U.S. trustee objects to EFI fees

March 25, 2009

By KAREN VELIE and DANIEL BLACKBURN

A federal bankruptcy judge overseeing the division of assets of failed North County hard money lender Estate Financial Inc. (EFI) balked Wednesday at professional fee requests totaling nearly $4 million and said she will examine those claims more closely.

Trustees of EFI’s funds sought the court’s approval of the fees for themselves, attorneys, and others working on EFI’s bankruptcy proceedings during a hearing in a Santa Barbara U.S. bankruptcy court so that they could start dispersing funds monthly to professionals working on the bankruptcy.

Judge Robin Riblet agreed with U.S. trustee Brian Fittipaldi’s objection to the proposed charges.

Fittipaldi told the court that some of the professionals’ request for fees presented appeared to be cross-billing and double-billing.

Riblet then said she would not grant any fee request above the amount of unencumbered funds in the EFI accounts.

“I will determine how much is paid to the professionals. I am not allowing all the millions of dollars in fees,” she said. “I am only allowing what is appropriate to ask for now. Some of the professionals crossed the line.”

EFI trustee Thomas Jeremiassen explained that eight properties had been sold and $1 million had been dolled out to investors. Approximately $760,000 remains unencumbered. Of that he wanted $600,000 to go to professional fees.

Riblet asked if the part of money belonged to “one of the estates.”

“Kind of,” Jeremiassen responded. “The fund didn’t get assigned deeds of trust.”

Riblet continued to question the trustee on how monies would be split between the two separate bankruptcies – EFI and the EFI Fund.]

“So your position is I should just take $600,000 and allocate it to the professionals discounting that $100,000 may belong to the fund and $500,000 to EFI,” Riblet said.

Jeremiassen responded, “Yes, that is what we are suggesting.”

Riblit temporarily tabled the claims and informed the professionals she requires written responses to Fittipaldi’s fee objections prior to the next hearing on April 22, or those requests will be waved.

One of the creditor’s responsible for EFI’s bankruptcy filing, developer Ron Cooper, asked the judge why the trustees were not communicating upcoming court dates with the public as previously stated in court. The trustees agreed to start posting hearing dates on their web site.

In addition, Cooper voiced his dismay at the lack of construction and real estate experience held by the professionals. He noted that approximately $60 million had been lost due to the speed of the trustees and their crews.

“The slowness in the disposition of the assets is causing the estate harm,” Cooper added. “There will be a motion to transfer to Chapter 7 before there are more losses.”

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Stefan

Member Opinions:

By: pinot4me on 5/8/09


Lots of info including details of the individual billings. I was surprised to see that they bill for the hours spent preparing the bill.


The bankruptcy site for the trustees provides a lot of documentation. There is also a list of the properties and the status by group including listing broker.


http://www.omnimgt.com/public/files/frmDocsGen.as


The attorney who filed the note opposing the ch 7 is listed by his firm as practicing in the desert. The Warner Center address is probably an executive suite operation as a number of firms have their offices with the same address.


Our experience with the bankruptcy process in the past (assisting investors) is that often there are way too many people running up costs with little regard for anything other than getting the matter closed before they run out of assets to pay fees.


Often the trustee objections are flaccid with the appearance of being done to paper the file. My apologies to the trustee if this is not the case here. However, there are a lot of people billing to this case.


On the above site note the link to property contacts .


Time is the enemy of creditors and investors.

Circuit City declared bankruptcy in Nov 08, by April 09 warehoused emptied of merchandise, the merchandise in the stores had been liquidated, stores closed, leases put up for auction, non assigned leases terminated, buildings vacated. 5 months. Certainly there is more to close out the bankruptcy but disposing of the assets took care of most of the bleeding.

By: Nameless on 3/31/09

The conversion issue is not mute. Just because the "Professionals" expressed their opinions, it does not constitute the truth.

