“A bankruptcy judge has denied a bid by 1031 Tax Group owner Edward Okun to back out of his deal to sell his collection of luxury items to repay some of the $150 million owed to creditors of his failed real estate tax shelter” according to Associated Press reporter Patrick Fitzgerald in his article “1031 Tax Group Owner Ed Okun Loses Court Bid to Keep Toys.”
In deansguide’s article “Okun Attempting To Terminate Asset Transfer Agreement According To 1031 Tax Group Victim: “Indentured Servitude” Never Looked This Lucrative” Okun’s characterization of the ATA, a document he signed off on months earlier, as “Indentured Servitude” provides further evidence of this man’s motivations and utter disregard for the victims he directly effects everyday.
Consequently Okun was fighting for the necessities in life such as his four (4) cars:
1. Rolls Royce Phantom
2. Bentley Continental
3. Lamborghini Gallardo
4. Porsche 911
What will the rest of this ongoing saga bring us? Only time will tell but as it stands now it has been a long and sad trail to recovering settlement monies that will never fully be restored to their rightful owners.