Thursday, May 20, 2010

Morrison's "Mere Pittance"

We have repeatedly blogged about embattled Acting U.S. Attorney of the Southern District of Indiana Timothy M. Morrison who let his corrupt Republican friends off the hook while sinking Ohio retirees of $200 million in a scheme involving a company called Fair Finance.

On Monday,  hundreds of investors (pictured) showed up to a creditors meeting to only hear the worse.

The Rove Republican Racket let this happen and let the masterminds of this swindle walk free. 

The Akron Beacon Journal reports:

About 850 people showed up for the first creditors meeting in the bankruptcy case of Fair Finance on Monday, creating the need for two separate programs to address the crowds. The size of the group of mostly older investors surprised attorney Brian Bash, the court-appointed trustee in the bankruptcy case. Bash had reserved the ballroom at the Akron City Centre Hotel, which seats 250 people. Bash said the case may not be resolved for a few years, which drew sighs from the crowd. 

Bash said he has recovered about $270,000 from Fair's cash and checking accounts.''Yeah, that's a mere pittance'' of the $200 million in assets, he said. Ultimately, there's only about $67,000 in accounts receivable because there are other loans and accounts involved, he said. Bash told the audiences he does not have access to information for the parent and affiliate companies of Fair Finance and related company Fair Holdings and said it is apparent that a large number of loans or investments from certificate holders were used to give out loans without collecting back from those other companies. 

Bash said he has sued to try to include all other companies, including Fair Holdings and an Indianapolis-based company called DC Investments (DCI). Court records have shown that more than 5,300 people and organizations, including churches, bought investment certificates totaling about $200 million from the small investment and loan company founded decades ago in Akron. The Fair family sold the company to Tim Durham and Jim Cochran, two Indiana-based businessmen, in 2002. Most of the certificate holders are in the Greater Akron area.

No comments:

Post a Comment

You are welcome to comment. The usual rules of professional blogging conduct apply. We reserve the right to edit slanderous comments or vulgarities. Any form of slurs based on religion, race, ethnicity, or sexual orientation will not be posted or tolerated.