Stay tuned

By: Booty_Juice on 3/30/09

Punters were first robbed by crooks and then what was left is now being looted under cover of authority. Lovely.

By: insider on 3/30/09

Right now the real estate market is acually quite hot in Atascadero. At least in the lower end. Most well priced REO properties recieve 3 or 4 bids and end up selling for over the asking. The houses Mike speaks of would liquidate quite quickly if just put on the market at the right price in a finished state as an REO.


Stefan

By: MikeKnecht on 3/29/09

There was a quick response to the suggestion that the bankruptcy classification be changed. It is rather amazing that the receivers do not have the where withal to have a for sale sign posted on property belonging to the fund.


I am not talking about a single house on a back road in Hanford. I am talking about fifteen houses off of the freeway in Atascadero. If someone wanted to purchase these houses there is no way for them to find out who to talk to. The houses are off El Camino, which is the main frontage road in Atascadero. The houses are three blocks from Home Depot, which is packed with people on the week ends. The subdivision location has thousands of people drive by it every day and yet there is no for sale sign offering these houses for sale. I have spoken to two real estate agents who say the receivers for Estate Financial will not respond to questions about the property they control.


Anybody with an interest in Estate Financial should go by Regio Place off of El Camino Real and look at the three foot high weeds and walk into the unlocked doors on the partially finished houses. When Karen controlled these properties she wasn’t interested in selling them either but at least she had enough blatant hypocracy in her to have for sale signs on them. The receivers don’t even worry about for sale signs. I guess if there is no for sale signs you don’t have to bother yourself with answering questions. I posed some questions to the receivers but they have hired a separate company to respond to any correspondence they receive. I am not talking about people who work in their office but a separate company with a different letter head that they have hired to answer letters about what they are doing.


Two years ago I approached Karen Guth about holding an auction. There are companies that do that sort of thing and, while there is no guarantee, auctions often bring a price that is at what the market is. Real estate is selling and there are people with money who are buying. Karen wasn’t interested in selling any property because there was nothing in it for her excepting to reveal what had actually gone on with Estate Financial. Karen had every reason not to sell anything. I can not believe that the same circumstances are with us today. People control investor funded property with absolutely no reason to sell it and every reason to side step any legitimate attempt to market the property. They market enough real estate to cover their billing and that is it. When Karen pulled this stuff she hung herself out in the wind and ended up in jail. The receivers have the stamp of authority of a Federal Judge. Amazing.


In another couple of months the City of Atascadero will be billing the investors for knocking down the weeds in front of the vacant houses. I would think that for four million dollars the receivers could have the weeds abated but evidently that isn’t the case.

By: Nameless on 3/29/09

I find it curious that the Trustees responded so fast to the inquiries regarding the conversion from Chapter 11 to Chapter 7. For over eight (8) months they have stonewalled delayed and incurred charges against the Estate for the benefit of the professionals. When the Chapter 11 filing was commenced, it was with the same intent and knowledge what is being described in their response. The unfortunate reality is that they are not following the same script. Why should they? Their best interest is to drag out the process because they know the professionals get paid first. Creditors and maybe the Investors receive money if any at the end. As far as this will go, the Professionals will clean out the barn what’s left before investors will see some crumbs.

As far as the BC attorneys concerned, they are respected professionals who will do what’s best for them. I still find the employment of Fredrickson’s office disturbing. They host the Creditors and the Equity Committee in their offices, while representing one of the largest Creditors against EFI. Who’s interest are they protecting? Is it the Investors, Creditor’s committee’s or their own client Centennial Livestock? You must be the judge of that.


The unsecured Creditor’s Committee was entrusted to make objection to the Fee Request, but how could they? The attorneys were to file the objection on all the creditors behalf. They would be questioning their own charges. So, keep on sucking it up.


Fortunately, the U.S. trustee Brian Fittipaldi took the time to examine the billings and found some questionable items, like “double and cross billings.” I bet if those invoices are scrutinized closer, more questions will arise than answers. Maybe Ron Cooper’s little presentation to Judge Riblet was useful after all.


