Kirk S. Wright - Recovery Efforts
According to documents filed in the bankrucptcy of IMA and its affiliates, "Funds from IMA accounts totaling $6,050,000 were invested by Kirk Wright in these [real estate] projects[in Los Angeles]. Negotiations are near completion and due diligence activities are underway between a potential purchaser of this Debtor's interests, GTO and the Trustee. The Trustee's intent is to present the offer to the Court in a motion and hearing for a section 363 sale as soon as the "stalking horse" purchaser's due diligence is complete. The Trustee has been contacted by other entities who have expressed an interest in acquiring the Debtor's interests in these projects."
The Trustee is also the federal receiver for the assets of Mr. Kirk S. Wright and reports "Assets recovered in the Receivership estate as of April 30, 2006 include the following: House, Marietta, GA. Loft Condo, Atlanta, GA, Duplex house, Fairburn, Ga, 2005 Bentley Continental GT, 2000 Jaguar XK8, Aston Martin, 1967 BMW 2000CS,Furniture, fixtures, artwork.These assets and others are being marketed and sold in the Receivership estate. The estimated liquidation proceeds of these items may be in the range of $1.5 million to $2.2 million."
So for those who are counting, $7.5 to $8.2 million found, and only another mere $172 or 173 million to go.
Technorati Tags: due diligence, trustee, kirk wright
Comments
No matter how those Los Angeles properties are sliced, it looks like the firm's investors are going to get the shaft.
Posted by: Anon | June 18, 2006 7:19 PM