Friday, September 24, 2010
Fair Finance Claims Top $180 Million
The bankruptcy trustee for Fair Finance, the Ohio-based company Indianapolis businessman Tim Durham allegedly operated like a Ponzi scheme, reported receiving more than 4,000 claims totalling $181.3 million to date at the latest case status hearing. The trustee says as many as 5,300 Ohio residents purchased more than $200 million worth of uninsured certificates of investment in the company. The trustee obtained an extension until October 29 for creditors to file their claims in the bankruptcy case. The trustee has sold two collectible cars turned over by Durham for more than $250,000 and has plans to sell many more expensive cars collected by Durham, along with a 100-piece art collection at auction on October 16 in Cleveland. The art collection can be viewed by clicking here. Federal prosecutors have yet to bring any charges against Durham in the matter.
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7 comments:
I looked at the auction. He is obsessed with Peter Max. Curiously, he owns a few Peter Max paintings of U2's Bono.
I read yesterday that BONO's not-for-profit group called ONE, only gave 1% of its money to charity, with the rest going for the lavish salaries, travel and expenses of the execs. Birds of a feather.
Durham also owns a Peter Max painting of HIMSELF! We need to be sure to check back and see what the narcissist got for his own likeness he commissioned Peter Max paint.
As an aside, just one painted photograph of himself by Peter Max was not enough. There are several Tim Durham portraits in the auction.
There's enough for all of us to get one! LOL!
Seriously though, who is going to buy them?
I'm sure one of his friends will pick 'em up on the cheap with money that came from the Fair Finance investors and give them back to him as a gift.
That's SO cynical, but probably not off the mark, Gary!
Tim actually had nine self protraits by P. Max commissioned. After Saturday's auction, I am the proud owner of one of them...
Tim commissioned 9 P. Max of himself. As of Saturday, I am the proud owner of one.
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