Keep tuned in for more surprises.


Stefan

By: kielper on 3/29/09

I figured it out! Here is a copy of the letter posted on the EFI website which addresses the Chapter 7 issue.


Ezra|Brutzkus|Gubner

A Limited Liability Partnership

LARRY W. GABRIEL, OF COUNSEL

EMAIL: lgabriel@jmglawoffices.com

Warner Center

21650 Oxnard Street, Suite 500

Woodland Hills, California 91367

Voice: 818.827.9000 • Facsimile: 818.827.9099

March 23, 2009

Email: EFI Committee Members/ EFI Creditors – Web Site Posting

Re: Chapter 11 v. Chapter 7

Recently, we have become aware of discussions, both by e-mail and in the press, regarding the

progress of the EFI proceedings, and whether the investors and creditors would be better served if

the proceedings were converted to a Chapter 7 liquidation. The “pitch” – the administrative costs

and expenses would be less, things would move quicker, and the investors will get a return on their

money sooner rather than later.

We believe that the “pitch” is incorrect. In general, liquidation under Chapter 7 is not faster or less

expensive than a liquidation under Chapter 11. To the contrary, experts who have studied the issue

have conclusively debunked that myth, stating that “Chapter 7 liquidations appear to be no faster or

cheaper … than Chapter 11 reorganizations. Moreover, Chapter 11 seems to preserve assets better,

thereby allowing creditors to recover relatively more.” 1 And, the appointment of a Chapter 7

liquidation trustee will all but eliminate investor involvement. The Committees will be dissolved and

the creditors/investors will be left to their own devices vis a vis participation in the process. In point

of fact, there is much more flexibility in a Chapter 11 cases as to the timing of distributions that is,

the ability to make interim distributions, than in a Chapter 7 where the normal procedure is to hold

all funds until the final liquidation, then make a single distribution to creditors. Hence, under

Chapter 11 it is more likely than not that the creditor/investors will received a distribution before

the end of the case, which interim distribution would not occur in a Chapter 7. Indeed, the EFI

Trustees have indicated their intent to authorize an interim distribution as soon as practicable.

1 The point was addressed in a study by Arturo Bris, Ivo Welch, and Ning Zhu, The Costs of Bankruptcy: Chapter 7

Liquidation versus Chapter 11 Reorganization, The Journal of Finance, Vol. LXI, No. 3, pp. 1253-1303 (June 2006). The

study concludes that the typical Chapter 7 case has a more detrimental impact on the value of assets than the typical

Chapter 11 case. In other words, the value of assets declines more in a Chapter 7 case than in a Chapter 11 case, which

can only result in a lower distribution for creditors. Id. at 1264. These experts also note that “the typical Chapter 7 case

takes 2 years to unwind” and that this is virtually the same amount of time as the average Chapter 11. Id. at 1266, 1270.

Particularly noteworthy is their conclusion that “conversions from Chapter 11 to Chapter 7 take longer” than pure cases.

Id. at 1271. Further, they conclude that the “median expense ratio in Chapter 7 is a slightly higher 2.5% than the 1.9% in

Chapter 11.” Id. at 1279. In other words, Chapter 7 cases cost more than chapter 11 cases (although the study cautions

that the difference is not “statistically significant”). These experts further conclude that “Chapter 11 unequivocally

seems better for creditors from the perspective of total recovery rate” which they conclude is based on the advantages


Stefan

By: hotdog on 3/29/09

Beachlady, you are right! A vicious typo, and I take full responsibility for my lapse. I did mean lessens. I make lots of typing mistakes and intend to fix them but I sure missed that one. However, my message stands and is not lessened by my mistake. Read some of the posts here and elsewhere, many are written so poorly it is difficult to even know what they are saying.

