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Tuesday, 23 June 2009 |
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I have received several inquiries about the Government's Preliminary Report and Amended Preliminary Report as to Restitution, which was filed in the criminal court in Virginia on May29 and June 11, respectively. Based on my review of the report and discussion with my counsel, I understand that the Government's restitution process is governed by a Federal statute that is different from the Bankruptcy Code. Thus, the amount of, and allowable components of, claims for restitution purposes are not the same as in the bankruptcy case, and are not binding in the bankruptcy case (nor are claim amounts in the bankruptcy case binding in the restitution process). In addition, in order to be recognized in the restitution program, one must fill out and return a form that the Government has circulated. This is not the same as the proof of claim form that many have filed with the Bankruptcy Court, or with the claims agent that had been retained by the 1031 Debtors.
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Friday, 01 May 2009 |
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Dear Creditors and Other Interested Parties,
We have made significant progress during the month including the approval by the bankruptcy court of the agreement between the Trustee and the pending class action plaintiffs which I believe will insure the most beneficial and expeditious pursuit of claims on behalf of the victims.
Under the agreement, I and the class action will cooperate and pursue our respective claims as we determine we should. There are three types of recoveries, which will be allocated between the Estates and the Class. (1) $43 million of recoveries as to certain parties, most of which were reached by me before this agreement, which will be allocated to the Estates, and the Class will only receive enough to pay the Class’s attorneys’ fees in obtaining approval by the Class Court. (2) Any recoveries from Wachovia allocated 60-40 to the Estates and the Class and from Lockton, 40-60, to the Estates and the Class, respectively. (3) Almost all other recovers will be allocated 50-50.
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Thursday, 01 November 2007 |
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Welcome to the home page of the Bankruptcy Trustee for the 1031 Tax Group and related companies.
On October 23, 2007, Judge Martin Glenn of the United States Bankruptcy Court Southern District of New York granted a Motion for Appointment of a Chapter 11 Trustee. On October 24, 2007, the Office of the United States Trustee appointed Gerard (Jerry) McHale, Jr. to act as a Chapter 11 trustee for The 1031 Tax Group and related companies.
This website is updated regularly as more information becomes available. We have also posted links to other related websites. Our contact information is posted under the Contact Us link on the left.
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