Engaged as the Restructuring Advisor for this manufacturer of custom steel siding and roofing.
Mr. Hays was appointed as the Fund Administrator on July 7, 2009 to conduct claims procedures, develop a plan of distribution and effectuate a distribution of fund to investors for Tri-Star Investment Group, L.L.C. a/k/a Tri-Star Investment Group (“Tri-Star”). On December 10, 2002, the Securities and Exchange Commission (“SEC”) filed a lawsuit in federal court in Atlanta, Georgia, against Defendants James L. George, Paul E. Brodhagen, and Michael J. Wright relating to their roles as facilitators of a fraudulent securities offering involving Tri-Star. The Court has now entered Final Judgments against each of the Defendants requiring Defendants George and Wright to make payments into the Registry of the Court of civil penalties and a disgorgement of the profits they gained in the scheme, as well as pre-judgment interest. Defendant Brodhagen was not required to make such payments due to his demonstrated inability to pay.
Defendants George and Wright have now paid the full amounts required by the Final Judgments entered against them into the Registry of the Court. As a result, the total amount of the Registry Funds as of May 29, 2009, was $341,301.91. On July 7, 2009, the Court appointed Mr. Hays to act as the Funds Administrator in the case to oversee the administration and distribution of the Registry Funds to defrauded investors in the Tri-Star scheme.
INVESTOR UPDATE ON MAY 20, 2010
The Funds Administrator filed a motion for approval of distribution on April 21, 2010. The Funds Administrator issued checks for allowed claims. The distribution is 3.78% of allowed claims.
Hays Assignee Services, LLC, serves as the assignee for this former manufacturer of gaming and slot machines. If you have any questions on the status of this case, please contact Colt Conner at 404-926-0058.
On August 23, 2007, Powder Coating, Inc. filed a petition for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Georgia. In September 2008, the Bankruptcy Court appointed Mr. Hays as the Chapter 11 Trustee for the Estate of the Debtor and the Trustee has been duly acting in that capacity since that time. The Trustee arranged for the sale of the business with the transaction closing in December 2008. The Trustee is currently administering the estate.
The Securities & Exchange Commission filed a complaint against this real estate investment partnership that raised over $60 million. Mr. Hays serves as the Receiver and Hays firm serves as the Financial Consultants to the Receiver.
INVESTOR UPDATE ON SEPTEMBER 8, 2011
This case is now closed. All activities of the Receiver have been completed per the Order closing the Receivership. Please refer to the following documents posted under Case and Claims Documents for further detail: Order Reopening Case for Final Administration, Authorizing the Procedures set forth in the Receiver’s Final Report, and Closing the Receivership and Notice of Conclusion of Receivership.
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.
Hays was appointed as Receiver in the Superior Court of Gwinnett County, Georgia in June 2008 by the Honorable Mark A. Lewis. During the case, closed the corporate office, prepared tax returns and various reporting, recovered and settled case assets and are administering the estate.
The Receiver anticipates closing the case in 2010.