I know the chat I indulge in and inspire in some others (like you) diverges from the topic at hand but if we cannot communicate effectively all is lost in the white noise of senseless drivel.

By: kielper on 3/29/09

Maybe someone who knows how, could transfer the Chapter 7 letter to this site for all to see? I don't know how to do it.


Thanks.

By: kielper on 3/29/09

For more information regarding a Chaper 7, go to the EFI information website:


omnimgt.com/public/EstateFinancial/


click on "Estate Financial Inc" then on "Creditor Committee Communication". Very informative.

By: insider on 3/29/09

Now that's funny. "That's" as in that is.

By: beachlady on 3/29/09

HotDog….you are throwing stones in your glass house….

When you said …"checking their words and that lessons their credibility."… didn't you mean lessens?


I agree spelling and grammar are sadly taken for granted, but because of your rant, it lessened your credibility.

By: Roo on 3/28/09

Actually, I was referring to the typo in the main body of the story, not a comment.

By: hotdog on 3/28/09

Right on Roo, the literacy in many of these blog comments is ghastly. I think that many writers show little education or concern by not checking their words and that lessons their credibility. This has been brought up before.


They're-a contraction of they are

There-as in, over there

Their-possessive, as in their money


take the little test at http://www.better-english.com/easier/theyre.htm

By: Roo on 3/27/09

"Doled" out. The site could be "dolled" up with a spellchecker.

By: outsider on 3/27/09

Sometimes GREED is nameless and unfathemable……

By: Nameless on 3/26/09

Number of offers were made to the Trustees on several properties. They even declined to counter let alone post it for sale or allow overbidding to take place. The Trustees misguided opinion that offers are low is just that. An opinion of theirs. Let the market decide. Just because a loan way exceeds the offer price, it doesn't make the value low for the curent market conditions.

Many of the properties were overencumbered to begin with. Holding out for a better price only makes finanaial sense to the professionals, since the Loan servicing Fee is being charged based on the loan face amount. That comes out of the investors funds, so why the hurry? The professionals must have enugh funds to be paid and investors just must take the "COOL AID" over and over again.


Stefan

By: MikeKnecht on 3/26/09

When I first started to become concerned about the mis-management and out right fraud committed by Karen Guth I went and looked at a subdivision that Karen and Andy Feytco tried to put together on Regio Place in Atascadero. The project consisted of 31 houses. Of those thirty one houses fifteen were completed and occupied and the remaining houses were in various stages of completion. The yards were over grown with two foot high weeds, the construction material lay in place inside the houses and there were for sale signs on the houses.


Now, since the receivers for Estate Financial have taken over and have billed the investors for over four million dollars for their expert resolution of the situation things have changed at Regio Place. Unlike before, there are no for sale signs showing the houses are for sale. The two foot high weeds are still in place. The houses remain unfinished. The doors are open for any vandal with time on his hands to come inside.


If you are a EFMF investor and you are interested in the job the receivers are doing E-mail me at mjk122085@aol.com and I will send you some pictures of this partially completed, evidently not for sale housing tract that in theory we have an interest in.


The situation reminds me of the old west. A wagon train was attacked by renegades. After much slaughter and blood shed the cavalry (i.e. the receivers) show up in blue uniforms, flying the United States Flag issued them by a Federal Court Judge. Instead of putting the situation right this cavalry unit proceeds to rape the women, sell the children into slavery and drive off the remaining livestock.


I accept that there will be no money left to distribute to the EFMF investors. What I don’t accept is after the receivers get done with their work, the EFMF investors will actually owe money.


Mike Knecht

By: outsider on 3/26/09

Its amazing what GREED will do to people..

