Judge Moves to Seize Okun Assets: Confiscated Assets Will Be Liquidated for 1031 Tax Group Settlement

U.S. Bankruptcy Court judge Martin Glenn recently ordered the seizure of assets from 1031 Tax Group owner Ed Okun as the next step in attempting to pay back monies owed to investors aka creditors. According to the Associated Press, this agreement allows the 1031 Tax Group to seize control of it’s owner’s (Okun) assets for liquidation to meet debts outlined in the settlement. Judge Glenn was quoted as saying “This agreement immediately results in the debtor’s recovering assets that can support a liquidation plan and distribution to creditors.”

In the original settlement, creditors rejected the deal because that deal would have allowed Ed Okun to keep ” his four houses, four airplanes, seven boats and 20 cars” The assumption, and nobody from Okun’s camp has chosen to prove otherwise, is that these assets were purchased with creditor’s monies. The old “other people’s money” strategy of investing.

The list of assets seized: a helicopter, Learjet, and two Gulfstream jets. In addition 7 boats will be taken amongst them are a 38ft Cigarette go-fast boat and a 37ft Heim wooden replica vessel. Even more impressive are the cars an incredible collection beginning with two Indy race cars, two Ferraris, two Lamborghinis, a Bentley, and a Rolls.

Although this is a good beginning to recovery, what is puzzling is the fact that the judge is taking all of Okun’s assets away. . . or is he? In the deal, according to Associated Press reports, the judge specified, that “Mr. Okun would be allowed to keep two multimillion dollar homes in New Hampshire and Florida and two cars. Okun will also be able to negotiate a living allowance.”

Granted it is very possible that the two multi-million dollar houses and two cars were assets earned prior to his maneuvers with the 1031 Tax Group. Unfortunately that is not much consolation to people who have lost absolutely every dime they owned in this deal. For those investors, their retirement days will be filled with work trying to rebuild from scratch. Hopefully everyone will be able to walk away with something including Mr. Okun.

Advertisements

6 thoughts on “Judge Moves to Seize Okun Assets: Confiscated Assets Will Be Liquidated for 1031 Tax Group Settlement

  1. This mess is worse than most people can imagine. I was the owner of one of the companies “purchased” by Mr. Okum. In addition to trashing our good name, the 1031 Tax Group also confiscated all of our records. We acted as the “managing Member” for hundreds of revese and improvement exchanges, which means that as the owner of the Limited Liability Companies that were formed to facilitate these exchanges, I am now receiving “Notices of Dissolution” from the State of Florida as well as Tax Bills that really NEED to go to the actual owners of these properties. I have no way of knowing who they are, what their address are or how to contact them. The long and short of this turn of events is horrific. First, they will not be able to sell their properties as the LLC’s are being dissolved, and secondly, they have no way of knowing to pay their taxes!

  2. Mr Shefman,

    If you would be willing to come forward with your company name and those investors that you hold tax bills for I would like to write that story. I have some investors following this as a unbiased source of information in the 1031 Tax Group case.

    Dean

  3. Now this is getting mystery caller like with “Mr. Doe” on board. I prefer “Mr. Dough” considering what we are talking about here. . .

    I am just waiting for someone,anyone to whisper in my ear “Hey I got newz for ya” just as long as they don’t hit me up with “My friend”

    Dean

  4. Subject: Ed Okun’s assets

    Hello,

    How do I acquire information regarding the above subject and a contact regarding the liquidation status of same.

    Appreciate your help.

    CPC

  5. CPC,

    Your guess is as good as mine. As far as Okun’s assets go nobody really knows what he owns for sure in total. What has been reported is available online through the San Jose Mercury news and CoStar Commercial Real Estate stories.

    If you are a victim then you need to go to court records which I am sure you are entitled to view. If you are not directly effected by this mess aka you are not one of the “creditors” of the 1031 Tax Group or Ed Okun then you need to research online.

    dean

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s