Major Activities affecting case closing:
04/27/2017
The Trustee just resolved all claims objections in this case and all final fee applications have now been filed. The Trustee is in the process of preparing the TFR which should be filed
within the next 60 days.
Claims: All claims have been resolved.
A final tax return has been filed.
05/01/2016
The only matter pending in this case is the resolution of the claims. Objections were filed and many of the objections were resolved. However, there are still several claims objections
pending resolution. The remaining objections have a deadline of May 11, 2016.
04/27/2015
All assets in this case have been fully administered. The only remaining matter is the resolution of the claims. Many of the claims are from investors and there are complex issues over the
interest calculations and whether the notes violate NY Usury laws. An initial analysis was completed by the accountants for the Trustee. Counsel is completing a review of the claims
and will file all appropriate objections.
04/28/2013
Current Status: A court approved settlement was entered into between the Trustee and Brooklands Incorporated wherein Brooklands was required to pay the Trustee an initial payment
of $130,000.00 followed by monthly payments, determined by a formula, due quarterly through 2017 (DE 123). Thereafter, the court approved a modified settlement between the
Trustee and Brooklands (DE 130) which required Brooklands to pay the Trustee $300,000 in a lump sum, followed by 3 quarterly payments in the amount of $25,000, with the last
payment due on or before May 31, 2014. All payments, with the exception of the $25,000 payment due on May 31, 2014, have been received. Once the last payment is received, the
claims will have to be reviewed and objected to, if appropriate.
The Trustee hired David Carter, PA and Eugene Kennedy as special counsel to investigate various securities issues. Special counsel determined that there was no actionable damages to
the debtor for which recovery could be sought by the Trustee.
CBD: 11/01/2012 - Claims have not been reviewed at this time.
Tax Returns: The estate is current.
Professionals: Rachlin LLP - Accountants for the Trustee
Furr and Cohen, PA - Counsel to the Trustee
