By Amy Silverman
By Olivia LaVecchia
By Monica Alonzo and Stephen Lemons
By Chris Parker
By Michael Lacey
By Weston Phippen
Not everyone in the industry is pleased with the proposed recovery-fund increase, because it is financed entirely by contributions from title and escrow companies. Some industry executives say if the state would just enforce the current law and vigorously prosecute those responsible for Charter Title's collapse, there would be no need to increase the recovery fund.
"If the state Attorney General's Office would get off its butt and go after the responsible people and send them to Florence . . . there wouldn't be any need for new legislation," says Robert D. Dorociak, a principal in United Title Agency.
While the attorney general remains silent on the case, the state Banking Department has taken steps to strip away the perks Brewer enjoyed when he was running Charter Title. The America West skybox lease has been sold to a Valley doctor for $176,000, generating a nifty profit of $82,678 for Charter's receiver. The money will go to help defray losses.
The state also has attached a $1 million lien to Brewer's San Diego-based yacht, the Crystal. The state stands in second position behind Caterpillar Corporation, which holds a $1.4 million mortgage on the pleasure craft. Caterpillar placed a claim last month on the craft, which is now in the hands of federal marshals.
Brewer says he's pleased that the yacht is out of his hands, especially since he no longer is responsible for more than $10,000 in monthly expenses. "I don't need to worry about that anymore, someone else is taking care of it," Brewer says.
Which pretty much sums up Brewer's approach to business.