There are three Bentleys, an antique Duesenberg, Mercedes and Jaguar cars, even a Lamborghini. The possible value is in the millions — same thing for the art, primarily paintings purchased by Fair Finance co-owner Timothy Durham, said the trustee, Cleveland attorney Brian Bash.Bash tells the newspaper he is also looking into the sale of more than a million dollars worth of antiques and exotic cars by a Durham-owned company in Indiana. ''These are pretty fancy cars,'' Bash said. Most of the vehicles are in storage, while the Duesenberg and three Bentleys were among vehicles sold recently in Indiana, he said. The vehicles were not ''on the books'' of Fair Finance, he said Bash also says law firms retained by Durham were paid over $908,000. A status report by the bankruptcy identified those expenditures as a dissipation of assets belonging to Fair Finance. Bash is also looking at $5 million held in equity accounts by two different firms according to the report. Bash says FBI investigators are continuing to scan the many documents it seized in raids of Durham's businesses last November. Here's some very telling information. Fair Finance lists only about $20 million in secured creditors while unsecured creditors are owed more than $220 million. The biggest secured creditor is a subsidiary of Fair Finance. Yeah, those poor investors are screwed big time.
Thursday, May 13, 2010
Bankruptcy Trustee Wants Durham's Cars And Artwork
The Ohio Beacon-Journal is reporting online today that the bankruptcy trustee in the Fair Finance matter is eyeing millions of dollars worth of cars and artwork purchased by Tim Durham-related companies using funds provided by the bankrupt company. The news story reports: