The Securities and Exchange Commission filed a complaint in the United States District Court for the District of South Carolina in April 2007 against Albert E. Parish, Jr. and Parish Economics LLC claiming they had been fraudulently operating five investment funds.

The case involved a fraudulent securities offering with $523 million allegedly invested in various hedge funds and investment pools. Mr. Hays was appointed as the Receiver and Hays serves as Accountants and Financial Consultants to the Receiver. We liquidated assets including real estate, cars, watches, pens, artwork, real estate investments, and life insurance policies and are recovering significant funds from third parties. The case has received extensive local and national media coverage. The TV show American Greed aired a story on the case in 2009.

May 1, 2013 Investor Update

Final distribution checks were mailed in April 2013 and the case has been closed effective September 13, 2013.

Maxxis Group, Inc. and related affiliates were involved in the network sales and marketing of nutritional products and communications services. Mr. Hays serves as the Trustee and Hays serves as the Accountants to the Trustee.

The case was closed in April 2013.

Hays was appointed Receiver in the Superior Court of Fulton County, Georgia by the Honorable Craig L. Schwall in December 2007. The Firm is currently marketing approximately 55 condominiums units in Dunwoody, Georgia and managing the unsold units as apartments. Members of the firm previously served on the Homeowners Association. Since appointment, $9.5 million in condos have been sold at the project.

Mr. Hays was elected Chapter 7 Trustee in April 2004 for this holding company with $7 million in claims. We settled a fraudulent conveyance claim for $2.8 million in September 2005. We made interim distributions to creditors and are pursuing the remaining litigation. The Trustee anticipates making a final distribution and closing the estate in 2011.

Galey & Lord, Inc. was a leading global manufacturer of textiles for sportswear. On August 19, 2004, Galey & Lord, Inc., and nine affiliates (Debtors) filed separate voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code (the Bankruptcy Code). Upon the filing, the Court ordered the ten Debtors bankruptcy cases jointly administered. At the end of November 2004 and less than four months after the bankruptcy cases were filed, the Court converted the cases to Chapter 7, and Mr. Hays was appointed as the Chapter 7 Trustee.  The final distribution check was mailed in 2012 and the case is closed.

Hays was appointed as Chief Executive Officer and Liquidating Director in June 2006 for this manufacturer of cordage products with revenues of over $50 million. Pursuant to the confirmed plan, Hays was appointed as the Liquidating Agent. Under the Plan, certain causes of action are being pursued and recoveries will fund a distribution to creditors.

Hays was engaged as Accountants and Financial Advisors to the Trustee of the bankruptcy estate of this hedge fund. The Debtor filed bankruptcy as investors were seeking to withdraw their funds. Hays recovered and liquidated assets and prepared a funds tracing database. The case was the subject of a TV consumer investigator’s report on WSBTV.

Hays Assignee Services, LLC, serves as the Assignee under an Assignment for Benefit of Creditors for this software company. Hays is currently managing the winddown and collecting the earnout from the sale of the company.

Current Status:
The Assignee has not collected any distributions pursuant to the sale agreement and the Purchaser does not have any current plan to use the technology. Therefore, a distribution to creditors currently appears unlikely.