- February 8, 2010
- December 15, 2009
- October 8, 2009
- March 15, 2008
- January 2, 2008
- November 14, 2007
- October 17, 2007
- October 1, 2007
- September 4, 2007
- July 19, 2007
- July 18, 2007
- June 14, 2007
- April 12, 2007
- February 8, 2007
- December 19, 2006
- December 6, 2006
- December 5, 2006
Update - 12/15/2009
Claims against Jason Sun
Over the course of the last year, many investors have requested that the Receiver file claims for repayment of commissions against a large broker who sold ABC investments in Taiwan. The Receiver has been concerned about such a measure being cost effective, but has filed suit against Mr. Sun. The belief at the time of filing is that Mr. Sun benefited to the tune of about three million dollars. Mr. Sun has been served, has hired counsel and counsel has indicated that although Mr. Sun does not feel that he is liable to the Receiver, his financial condition is such that the Receiver should not pursue the case. The Receiver has asked Mr. Sun to provide a sworn financial statement of his assets and liabilities so that he can evaluate Mr. Sun's claim and decide on whether to continue the litigation or reach a settlement.
Some investors have repeatedly asked the Receiver to bring criminal claims against Mr. Sun. The Receiver is only empowered to bring civil claims. Any criminal action will have to be taken by the government authorities.
Some investors have indicated that they would individually like to bring claims against Mr. Sun. Such actions are neither encouraged or discouraged by the Receiver and each investor will need to seek legal counsel and decide for themselves.
At present, 4,046 claims have been filed with the Receiver. 3,252 claims have been submitted and approved by the court. The total amount of approved claims at present is $95,373,906.20. There are 123 claims left to be resolved. The Receiver's office has been attempting to contact each of the remaining claimants to determine whether the claim amounts can be agreed upon. In the event these claims are not resolved within the next couple of weeks, the Receiver intends to file a motion with the court to approve the claims at the amount that the Receiver believes is an appropriate amount. These claims must be approved before any consideration can be given to a distribution. Despite extended efforts by the Receiver to resolve them; they remain open and thus a barrier to a distribution.
The name, claim number and address of the claims that are still open are attached at this link. Any investor who recognizes their name or claim number should contact the Receiver's office immediately by sending an email to Leslie Finn at firstname.lastname@example.org to discuss resolution of their claim.
The Receiver is continuing to pursue his claim against Mr. Erwin, the former Trustee of ABC. Mr. Erwin has filed Motions to Join Third Parties and these motions have not been ruled on. This is delaying the ability to get a schedule for the case and a trial setting. As these are major claims for value to be returned to the Receivership, the Receiver has every intention of continuing to pursue collection of all amounts due.
The Receiver continues to pursue the estate's claims against Albatross and others related to the procuring of the Albatross bonds. These too are significant claims for the Receivership and will be pursued by the Receiver.
In addition to the law suits to be resolved, the Receiver still owns an interest in a condo in Ft. Lauderdale, Florida and a house in Orlando, Florida. This real estate was previously owned by Mr. La Monda. The market for sales of real estate in Florida is weak and the Receiver is working to obtain the best offers he can for sale of the real estate and for the benefit of the Receivership.
Distribution / Interim Distribution
Many investors continue to inquire regarding a distribution. First, any distribution has to be approved by the Court. Also, as explained before, the Receiver must know the full amount of approved claims in the proceeding before he can make a distribution. He must know the total against which the amount paid will be divided. As indicated, he is near the end of that process and has agreed to file motions to resolve the remaining claims in the event the investors are not contacted or do not come forth to resolve the claims.
As well, the Receiver usually wants to have all claims liquidated so that one distribution can be made. Distributions are expensive. In this case over 4,000 checks have to be prepared and mailed. Given the seriousness of the litigation and the inability to sell the real estate, the Receiver is considering making an interim distribution of some of the Receivership's cash once all of the claims are resolved. He is hopeful that an interim distribution can seriously be considered and presented to the Court in the first quarter of 2010.