- 15% of property liquidation
- $200-$600/hour charge rates
- Kevin Padrick has to be GROSSLY NEGLIGENT to LOSE HIS TRUSTEE Hat
- 5-7 YEAR term as TRUSTEE
Friday, April 27, 2012
Notice of Change in Hearing Date for Summit 1031 Bankruptcy Insiders Objection to the Fees Hearing.
the Court has informed the parties that it IS holding the hearing to allow INTERESTED PARTIES to VENT CONCERNING THE PENDING FEE APPLICATIONS.
READ the OBJECTION TO FEES
According to Doc 551, IF the Court expects to receive Evidence at the September 2, hearing, then Kevin Padrick (The Trustee) and Tonkon Torp intend to call the following witnesses at the hearing:
Kevin D. Padrick – - He is going to tell you HOW EXTREMELY COMPLEX this case is so that YOU can FEEL GOOD about Paying out $992,000 for 3 Months of NOT Producing any ADDITIONAL CASH into the Estate…
Claim No. 119-1 - $184,000 is for Obsidian Finance to Assist the Summit Principals OFF A CLIFF!
Claim No. 120-1 – $469,599.39 is Approximately 3% of the CASH THAT WAS IN SUMMIT 1031′s Bank Account WHEN they Filed for Bankruptcy & 3% of the Property Sales brought in by TERRY VANCE.
I assume this was the CASH Kevin and Obsidian were looking at when they DECIDED to break their CONTRACT with Summit 1031 and instead of assisting them with their restructuring efforts, they went to the other side to get themselves 3% of the CASH ALREADY IN SUMMIT’s Debtor in Possession BANK ACCOUNT.
Kevin Has to tell you how complex it is so he can get this MONEY he has so tirelessly worked to get his hands on AT YOUR EXPENSE!!!
Claim #117-1 $267,000 is for TONKON TORP – Kevin’s Legal Counsel. You are Paying ATTORNEYs to PROTECT the TRUSTEE in all the LEGAL CHAOS he is creating!
I hope THE 1031 EXCHANGERS feel they are GETTING their MONIES worth!!
Oh- BY THE WAY – ANNIE BUELL will be testifying about the Communications between the Creditors’ Committee and Kevin Padrick. THIS IS VERY INTERESTING because I would really like to know what would convince the Creditors’ Committee to HAND this over to Kevin Padrick with NO ACCOUNTABILTY & LARGE SUMS OF COMPENSATION…
Seems a long-term job that Kevin can’t get FIRED from and he already has MILLIONS in the Bank to pay his HIGH COMPENSATION!"
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Investigative Blogger Crystal L. Cox at 3:12 PM