purchasing a luxury automobile, living in his Malibu residence, and throwing the “biggest real estate party of the season.”

We all should be congratulated for assisting him.

PAT KELLEY

Ventura