Adobe Acrobat Document Wilfred v RTC et al, The Summons
Adobe Acrobat Document: 189 kB, 26 seconds seconds @ 56kbps

Adobe Acrobat Document Wilfred v RTC et al, The Complaint
Adobe Acrobat Document: 1.12 MB, 2.6 minutes @ 56kbps

Adobe Acrobat Document Denver Post: $30 Billion Law Suit, 17Oct, 92.pdf
Adobe Acrobat Document: 59.8 kB, 8 seconds seconds @ 56kbps

Adobe Acrobat Document Wilfred Motion for Default Judgement
Adobe Acrobat Document: 278 kB, 38 seconds seconds @ 56kbps

Adobe Acrobat Document Wilfred v RTC et al, Case Dismissed
Adobe Acrobat Document: 128 kB, 17 seconds seconds @ 56kbps

Adobe Acrobat Document Wilfred v RTC et al, Case Summary
Adobe Acrobat Document: 179 kB, 24 seconds seconds @ 56kbps

Case History Section 4


1991 - Fall

RTC / 3M Greco Class Action Law Suit, Case No. 92-CV-2042

  • Resolution Trust Corporation Summons
  • Wilfred vs RTC et al Case History
  • Denver Post Article on Harmon's Class Action Suite on behalf of all US Tax Payers
  •  "Angry Developer Sues RTC For 30 Billion"

Section 4 provides the aftermath of Harmon's divorce with now Sandra Allen when all hell broke loose upon the real estate markets nation wide in the late 80's and early 90's. The US Government, having guaranteed the depositors in the failed Savings Banks that made the loans on the failed properties, were then poised to take over the loans and ultimately the properties to protect the insured depositors.  Owning a commercial property involved in this debacle, in an epic battle against obvious government corruption and pork barrel politics, to protect his interests and the collective interests of all US tax payers, Harmon filed an unprecedented 30 billion dollar class action suit.  The battle was dubbed "David vs Goliath" on a CBS morning talk show in Colorado and was also aired on 68 channels nationwide through Business Radio Networks program, "Scams Across America", also ranked as one of the top three talk shows in Washington DC.   Included in this section's PDF's are the court summons, case summary and the
17 October, 1992 Denver Post article regarding Harmon's 30 billion Dollar Class action suit on behalf of all US tax payers against the Resolution Trust Corporation (RTC), 3M-Greco Ltd, Houlihan Parnes Realtors and Goldberg Property Associates Inc.  Harmon's original documents on the suit were taken by the Colorado police in a raid on his archival storage  and never returned; however, this is a public record that can be obtained through the Federal District Court by case number 92-CV-2042.

The Resolution Trust Corporation was the government representative formed by the US Congress to take over the failed Savings and Loan Banks throughout the US during this national real estate crisis.  The purpose of the RTC was to take possession of all failed real estate loans / properties and recover as much money as possible for the banks and the federal insurance programs on behalf of the US tax payers. Harmon developed a commercial property with a loan for 3.2 million dollars from a New York Savings and Loan that was taken over by the RTC. When the property market crashed and his building became empty, with prices falling dramatically, he found a buyer for his property for $1.5 million. The RTC rejected this buyer and would not let him sell the building.  Instead they sold the loan and the building for $500,000 to a private shell corporation called 3M-Greco Ltd and gave Harmon's buyer 3M-Greco who, with the RTC's cooperation completed a foreclosure, obtained title and sold the building to a new buyer for $1.25 Million, all within 24 hours of closing on the purchase of the original loan; thus, providing a $750,000 profit to 3-M Greco instead of the US tax payer.  It was also discovered that 3-M Greco and other shell corporations like them were doing hundred's of millions, indeed even billions of large scale purchases throughout the country. Imagine that.

After joining forces with Steve Wilmsen, the Denver Post investigative reporter assigned to investigate the RTC activities, they communicated with a representative sample of real estate owners and developers caught up in the RTC take over and discovered that the same wasteful pattern had developed throughout the country.  Estimating the US tax payer losses at a minimum of $30 billion dollars, Harmon then filed the class action suit.  In the end, it would seem that without the money to pay expensive attorneys, such a suit cannot survive in the US legal system.  The US government and the RTC hired the best law firms in Washington DC and Denver and obtained a dismissal on the basis of technical errors, in spite of the fact that the RTC committed a technical fault by filing their response well after the required time limit as pointed out by Wilfred's Motion for Default Judgment.  However, the Judge left an open opportunity to re-file on the basis of having a class action attorney on board.  With no money to hire such an attorney, Harmon was forced to stand down.




Index of PDF documents in Case history Section 3:




Pg       1-3          Civil Action File No. 92-2042, Summons

Pg       1-14        Civil Action Fle No. 92-2042, The Complaint

Pg        1-3         Denver Post : "Angry Developer Sues RTC For 30 Billion..."

Pg        1-4         Wilfred's Motion for Default Judgment

Pg        1-2         Case Dismissal

Pg        1-4         Case Docket Summary



  1. How could the RTC get away with the scam of rejecting a buyer at $1.5 million for Harmon’s building, starting a foreclosure and then selling the loan at $500,000 knowing that on the day after the loan sale and foreclosure  was completed (both closed on the same day) the private buyer of the loan would take title to the property and close a sale on that same property within 24 hours for $1.25million making a profit of $750,000 which is the profit that should have belonged to the US taxpayers?
  2. Did the RTC hand Harmon’s buyer over to the purchaser of the loan such that the profit the RTC should have made for the tax payers ended up in the hands of the loan / property purchaser?
  3. Was there a hidden agenda in this process putting money in the pockets of third parties intimately involved in setting up the overall structure of the system?
  4. Is it possible that the formula being utilized throughout the country for giving away massive profit to private interests was also the same one used in the "White Water" scandal that benefited Bill and Hillary Clinton?
  5. How is it that the Judge would dismiss the case on legal technical issues against Wilfred, and yet deny the US tax payers a technical default judgment when the RTC in the first instance blatantly defaulted by answering the complaint beyond the 20 day statutory time required.  In fact the RTC did not file their answer until Dec 10, 1992, 51 days from the service of summons and 34 days after the return of service, clearly a technical default committed by the RTC in the US tax payers favor that warranted a judgemnt.  The rule is stated on the face of the summons.  Was the Federal Court illegally favoring the RTC?  If so, why?