Mr. Hays was appointed Receiver on September 21, 2004 for four companies that raised over $60 million from the sale of investments in mobile billboards and $18 million from the sale of payphone investments, primarily from elderly investors. Hays serves as Accountants & Financial Consultants to the Receiver.
The Receiver made an initial 5% distribution to all allowed claims in February 2009.
The Court approved the motion to close the case and the Receiver issued final distribution checks on or about April 28, 2010. The case was officially closed in June 2010.