Wed04162014

News

SB Capital investors get partial relief


Town Crier File Photo
Members of the Securities and Exchange Commission (SEC) collect documents from SB Capital’s office last July.

For local investors in limbo over the past two years, money – at least some of it – flowed last week. The court-appointed receiver liquidating assets for Los Altos-based Small Business Capital Corp. mailed checks returning approximately 43 percent of each investor’s original contribution.

For residents desperate for access to their investments, that ends a two-year asset freeze but doesn’t answer the bigger question – how much, ultimately, will they recoup? In an interview with the Town Crier, Thomas Seaman, the receiver, said that more money should be on the way later in the year. He filed a motion last week to sell the loan portfolios for SB Capital’s two investment funds, as well as its lending license and other assets, for eventual distribution to investors. The unpaid principal in the investment portfolio had a value of approximately $15 million, and most loans are “good and performing.”

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Affordable housing in Los Altos comes on the market

Every few years, the local real estate market lets daydreams root in reality, at least for one family.

A one-bedroom apartment in the Los Altos Gardens complex recently came on the market for $981 a month. Part of a city-sponsored affordable housing program, the “below market rate” (BMR) unit is reserved for low-income candidates.

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LAH researches ways to reduce water bills


Town Crier File Photo
The Little League Fields at Purissima Park in Los Altos Hills require copious amounts of water to maintain. The town is pursuing ways to reduce water consumption and save money.

Keeping the town’s baseball fields green is costing more green than the Los Altos Hills City Council wants to spend.

Taken aback by water bills for the town-owned Purissima Park that totaled an estimated $110,000 cumulatively over the past six years, the council is reviewing its options to conserve water – and money.

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'Project Los Altos' moves on


Ellie Van Houtte/Town Crier
San Francisco residents Kate Haug and Ivan Uranga, with their son, make an artistic statement as they stroll over artist Jessica Stockholder’s “Cross Hatch” on State Street.

As blossoms emerge from buds, a colorful street painting at State and Fourth streets remains nearly unaltered by the change of seasons. The first project unveiled for the San Francisco Museum of Modern Art’s “Project Los Altos,” Jessica Stockholder’s vibrant street painting will soon disappear as the community’s rendezvous with modern art comes to an end.

“The exhibit was another thing that brought the town together,” said Los Altos Hills resident Julia Leighton. “It took guts for SFMOMA to leap to little Los Altos to do this.”

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Ex-symphony executive arrested for embezzlement


Carlton

The Santa Clara County District Attorney’s Office reported last week that police arrested the former head of Peninsula Symphony on a slew of charges that include embezzling hundreds of thousands of dollars from the Los Altos-based nonprofit organization.

Stephen Jay Carlton – hired as the symphony’s executive director in 2010 – turned himself in Feb. 27 after the DA’s Office issued a warrant for his arrest on charges that include embezzlement, grand theft and tax evasion, according to Deputy District Attorney Judy Lee. Carlton, 45, was arraigned Feb. 28. The Novato resident remains in custody in lieu of $350,000 bail.

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One Billion Rising

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Photo by Ellie Van Houtte/Town Crier

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MVLA names gym after legendary 'Dude'

NEWS angius fmt
Courtesy of MVLA
Dude Anguius served as Los Altos High School principal from 1965 to 1975.

A respected and beloved coach, teacher and principal, Dushan “Dude” Angius Jr. left a legacy at Los Altos High School. However, there are few signs of that legacy on campus – though that’s about to change.

A steering committee comprising Angius’ biggest fans successfully lobbied the Mountain View Los Altos Union High School District Board of Trustees to name the Los Altos High gymnasium after him. The five-member board unanimously approved the move at its Jan. 28 meeting. An official dedication is scheduled May 3.

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