By: shingh on 3/26/09

Brian Fittipaldi, he is in charge of all region 16 Trustee's and is the USDOJ Attorney for the BK court all goes thru his offices, and he gets paid for doing what he does. If you want to email a complaint to him here it is Brian.Fittipaldi@usdoj.gov or call him at 805-957-4100 if you know of BK fraud send complaint to USTP.Bankruptcy.Fraud@usdoj.gov first the Gov will get all their monies then the Lawyers and what little if any is left it will trickle to the first on the list. Remember you CAN file a Criminal Complaint directly to the FBI as well and IRS for Fraud and other Crimes if you have information. Brian is only doing and charging what he is supposed to by the Gov't.

By: calvertworthington on 3/25/09

Fittapaldi – US Dept Justice?


http://www.cacd.uscourts.gov/cacd/AttySetPan.nsf/

By: SensitiveGuy on 3/25/09

I'll bet you will see nothing returned to the investors.Might as well kiss your funds adios.

By: mccdave on 3/25/09

Who is Brian Fittapaldi?

By: Jim on 3/25/09

Obviously… as an investor… I find this to be good (as in GREAT) news…!


Stefan

By: MikeKnecht on 3/26/09

When I first started to become concerned about the mis-management and out right fraud committed by Karen Guth I went and looked at a subdivision that Karen and Andy Feytco tried to put together on Regio Place in Atascadero. The project consisted of 31 houses. Of those thirty one houses fifteen were completed and occupied and the remaining houses were in various stages of completion. The yards were over grown with two foot high weeds, the construction material lay in place inside the houses and there were for sale signs on the houses.


Now, since the receivers for Estate Financial have taken over and have billed the investors for over four million dollars for their expert resolution of the situation things have changed at Regio Place. Unlike before, there are no for sale signs showing the houses are for sale. The two foot high weeds are still in place. The houses remain unfinished. The doors are open for any vandal with time on his hands to come inside.


If you are a EFMF investor and you are interested in the job the receivers are doing E-mail me at mjk122085@aol.com and I will send you some pictures of this partially completed, evidently not for sale housing tract that in theory we have an interest in.


The situation reminds me of the old west. A wagon train was attacked by renegades. After much slaughter and blood shed the cavalry (i.e. the receivers) show up in blue uniforms, flying the United States Flag issued them by a Federal Court Judge. Instead of putting the situation right this cavalry unit proceeds to rape the women, sell the children into slavery and drive off the remaining livestock.


I accept that there will be no money left to distribute to the EFMF investors. What I don’t accept is after the receivers get done with their work, the EFMF investors will actually owe money.


Mike Knecht

By: outsider on 3/26/09

Its amazing what GREED will do to people..

By: shingh on 3/26/09

Brian Fittipaldi, he is in charge of all region 16 Trustee's and is the USDOJ Attorney for the BK court all goes thru his offices, and he gets paid for doing what he does. If you want to email a complaint to him here it is Brian.Fittipaldi@usdoj.gov or call him at 805-957-4100 if you know of BK fraud send complaint to USTP.Bankruptcy.Fraud@usdoj.gov first the Gov will get all their monies then the Lawyers and what little if any is left it will trickle to the first on the list. Remember you CAN file a Criminal Complaint directly to the FBI as well and IRS for Fraud and other Crimes if you have information. Brian is only doing and charging what he is supposed to by the Gov't.

By: calvertworthington on 3/25/09

Fittapaldi – US Dept Justice?


http://www.cacd.uscourts.gov/cacd/AttySetPan.nsf/

By: SensitiveGuy on 3/25/09

I'll bet you will see nothing returned to the investors.Might as well kiss your funds adios.

By: mccdave on 3/25/09

Who is Brian Fittapaldi?

By: Jim on 3/25/09

Obviously… as an investor… I find this to be good (as in GREAT) news…!


Stefan

By: MikeKnecht on 3/26/09

When I first started to become concerned about the mis-management and out right fraud committed by Karen Guth I went and looked at a subdivision that Karen and Andy Feytco tried to put together on Regio Place in Atascadero. The project consisted of 31 houses. Of those thirty one houses fifteen were completed and occupied and the remaining houses were in various stages of completion. The yards were over grown with two foot high weeds, the construction material lay in place inside the houses and there were for sale signs on the houses.


Now, since the receivers for Estate Financial have taken over and have billed the investors for over four million dollars for their expert resolution of the situation things have changed at Regio Place. Unlike before, there are no for sale signs showing the houses are for sale. The two foot high weeds are still in place. The houses remain unfinished. The doors are open for any vandal with time on his hands to come inside.


If you are a EFMF investor and you are interested in the job the receivers are doing E-mail me at mjk122085@aol.com and I will send you some pictures of this partially completed, evidently not for sale housing tract that in theory we have an interest in.


The situation reminds me of the old west. A wagon train was attacked by renegades. After much slaughter and blood shed the cavalry (i.e. the receivers) show up in blue uniforms, flying the United States Flag issued them by a Federal Court Judge. Instead of putting the situation right this cavalry unit proceeds to rape the women, sell the children into slavery and drive off the remaining livestock.


I accept that there will be no money left to distribute to the EFMF investors. What I don’t accept is after the receivers get done with their work, the EFMF investors will actually owe money.


Mike Knecht

By: outsider on 3/26/09

Its amazing what GREED will do to people..

By: shingh on 3/26/09

Brian Fittipaldi, he is in charge of all region 16 Trustee's and is the USDOJ Attorney for the BK court all goes thru his offices, and he gets paid for doing what he does. If you want to email a complaint to him here it is Brian.Fittipaldi@usdoj.gov or call him at 805-957-4100 if you know of BK fraud send complaint to USTP.Bankruptcy.Fraud@usdoj.gov first the Gov will get all their monies then the Lawyers and what little if any is left it will trickle to the first on the list. Remember you CAN file a Criminal Complaint directly to the FBI as well and IRS for Fraud and other Crimes if you have information. Brian is only doing and charging what he is supposed to by the Gov't.

By: calvertworthington on 3/25/09

Fittapaldi – US Dept Justice?


http://www.cacd.uscourts.gov/cacd/AttySetPan.nsf/

By: SensitiveGuy on 3/25/09

I'll bet you will see nothing returned to the investors.Might as well kiss your funds adios.

By: mccdave on 3/25/09

Who is Brian Fittapaldi?

By: Jim on 3/25/09

Obviously… as an investor… I find this to be good (as in GREAT) news…!


Stefan

By: MikeKnecht on 3/26/09

When I first started to become concerned about the mis-management and out right fraud committed by Karen Guth I went and looked at a subdivision that Karen and Andy Feytco tried to put together on Regio Place in Atascadero. The project consisted of 31 houses. Of those thirty one houses fifteen were completed and occupied and the remaining houses were in various stages of completion. The yards were over grown with two foot high weeds, the construction material lay in place inside the houses and there were for sale signs on the houses.


Now, since the receivers for Estate Financial have taken over and have billed the investors for over four million dollars for their expert resolution of the situation things have changed at Regio Place. Unlike before, there are no for sale signs showing the houses are for sale. The two foot high weeds are still in place. The houses remain unfinished. The doors are open for any vandal with time on his hands to come inside.


If you are a EFMF investor and you are interested in the job the receivers are doing E-mail me at mjk122085@aol.com and I will send you some pictures of this partially completed, evidently not for sale housing tract that in theory we have an interest in.


The situation reminds me of the old west. A wagon train was attacked by renegades. After much slaughter and blood shed the cavalry (i.e. the receivers) show up in blue uniforms, flying the United States Flag issued them by a Federal Court Judge. Instead of putting the situation right this cavalry unit proceeds to rape the women, sell the children into slavery and drive off the remaining livestock.


I accept that there will be no money left to distribute to the EFMF investors. What I don’t accept is after the receivers get done with their work, the EFMF investors will actually owe money.


