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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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Police Blotter

Dog bite

March 18, 11:47 a.m., 1600 block of Austin Avenue: A pit bull escaped from a home on Austin Avenue and attacked a resident walking her small dog. Police reported that the small dog sustained major injuries as a result of the attack and was taken to a veterinary hospital in Campbell for treatment. The owner also sustained multiple bites on her hands while attempting to fend off the pit bull and was taken to a local hospital for treatment. Animal Control officers from Palo Alto Animal Services took custody of the pit bull.

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Group reiterates requests for community center

A city-sponsored user-group meeting last week resulted in familiar feedback when it listed the public’s suggestions for inclusion in a new Los Altos community center.

Thursday’s meeting at Hillview Community Center, which the city aims to include in the update of its 2009 Civic Center Master Plan, featured a mix of Los Altos residents. Current users, nonusers and potential users of community-center services and facilities attended to contribute to the discussion. City officials have scheduled a public workshop on the community center Tuesday.

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Longtime First Street auto shop closing in April

A First Street business familiar to longtime Los Altos residents will soon be closing its doors for good.

California Automotive Service owners Alan and Amanda Pickett told the Town Crier that they’re closing their business after calling 139 First St. home for more than 20 years. The auto shop is tentatively scheduled to close at the end of April. Alan, who began working as a mechanic at the shop 25 years ago before taking over as its owner 10 years later, noted that he and his wife chose to close the longtime business after “some opportunities presented themselves.”

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News Briefs

Loyola family files claim against LASD

The parents of a Loyola School student filed a claim against the Los Altos School District last month over an incident that occurred on the school’s playground last year.

According to Randy Kenyon, assistant superintendent for business services, the student fell off a piece of playground equipment and sustained an injury. He said the student lost his grip on a handle bar and fell. The bar has since been replaced.

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Charter school drafts language to include BCS in bond measure

As the Los Altos School District prepares a bond measure for the November ballot, Bullis Charter School board members are drafting language to include the charter school in the push for new funding.

“We believe public-school tax dollars should be allocated fairly among all public school kids, including Bullis Charter School students,” said charter school board member Francis La Poll at the school’s March 17 board meeting.

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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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