|
|
|
| Forms and Instructions - Recent Status - Chapter 11 Trustee Reports - Creditor's Comm. Updates - Contact Information |
Evergreen Security, Ltd. R.W. (Bill) Cuthill, Jr. President 341 N MAITLAND AVE, STE 210 MAITLAND, FL 32751 Telephone: 407-644-3781-235 Facsimile: 407-644-3943 RCuthill@msn.com www.trusteeandexaminercuthill.com February 12, 2008 Evergreen Steering Committee Via: e-mail RE: Status of third distribution Dear Committee members: Leigh Meininger, Chapter 7 Trustee in the bankruptcies of Jon Knight, Anthony Huggins, and Atlantic Portfolio Advisors Management, Inc. (APAM) advised me about the completion of these bankruptcies. Mr. Meininger recovered $2,236,572.60 in the Knight case, $1,000,000.00 in the Huggins case and $300,000.00 in the APAM case. He has received all of these funds. These amounts are before administrative costs of the auction company, holding expenses of real estate, trustee’s, attorneys’ and accountant’s fees. The auction fees and other holding costs in the Knight case were $249,701.86. The trustee’s, attorneys’ and accountant’s fees were $149,615.21, leaving a balance of $1,837,255.53 to be distributed in the Knight case. I have estimated the trustee’s, attorneys’ and accountant’s fees to be approximately $100,000 in the Huggins case, leaving a balance to be distributed of $900,000.00. I have estimated the trustee’s, attorneys’ and accountant’s fees to be approximately $55,000.00 in the APAM case, leaving a balance to be distributed of $245,000.00. The approximate total to be distributed from these three cases is $2.982 million. I am additionally holding over $1 million in other funds, making a total of approximately $4 million. Additionally, I filed an action to recover over $671,000 in legal fees from Huggins’ attorneys, Gray Robinson PA, and Knight’s attorneys, Peter R. Ginsberg PC, and the respective individual attorneys who worked on the cases in these firms. The Court entered an order for Gray Robinson PA and its individual attorneys to pay $300,000 to Evergreen, which they have. The Court entered an order for Ginsberg to pay $371,000, which Ginsberg has appealed. I am proceeding to try to collect from Ginsberg and defending his appeal. Gray Robinson and their related attorneys’ filed claims in the Knight, Huggins and APAM cases, which they have now dropped. Evergreen is the only creditor in the Knight and APAM cases. An offshore company, which purchased a receivable from Huggins’ Bahamas trust, has filed a claim for over $1 million in the Huggins case. Mr. Meininger has objected to this claim and a hearing is scheduled for March 10, 2008. Mr. Meininger projects the Knight funds will be distributed in February or March. He projects the APAM funds will be distributed in March or April. He projects the Huggins funds will be distributed in April or May, which could change due to the contested claim in the case. I estimate the third distribution will be between 1.75% and 2% of the approved claim amounts and will be made in May 2008. This could change due to the contested matter in Huggins. The Ginsberg appeal could take many months, so I have not included these funds in my estimate. I will keep you advised as to the status of the third distribution. Very truly yours, R. W. Cuthill, Jr. R.W. (Bill) Cuthill, Jr., President CC: Hans C. Beyer, Esq. R. Scott Shuker, Esq. |
|
|
| Official Committee of Unsecured Creditors for Evergreen Security, Ltd. |