Mike Knecht

By: outsider on 3/26/09

Its amazing what GREED will do to people..

By: shingh on 3/26/09

Brian Fittipaldi, he is in charge of all region 16 Trustee's and is the USDOJ Attorney for the BK court all goes thru his offices, and he gets paid for doing what he does. If you want to email a complaint to him here it is Brian.Fittipaldi@usdoj.gov or call him at 805-957-4100 if you know of BK fraud send complaint to USTP.Bankruptcy.Fraud@usdoj.gov first the Gov will get all their monies then the Lawyers and what little if any is left it will trickle to the first on the list. Remember you CAN file a Criminal Complaint directly to the FBI as well and IRS for Fraud and other Crimes if you have information. Brian is only doing and charging what he is supposed to by the Gov't.

By: calvertworthington on 3/25/09

Fittapaldi – US Dept Justice?


http://www.cacd.uscourts.gov/cacd/AttySetPan.nsf/

By: SensitiveGuy on 3/25/09

I'll bet you will see nothing returned to the investors.Might as well kiss your funds adios.

By: mccdave on 3/25/09

Who is Brian Fittapaldi?

By: Jim on 3/25/09

Obviously… as an investor… I find this to be good (as in GREAT) news…!


Stefan

By: MikeKnecht on 3/26/09

When I first started to become concerned about the mis-management and out right fraud committed by Karen Guth I went and looked at a subdivision that Karen and Andy Feytco tried to put together on Regio Place in Atascadero. The project consisted of 31 houses. Of those thirty one houses fifteen were completed and occupied and the remaining houses were in various stages of completion. The yards were over grown with two foot high weeds, the construction material lay in place inside the houses and there were for sale signs on the houses.


Now, since the receivers for Estate Financial have taken over and have billed the investors for over four million dollars for their expert resolution of the situation things have changed at Regio Place. Unlike before, there are no for sale signs showing the houses are for sale. The two foot high weeds are still in place. The houses remain unfinished. The doors are open for any vandal with time on his hands to come inside.


If you are a EFMF investor and you are interested in the job the receivers are doing E-mail me at mjk122085@aol.com and I will send you some pictures of this partially completed, evidently not for sale housing tract that in theory we have an interest in.


The situation reminds me of the old west. A wagon train was attacked by renegades. After much slaughter and blood shed the cavalry (i.e. the receivers) show up in blue uniforms, flying the United States Flag issued them by a Federal Court Judge. Instead of putting the situation right this cavalry unit proceeds to rape the women, sell the children into slavery and drive off the remaining livestock.


I accept that there will be no money left to distribute to the EFMF investors. What I don’t accept is after the receivers get done with their work, the EFMF investors will actually owe money.


Mike Knecht

By: outsider on 3/26/09

Its amazing what GREED will do to people..

By: shingh on 3/26/09

Brian Fittipaldi, he is in charge of all region 16 Trustee's and is the USDOJ Attorney for the BK court all goes thru his offices, and he gets paid for doing what he does. If you want to email a complaint to him here it is Brian.Fittipaldi@usdoj.gov or call him at 805-957-4100 if you know of BK fraud send complaint to USTP.Bankruptcy.Fraud@usdoj.gov first the Gov will get all their monies then the Lawyers and what little if any is left it will trickle to the first on the list. Remember you CAN file a Criminal Complaint directly to the FBI as well and IRS for Fraud and other Crimes if you have information. Brian is only doing and charging what he is supposed to by the Gov't.

By: calvertworthington on 3/25/09

Fittapaldi – US Dept Justice?


http://www.cacd.uscourts.gov/cacd/AttySetPan.nsf/

By: SensitiveGuy on 3/25/09

I'll bet you will see nothing returned to the investors.Might as well kiss your funds adios.

By: mccdave on 3/25/09

Who is Brian Fittapaldi?

By: Jim on 3/25/09

Obviously… as an investor… I find this to be good (as in GREAT) news…!