FirstPlus Financial Group (fka FPFXQ)

[flemsnopes]

Here is a post taken from the Raging Bull website which purports to be an answer from the former CEO, John Maxwell, to a shareholders question about certain events at FPFX prior to the FBI raids at corporate offices last May 2008. I think there may be some easily discernable early conclusions here: there are still significant assets at FPFX, and the apparent plundering of those assets, at the expense of rank and file shareholders, continues ad nauseam.

John (Maxwell, former CEO)

3) You filed lawsuits against honest shareholders WHO only wanted the company to succeed for the benefit of ALL and not just a handful of scum! YOU... were party to the only people interested in a takeover of the company, NOT THE SHAREHOLDERS!

(answer)
3. Some of the same shareholders that you are referring to are on my slate of directors that have been put forth to the company. What was not disclosed to you at the time of all the screaming about the distribution, was that 1. Texas Law clearly states the Settler and Beneficiary can disolve a trust at any time. Granted the Brownsville case was not necessary. First Plus could then and can now dissolve the trust any time it sees fit. It does not need the courts to tell them to do so. There are dozens of cases supporting this. However, to dissolve the trust would cause a big tax liability to the company. Additionally the moneys you were disputing were being used to open new businesses and chase the assets squandered away by the old management team. Ten days prior to the FBI raid, I had found the offshore bank accounts of Phillips where insurance monies from the loans had gone ($100,000,000.00). Phillips lawfirm was Bracewell Giuliani. He was the largest contributor to the Republican party for many years. I was told to back off from the accounts by Jim Pressler, which I did not. Additionally we were seeking to unravel the Firstplus Freedom transactions and other assets stolen in bankruptcy. Ten days later the FBI came in. You will never convince me that the events were not related.

http://ragingbull.quote.com/mboard/boards.cgi?board=FPFX&read=37169