R. Craig Adams wife, Holly Adams, implies stay-at-home moms are stupid

Multiple investments, serial defaults | HeraldTribune.com

(His wife should be held accountable. If she signed, SHE SIGNED. This is AMERICA, people!! Um..... hello? There was a big civil rights movement...women stopped obeying their husbands in the 1960's. You have to be kidding me.

What is she implying, anyway? "I was a stay-at-home mom..." This is her excuse for being an irresponsible dipshit? Really?)





By Michael Braga
Published: Monday, November 17, 2008 at 1:00 a.m.
Last Modified: Friday, November 14, 2008 at 7:40 p.m.
BIRD KEY - When it comes to financial collapse, Sarasota real estate investor R. Craig Adams has few peers.

Facts
Correction
The following correction was published on Friday, November 21, 2008 and has been incorporated into this web report: A commercial real estate story in Monday's Business Weekly had incorrect information about James and Ethan Teague. The two are father and son. James Teague has never held a real estate license.
Adams, who specialized in building waterfront mega-mansions during the boom, has defaulted on nine loans totaling $11.9 million since May. His former wife, Holly Adams, who divorced Adams in 2007, filed for Chapter 7 federal bankruptcy protection in January, listing $22.4 million in debts and only $3.9 million in assets.

Holly Adams said the bankruptcy was needed because her name appeared on most of the loans that her husband secured during his long real estate investment career. But that does not mean she knew a lot about her husband's transactions.

"I was a stay-at-home mom," Holly Adams said. "He said, 'Sign here, sign here,' and I signed."

R. Craig Adams did not return three calls seeking comment, but court records reveal a great deal about his varied and generally successful real estate career.

These records show that Adams was involved in 70 real estate deals in Sarasota County since 1993. During that time, he bought 64 properties for $49.7 million and resold them for $74.9 million, or $25.2 million more than he and his investment partners originally paid.

Adams paid $11.5 million for the remaining seven properties and financed the purchases and his construction plans with $13.9 million in loans, later defaulting on loans totaling $11.9 million.

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