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.

Links to Official Documents and Disclosures

September 21, 2004 – Complaint filed by the SEC

September 21, 2004 – Receiver Order

October 13, 2004 – Receiver’s Emergency Motion to add Receivership Defendant, to correct caption and amend Receivership Order and Brief in support thereof

October 18, 2004 – Consent Order Adding Receivership Defendant and amending original Receivership Order

October 18, 2004 – Receiver’s Letter to Investors and Proof of Claim Form

December 1, 2004 – Receiver’s First Interim Report

February 7, 2005 – Consent Order adding Receivership Defendants and amending original Receivership Order

February 8, 2005 – Receiver’s Motion for Contempt Sanctions and for Injuctive Relief enjoing Prosecution of North Carolina Civil Action and December 8, 2004 – Scott Hollenbeck Deposition

February 25, 2005 – Order Denying Receiver’s Motion for Contempt and for Injunctive Relief

March 3, 2005 – Receiver’s Second Interim Report

May 10, 2005 – Salesman’s Complaint

May 16, 2005 – Receiver’s “Complaint for Declatory Judgment, Injunctive Relief and Damages” in Connection with Recovering Funds from Michael Lomas’ Condominium in Los Angeles

June 15, 2005 – Third Interim Report with Exhibits

August 26, 2005 – Motion for Order to Show Cause Why Michael Lomas Should Not Be Held in Contempt with Brief In Support by Securities and Exchange Commission

August 26, 2005 – Exhibit Index to Exhibits

August 26, 2005 – Exhibit Exhibits to Application for Order to Show Cause

August 26, 2005 – Text of Proposed Order

September 6, 2005 – Order Setting Hearing Date on SEC’s Motion to Show Cause of October 19, 2005 at 2:00

September 9, 2005 – Docket Activity through September 9, 2005

October 18, 2005 – Complaint Against Sales Agents

March 29, 2006 – Notice of Motion for Approval of a Settlement Agreement with Heiser & Jesko

March 29, 2006 – Motion for Approval of a Settlement Agreement with Heiser & Jesko

March 29, 2006 – Memorandum in Support of Motion for Approval of a Settlement Agreement and Release with Heiser & Jesko

March 29, 2006 – Motion for Approval of a Settlement Agreement, Affidavit of Donald Jesko

March 29, 2006 – Exhibit A – Settlement and Agreement Release

March 29, 2006 – Order Approving Receiver’s Settlement Agreement with Heiser & Jesko

June 19, 2006 – Fourth Interim Report

March 1, 2007 – Order (The Order Denies Certain Sales Agents Motions to Dismiss)

March 15, 2007 – Order (The Order grants Receiver’s Motion for Summary Judgment as to Liability of Sales Agents)

March 07, 2008 – Order Approving the Receiver’s Settlement Agreement with Paul, Hastings, Janofsky & Walker LLP

October 12, 2008 – Plan for Claims Administration and Distribution of Proceeds

October 12, 2008 – Motion for Approval of the Receiver’s Plan for Claims Administration and Distribution of Proceeds

October 12, 2008 – Notice of Motion to Approve Plan

October 12, 2008 – Brief in Support of the Motion for Approval the Receiver’s Plan for Claims Administration and Distribution of Proceeds

December 03, 2008 – Motion for Approval of the Schedule of Claims and Distribution of Proceeds

December 03, 2008 – Plan for Claims Administration and Distribution of Proceeds

December 03, 2008 – Exhibit B – Schedule of Claims

December 07, 2009 – Receiver’s Final Report
Exhibit A
Exhibit B
Exhibit C
Exhibit D
Exhibit E
Exhibit F
Proposed Order Closing Receivership

December 7, 2009 – Order Closing Receivership

Investor Information

MBAIPC Tax Memo

January 23, 2008 – Receiver’s Important Tax Notice to Investors

February 22, 2008 – Receiver’s Investor Letter

March 17, 2008 – Receiver’s Important Tax Notice to Investors

May 28,2008 – Receiver’s Letter to Investors

October 8, 2008 – Letter to Investors

January 14, 2009 – Investor Letter

April 15, 2009 – Investor Letter

August 24, 2009 – Investor Letter

IRA Closure Notice

December 01, 2009 – Investor Letter

January 7, 2010 – Order to Notice Investors

March 26, 2010 – Order on Final Report

Click here to email the Receiver

NOTE: If you are unable to view the documents, right click on the link and select the "Save Link As" menu item. You will then be able to download the document to your computer for viewing.

Other Links and Resources

http://www.news-record.com/money/news/billboard041705.htm
Mobile Billboards of America, Inc., et al.
Securities and Exchange Comission
September 21, 2004

Mobile Billboard Plan Scrutinized
ABC WSB-TV Atlanta, GA
February 8, 2005
Video

Mobile Billboard Scheme Traps Georgians
ABC WSB-TV Atlanta, GA
December 29, 2005

Jim Stricklands’s Mobile Billboard Investigation
ABC WSB-TV Atlanta, GA
December 29, 2005
Video related to Mobile Billboard Scheme Traps Georgians

Fraud Scheme Indictment Unsealed
The News & Observer
May 30, 2007

Investors Fell for Scam, Indictment Says
The News & Observer
May 31, 2007

Mobile Billboard Trial Set to Begin
Winston-Salem Journal
January 7, 2008

Exec in Hollenbeck Trial Says He Lied
Winston-Salem Journal
January 28, 2008

Jury Gets Billboards Fraud Case
Winston-Salem Journal
February 2, 2008

Execs of bogus billboard firm sentenced for fraud
WRAL.com
May 6, 2008

Hollenbeck sentenced to 14 years in prison
Winston Salem Journal
May 7, 2008

Paul Hastings billboard settlement Ok’d
The Daily Report
May 7, 2008

Bilked investor balks at firm’s deal
The Daily Report
February 18, 2008
Click here to email the Receiver

NOTE: If you are unable to view the documents, right click on the link and select the "Save Link As" menu item. You will then be able to download the document to your computer for viewing.