DEADLINE WARNING: Is August 24, 2007 Really the Last Day To File Claims Against Debtors aka 1031 Tax Group?

The following notice box below came from the 1031 Tax Group information site for people following the court proceedings of the 1031 Tax Group and it’s affiliates owned by Ed Okun:

This information can be found by typing http://www.officialcommitteeinfo.com/1031/as my attempts to hyper-link to this website have been unsuccessful. The site was named:

Official Committee of Unsecured Creditors of the 1031 Tax Group, LLC, et al.

1031-tax-deadline.jpg

*IMPORTANT NOTICE:The following information regarding deadlines for filing claims against the 1031 Tax Group is merely a report of information received by a valued reader as well as the web site documented above. I do not have any inside information nor do I bare responsibility to debtor or victim in their quest to recover or payout owed funds. I am not guaranteeing that this date is accurate or correct. I am simply publishing this date in order to make victims of the 1031 Tax Group aware that there IS a final date to file their claims. It is up to each individual to do so on their own.

I recently received a request, through comment, that I publish an article regarding August 24, 2007. In this comment was a story about “mistaken” addresses, confusion, and lost notifications that could be very unfortunate for anyone attempting to recover their funds from the 1031 Tax Group.

The following is the comment I received:

  1. Dean, would appreciate your help getting the word out to the 350 victims of Okun’s bankrupted 1031’s that the DEADLINE for filing “proofs of claim” against the bankrupted 1031’s is NEXT WED, August 24,2007, 5:00 PM EST, by which time the form (and supporting documentation) must be received by the Bankruptcy Court in NY. The information re how and where to send the document is on the Committee website http://www.committeeinfo.com/1031/pdf/99.pdf.
    I’m concerned that not every one of the claimants will have gotten the word (which should have arrived in a hard copy letter to their residence) because the attorneys for the Debtors had my address totally wrong (different stree/city/state — not one I’ve ever lived at) and I wouldn’t have known it if someone else hadn’t mentioned they’d rec’d mail I hadn’t. If they garbled my contact information that badly, they could easily have garbled others’ and how would anyone know? So, your help headlining this deadline for Okun’s victims who may not be aware would be very helpful.
    Thanks,
    Elizabeth H. CallananComment by Elizabeth H. Callanan — August 17, 2007 @ 9:02 pm | Edit This

If you have questions please contact Dean Guadagni at ddguad@aol.com. Remember please INVESTIGATE the filing date information on your own do not leave it up to me or Elizabeth!

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One thought on “DEADLINE WARNING: Is August 24, 2007 Really the Last Day To File Claims Against Debtors aka 1031 Tax Group?

  1. Thank you, Dean, for performing that public service for Ed Okun’s 350 victims. If just one victim who wouldn’t otherwise have known about the deadline for filing claims learns of it through your site it will have been more than worthwhile.

    I’m writing to share with the other victims and any erstwhile defenders (aka “Mr. Howell”?)the following excerpts from court testimony delivered by affadavit by an attorney for the Denver 1031 that refused to turn their exchange funds over to Okun. It provides incredible and disturbing insight into Okun, his cohorts and the cavalier fashion with which he helped himself to our exchange funds. If anyone doubts the accuracy of my excerpts below or the context in which they’re presented, I encourage them to acquire their own copy of Mr. Velarde’s affidavit from the District Court, City and County of Denver, State of Colorado in the case “Colorado Capital Bank” v. Investment Exchange Group, LCC…The 1031 Tax Group, LLC, etc.”

    Velarde describes in nauseating detail a visit from Richard Simring, then CEO of the 1031 Tax Group, who was dispatched by Okun to Denver April 25, 2007,to get the 1031 to release the exchange funds, during which Simring described Okun’s treatment of “…customer 1031 exchange funds on deposit with The 1031 Tax Group at Wachovia Bank Richmond, Va. as his ‘personal candy store.’ Mr. Simring also stated that Mr. Okun viewed his acquisition of IXG as the purchase of an unregulated bank.” and that “Mr. Okun viewed the acquisition of IXG’s $100 million for $7 million ‘as the cheapest money Ed ever bought.’” Later in the affidavit, Velarde testifies that Simring stated “He was so satisfied that the actions he was requesting of me and the McCabe Group (to surrender the exchange funds – my addition) were not attendant with risk that he accepted a $1 million per year salary to become in-house General Counsel to The 1031 Tax Group on January 1, 2007, with his primary mission to solve Mr. Okun’s problems from the borrowings of 1031 exchange client funds.” Velarde also describes discussions with Justice Dept officials investigating Okun who responded to his inquiry about transferring the exchange funds as being “wrong to do so.” Then he testifies that “On April 26, 2007, Mr. Simring directed attorneys and employees of Okun Holdings, LLC and affiliated entities to provide me and the McCabe Group with promissory notes purportedly showing Investment Properties of America, a company wholly owned by Okun Holdings, LLC, as borrower, having borrowed more than $28 million from The 1031 Tax Group, unsecured, from January 2007 through March 2007. The promissory notes appear to have been executed by Mr. Okun on behalf of Investment Properties of America. Mr. Simring stated that Investment Properties of America had borrowed more funds from customers of The 1031 Tax Group through 2006, but that such borrowings were not documented by notes.” He also testified that, according to Simring, “The 1031 Tax Group was not able to fund scheduled closings or to return funds due to be returned to investors as a result of the ‘borrowings’ by Mr. Okun. In fact, in my presence, Mr. Simring stated that client funds being held by The 1031 Tax Group of between $91 million and $100 million had been borrowed by Mr. Okun and invested in real estate. He further stated that Messrs. Massell and Weil were hired by him to determine precisely how much money Mr. Okun had borrowed from The 1031 Tax Group exchange client funds. I and members of the McCabe Group, in my presence, demanded that Mr. Simring give them assurances that exchange funds on deposit with The 1031 Tax Group in the Wachovia Bank account, Richmond, Va., could be accounted for, were secure and were available for scheduled closings. Richard B. Simring, in my presence, failed and refused to give such assurances and reiterated his demand for control of the funds on deposit in Colorado Capital Bank.” Ultimately, Verlarde testifies, “…members of the McCabe Group refused to consent to CEO Richard B. Simring’s demand that control of IXG funds on deposit at Colorado Capital Bank be transferred to him and The 1031 Tax Group. Mr. Simring openly acknowledged and stated that he expected the McCabe group to take the position that they were being “constructively discharged” because they (and I) believed that he was instructing them to commit wrongful civil and criminal acts. As a result of this refusal by members of the McCabe Group, in my presence, Mr. Simring acknowledged the employment with IXG of each of the members of the McCabe Group was terminated, however characterized, effective immediately.”

    My point in posting these excerpts from court proceedings is that they represent testimony delivered UNDER OATH, describe first hand conversations with the then CEO, Simring, presumably an ally (one could argue “accessory”) of Okun’s who describes Okun’s attitude towards the 1031′s he acquired and whose exchange funds he absconded with as his “personal candy store” and an “unregulated bank” (i.e. his own personal bank), that the so-called “borrowing” was done by Okun personally (not by staff as alleged elsewhere) and that his efforts to glom onto this final stash of exchange funds was construed by the Justice Dept as “the wrong thing to do.” The nearly $20 million IXG refused to surrender remain the only exchange funds today that have not totally disappeared into Okun’s self-serving “investments”. These are the facts and they are a matter of public record. There is no defending Okun. He has personally and willfully wrecked the lives of 350 innocent people, many of them retirees on fixed incomes. He should be thrown UNDER the jail!

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