Home > Boards > US OTC > Delisted > FirstPlus Financial Group (fka FPFXQ)

We lost $288,000 on the plane

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
malp2009 Member Profile
Followed By 0
Posts 38
Boards Moderated 0
Alias Born 11/25/11
160x600 placeholder
malp2009   Tuesday, 02/12/19 01:41:18 PM
Re: None
Post # of 1084 
We lost $288,000 on the plane

2. Prepetition, the Debtor transferred at least $618,000 of the Debtor’s own funds to William Maxwell, William Maxwell, PLLC, or William Maxwell, P.C. (collectively, “William Maxwell”), who used the funds to purchase a Mitsubishi MU-2B-60, s/n 1562SA, N1164F aircraft (the “Airplane”) from Epps Air Services in Velia’s name. Velia was a wholly-owned, second-tier subsidiary of the Debtor, created barely one month prior to the purchase of the Airplane, for the sole purpose of holding title to the Airplane. Upon information and belief, Velia had no assets or liabilities other than the Airplane, no employees, and no independent business operations. Upon further information and belief, the Debtor—not Velia—paid for maintenance of the Airplane and for hiring pilots for the Airplane. As a result, it appears that Velia provided nothing to the Debtor in exchange for the funds to purchase the Airplane. Instead, Velia served simply as a shell for the Debtor to hold title to the Airplane—a prepetition alter ego of the Debtor.

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist