Landamerica 1031 exchange services inc liquidating trust
With the million dollars distributed at the end of 2012, Mr.
Mc Hale will have distributed a total of 5 million dollars to Land America Exchange Services creditors through the liquidation trust and .4 million to a separate trust for the benefit of creditors of Land America Financial Group Inc., the parent company. Mc Hale, as trustee, is holding another million to pay exchangers for damages in addition to their lost deposits.
a subsidiary of Land-America Financial Group, Inc.. This recovery was covered in an article entitled “Title Firm Customers To be Repaid in Full” that appeared in the on December 17, 2012.
Customers, called exchangers, transferred funds from the sale of their investment real estate into the Land America 1031 Exchange Services to defer capital gains taxes until they bought replacement, investment property. Flaxer, of the Complex Business Fraud Litigation Group, counselled Gerard A.
“However, when the ARS market froze in early 2008, LES had approximately 0 million in ARS that it couldn’t convert to cash, thus preventing the existing 1031 exchangers from closing on their purchases of new properties.” “LES then borrowed money from its parent LFG and also continued to run the exchange business and bring in new money — and used those new sources of money to fund the closings of the earlier exchangers, because the money LES had on deposit was now tied up in the ARS mess,” continued Mr. “The Trustee will be moving forward and pursuing certain claims owned by LES and working with the Trustee for LFG, in accordance with the allocations of claims and responsibilities under the Plan.” The Bankruptcy and Litigation Groups from Golenbock Eiseman Assor Bell & Peskoe LLP recently confirmed a plan of reorganization in another case involving a 1031 company, 1031 Tax Group, LLC, formerly owned by Edward Okun, where they represented Mr. In that case, Golenbock assisted the Trustee to marshal the assets and file suit against individuals, professional firms, insurance companies, and financial institutions, which to date has resulted in recoveries which exceed 0 million and an expected distribution so far of 44% to victims of Okun’s Ponzi scheme.
About Golenbock Eiseman Assor Bell & Peskoe Golenbock Eiseman Assor Bell & Peskoe LLP is a full-service Manhattan law firm of approximately 50 attorneys which has served its clients’ complex litigation and corporate needs for over 25 years.
Devorkin and Flaxer helped lead the Firm’s efforts on behalf of Mr.
subsidiary asked a Virginia bankruptcy court on Thursday to approve a .3 million settlement with Sun Trust Banks Inc. The settlement would bring recoveries for many of the creditors of Land America 1031 Exchange Services Inc.
of up to 66.5 cents on the dollar, following previous settlements including a .5 million deal with a second bank in October.
(LES) and Land America Financial Group (LFG), which has become effective, Gerard A. has been appointed as trustee for the LES Liquidation Trust created by the Plan, and Mr. Devorkin will serve as lead counsel for the Trustee.
Mc Hale has retained Golenbock Eiseman, as his counsel. LES was a “qualified intermediary” company under section 1031 of the US Tax Code, pursuant to which qualified intermediaries facilitate the legal deferral of capital gains taxes from the sale of real property until “in kind” replacement property purchases can be made.