Producer of "Redline" -> OC article on Daniel Sadek

Interesting, and not surprising. I think it clears up for a lot of people wondering who the heck he is and what he really does.

"He did some of the nastiest, dirtiest loans out there, loans other companies wouldn't touch," says Lou Pacific, a Mission Viejo Realtor and former vice president of Quick Loan's real estate division."

I find this amusing: "For one "Redline" scene, Sadek crashed and destroyed his $575,000 Porsche Carrera GT." Where do they always get these inflated numbers?

 

Very interesting. Thanks for posting.

 

He owned 2 CGTs and crashed one of them on purpose because he thought they "were dangerous to drive". He apparently has a 15% stake in Koenigsegg.

 

Why would this guy offer to do this article? Does more harm then good. I guess his ego gets the best of him. Most of the comments really slam the guy.

 

I will try not to comment on this man's business practices, but it is difficult since I am in the same line of work and obviously more ethical, though not as successful. I hate to think that the two are mutually exclusive. Quick Loan and their bretheren occupy the bottom rung of the industry. It is amazing how they have prospered in such a regulated state as ours. I see the damage they wreck constantly. The subprime melt-down will expose and take care of some, but not enough of them.

Kudos to the guy for making something of himself; condemnation for the path of his success and eventual ruin. The tragedy is that if he had conducted his business in a less mercenary way, he'd probably be sitting pretty through the down market to come. He should have stayed with FJ.

As for that Carrera, I talked to one of his partners who indicated that the loss was actually a profit center. The car was wrecked, insurance paid off, they bought the salvage and sold off those incredibly expensive drive line components, etc. Then they used the shell for promotional purposes. Besides, how can one mourn the loss of one of 1500 cars?

 

Sounds like he got a loan through his own company

 

According to the article, he's not prospering any longer and is on the verge of financial ruin. $16m in debt? That's not good.

 

the guy is an idiot. it always amazes me when someone takes a cash cow like that and flushes it. unbelievable.

 

Ask 90% of ex-NBA, NFL, Rappers etc...... A fool and his money are soon parted.

I hate to be a sour-puss but they deserve it in a way if they are that stupid.

 

The reader's comments are even more interesting to read.

 

yup

I know many people that have made flash fortunes and been broke again wihtin months....One of my friends had an incredible run at a casino and walked away with $150k, within a month he was broke again. 26 years old no kids no wife and lived at home...Only had $30k in debt so he just pissed the rest away, day after his windfall he said "I am going to pay off my cc's keep $20g to play with and invest the other $100k".

I have been broke many times and this time I am not going back....

 

If he had never tried to be a producer he would still be $10mil in the black, thats enough to get several ventures going to build something back up.


O.P.M<<<Why he financed the movie himself I have no idea You get others to invest then screw them out of their points<<<JK

 

Hell I have developed "friendships" with the guys from my credit card companies.... Hi Jim, Hi Carl.... Jim Just checking in....

Sad but true for a long time there but getting better

 

" Amazingingly Enough he just leased another SLR form FJ in Quick Loan Fundings name. Wow."

 

Article quote:
" ..Just five years ago he was selling cars."

says it all.

 

i know why, i saw most of the movie.

 

Maybe its just me, but I read the story differently...

The question I kept asking myself, is "What the hell am I doing wrong in life...?"

Here is a guy, imigrant, with a 3rd grade education, selling 3 billion in loans within 7 years. 700 employees. Sure, he screwed it up. But, how many of us could have achieved this level of success, and hence be in a position to screw it up?!

Sometimes I don't get it. Hard work, eventually pays dividends. But, I think the universe likes to throw wealth randomly and some individuals, as a large cosmic joke...just to piss off the hard working folks who are reaching for success through diligent labor...

Sigh....rant over

 

I have'nt seen the movie nor do I plan to at anytime....They have books that teach every aspect of making movies, from the pitch to funding....I recommend BJ Books or Bookstar

 

+1 I hear you, whatever happens, the guy did do an incredible startup.

 

Do you feel the same when you hear about someone who wins a lottery?

 

IMO this guy is smart like a fox. He's crying the blues now but it's my understanding that he's got dough stashed. There are a lot of people after him so he's got to make it look like he's under water with little net worth. Sort of OJish.

To answer your question, this guy just used his head to find a way to make a fortune with what little he had. Opportunities are all around like this, you just have to open your eyes and make it happen. Instead of why not me, it's I know I'll be the next one like this

 

I get your point, but creating a 3B dollar business takes some skill. At least, more than just saying "I will take the pick-6."

How does one go from being a car salesman, to a leading bank lender??? Some times I think I restrict myself too much. Months ago, my wife wanted to open a loan brokerage - she thought it would be a "neat" business.

So, speaking from common sense, I pointed out:

1) There is tons of competition
2) You have no special expertise
3) It probably has lots of restrictions, liscensing, etc.
4) There are MBA's out there, who can't make a go of this business

Etc, Etc. Not trying to be pessimistic, just realistic. I figure if you want to start a business, pick something you are good at, preferrably exceptionally good at...

Little did I know that all that is required is a third grade education.

So, I ask again, how does a guy with a 3rd grade education start/run such a business? I would think banks would not loan him start up capital, etc.

Seriously, I am starting to believe that a higher education is a waste of time. As a total dweeb, with no education, "Everything is possible...because you don't know any better..." And look, it works!

 

Pretty much. You should read some of LVeric's posts. Just takes a lot of street smarts. Some of that comes from living a tougher childhood than most people (like this Redline guy). Eric said he hires a bunch of PhDs, Masters, and lawyers to run his business and works them to death while he collects a lot of the money. that's the way it works...