A Denver Nuggets superfan known as the “Red Pant Man” has been accused of squandering the profits from his single-branch Lakewood bank on “a veritable fleet of aircraft.”
Michael Quagliano, an Illinois native who lives in Florida, is the majority shareholder and chairman at the publicly traded Solera National Bank, which opened in 2006 with a focus on Hispanic customers. Its only location is at 319 S. Sheridan Blvd. in Lakewood.
He is also @TheRealRedPantMan on TikTok and a courtside staple at Nuggets games, where he dances around, teases opponents and takes selfies in signature trousers.
And those two sides of him are commingling in questionable ways, a local developer said.
Rob Salazar, whose family office Central Street Capital has real estate projects in Glendale and Globeville’s Fox Island, sued Solera’s holding company on Sept. 22. Salazar has a background in accounting and is a shareholder in Solera National Bancorp. He wants access to its books so that he can investigate what he calls “Quagliano’s self-dealing.”
“A single-branch community bank has no apparent need for any aircraft, let alone a veritable airline,” his lawsuit states. “That decision, standing alone, sounds in waste.”
“But the aircraft were not sitting unoccupied in an aircraft hangar in a Denver suburb,” the developer goes on to allege. “They appear to have been repeatedly used by Quagliano … to literally jet around the country following his favorite basketball team.”
Salazar’s lawsuit, filed in Delaware Chancery Court, was first written about by Law360. Salazar is represented by the Delaware lawyers Matthew Murphy and Morgan Harrison.
“To read that thing is disheartening,” Quagliano said by phone last week, “because I had a hard time finding anything true in it.” He claims Salazar has chosen “to lie” about him.
“Let Mr. Salazar buy a bank and see how well he can do,” Quagliano said. “We made $18 million last year. Eighteen million. Which is just unbelievable for a bank our size. How did we get there? Well, that’s a business decision. I’m really proud of what we do at Solera.”
Quagliano said that Salazar has the same access to Solera’s books as other shareholders.
“Whatever he’s entitled to, we’re going to give him,” he said. “I’ve got nothing to hide.”
In July 2020, Solera sent a letter to shareholders announcing that it would be paying dividends for the first time, after accumulating $3.5 million in retained earnings. The letter quoted Quagliano: “It’s time to start sharing some of our success with our shareholders.”
But those dividends were never sent, Salazar said. Instead, Solera spent $4.9 million on a corporate jet “as a tax planning strategy and to allow for safer travel during the pandemic,” it told shareholders the next year. It added an “airplanes” line item to its annual reports.
At the end of 2021, that line item was $10.6 million. At the end of 2022, it was $17.1 million.
Quagliano is listed as the registered agent of Solera Aviation, a Florida company that owns three airplanes, according to Federal Aviation Administration records. Solera National Bank separately owns two other airplanes and a helicopter, according to the FAA.
“It is unclear why the company would need to own an entire fleet of personal aircraft,” Salazar’s lawsuit states, referring to the bank. “Currently, the company owns more aircrafts than it has members on the board. There can be no legitimate business purpose for doing so.”
But Quagliano disagrees. He said that Solera is a bank that “specializes in aviation” by lending money to people in that industry and also by making money from its own planes.
“The planes that he’s talking about, the five or six planes, most of those are leased to (flight) schools. It’s a 100-percent tax deduction and we get a very, very good return,” he said.
Quagliano said that he flew commercial to Nuggets games rather than take the bank’s aircraft.
“We didn’t go on the corporate jets. Not that there’s anything wrong with that,” he said. “I could have gone to all the games on the corporate jet and there’d still be nothing wrong with it.”
By including the bank’s private aircraft in his TikTok videos, Quagliano has allowed Salazar to track their use. In a June 15 post, he boards a plane with the registration number N420NW and uses hashtags like “#denvernuggets” and “#courtsideseats.” That plane is registered to Solera Aviation. His next TikTok video shows him in courtside seats at a Nuggets game.
In both videos he is wearing what Salazar’s lawsuit refers to as his “infamous red pants.”
Asked about his sartorial moniker, Quagliano said, “I wish I was famous for something other than my pants” but added that the Nuggets’ championship run was great for Solera.
“Red Pant Man has taken more deposits and made more loans than he ever has,” he said.
Get more business news by signing up for our Economy Now newsletter.
Share this:
- Click to share on Facebook (Opens in new window)
- Click to share on Reddit (Opens in new window)
- Click to share on Twitter (Opens in new window)
- Policies
- Report an Error
- Contact Us
- Submit a News Tip
- 2023
- October
- 3
Most Popular
-
Kiszla: You better believe CU’s Shedeur Sanders is better quarterback than Heisman winner Caleb Williams
Kiszla: You better believe CU's Shedeur Sanders is better quarterback than Heisman winner Caleb Williams
-
Kiszla: Broncos didn’t win game for Sean Payton, they averted another crisis of grumpy coach’s making.
Kiszla: Broncos didn't win game for Sean Payton, they averted another crisis of grumpy coach's making.
-
Parents of CU Boulder students hit by drunken driver say university has been slow to respond
Parents of CU Boulder students hit by drunken driver say university has been slow to respond
-
Keeler: CU Buffs receiver Omarion Miller sealed place in Boulder lore with kiss from Michael Irvin and love from Michael Westbrook. “Y’all haven’t seen nothing yet.”
Keeler: CU Buffs receiver Omarion Miller sealed place in Boulder lore with kiss from Michael Irvin and love from Michael Westbrook. "Y'all haven't seen nothing yet."
-
Lauren Boebert escorted out of “Beetlejuice” musical in Denver after “causing a disturbance”
Lauren Boebert escorted out of "Beetlejuice" musical in Denver after "causing a disturbance"
-
Instances of drivers behaving badly in Colorado backcountry are on the rise, outdoor officials say
Instances of drivers behaving badly in Colorado backcountry are on the rise, outdoor officials say
-
Colorado man is accused of killing bear and her two cubs, faces felony charges
Colorado man is accused of killing bear and her two cubs, faces felony charges
-
Broncos four downs: Over 20 minutes, QB Russell Wilson and Vance Joseph’s much-maligned defense save Denver’s season
Broncos four downs: Over 20 minutes, QB Russell Wilson and Vance Joseph's much-maligned defense save Denver's season
-
Josh Kroenke on plans for Nuggets, Avalanche broadcasts amid ongoing Altitude/Comcast dispute: “We’re looking at everything”
Josh Kroenke on plans for Nuggets, Avalanche broadcasts amid ongoing Altitude/Comcast dispute: "We're looking at everything"
-
Teen shot and killed during homecoming celebration at Southlands Mall in Aurora
Teen shot and killed during homecoming celebration at Southlands Mall in Aurora
Trending Nationally
- Woman dies after tire falls off car on interstate, crashes into SUV
- 2 children die, one injured after falling into swimming pool at residential daycare
- Disneyland theme park expansion envisions 16 rides and an outdoor show
- Which is California’s toughest town to rent an apartment?
- Mourning the deaths of 2 homeless men in Lowell
Source: Read Full Article
-
U.S. Stocks Remain Mostly Higher After Early Rebound
-
Who Can Dethrone The US Dollar?
-
The Real-World Costs of the Digital Race for Bitcoin
-
‘The Drew Barrymore Show’ Hit With Pickets As Audience Members Thrown Out For Wearing WGA Badges Amid Writers Strike
-
People Bought Crocs During the Pandemic. They Haven’t Stopped.