Soneet Kapila wants your help

Bankruptcy trustee Soneet Kapila is asking investors to help with his search for Lou Pearlman's assets. If you're willing to help out, please fill out this questionnaire and send it back to him with copies of the fronts and backs of your cancelled checks, wires transfers and other info you think might be helpful. His primary interest is collecting information on the bank accounts where the money went. Even though you may already have sent this in with your bankruptcy proof of claim, he says it would be helpful to send it directly to him.

Comments

Ackerman Senterfitt can throw the TCON News Years Party

Helen, a suggestion for a worthy blog topic: exposing the true motivatations of the bankruptcy process versus the hopeful rhetoric we are seeing.
Talk about the order of payment especially in the face of no substantial assets for victims. Talk about that system. And please, deal with the lemmings that feel those that see it for what it is-a scam-should find another country. Idiots are still the fodder for opportunists.

Guam

The big question is:

Where has former Florida Assistant Attorney General John MacGregor gone?

Most politicians are lawyers.

laws are made by politicians.

In most cases the l;awyers (trustees in this case) get paid first.

case in point John Edwards - a lawyer who made billions - is running for president.

so just deal with it or move to another country.

I know this is your blog Helen so you're more than titled to your opinion just as everyone else. You missed my point and if you think for one moment the trustee will not get paid, well then I'm just sad to know you are fellow UF alumnus. HE GETS PAID 1st!!!! Before all the folks who lost ther money. Do you think he will expend more time and/or resouses than he thinks he will be reimbursed? Please say no as I want to be on your side. This is not a silly rant against Soneet its a rant against the entire bankruptcy system that not only allows debtors to escape payment but making it worse by enriching those who were not affected and asked to be put to work. Should he be paid for his efforts? Of course shoul he and the others get paid what they will at the end of the day? Not a chance.

[Bo]

the US Attorneys office will be updating the charges against Lou very soon. than they will start to plea bargin with him. If Lou has no big pot of gold he will be out of luck. If he comes up with the money, they will be able to plea bargin his sentence down. Just think, if he has to serve 100 years and the plea for 50% do you think he will do it? I don't, anyway I really don't think he has enough money to plea bargin in down.

The "American Gangster" movie
showed $250 million was recovered in exchange for a lighter prison sentence. Does anyone think Lou has the chips?

Soneet will be lobbying for more TCON's that promise blank checks for empty rabbit holes.
It's going to be interesting watching how this winds up, when things are declared finished and why.

[toothy]

Is Soneet throwing the TCON New Years party at Planet Hollywood?

Helen if you think the creditor committee is the victims best shot at recovery, you are dreaming. The US prosecutor is where the power lies, and how he wields that power will be the victims best shot at recovery. The bankruptcy will take the easy pickings, of course, but don't hold your breath for any euphoric headlines on that front. They will go so far and only as long as they are paid.
Denise Powell is already started on another one. It's just business. The creditor committee cannot deal with Pearlman directly. They have very limited access. For all we know, the US prosecutor already knows there is no money, and is simply chasing convictions. If that were true, does that stop the creditor committee bank lawyers from racking up fees? No, it does not.

When this business is finished Helen, you will see who gets paid, and it will not be the investors. The point you miss Helen is the creditor committee is duplicating the prosecutors efforts-who pays?
The victims, of course. Your hasty conclusion the alternative is letting Lou and his buddys slide is wrong. Waisted effort and resources is the point, when no substantial recovery looms.

Sure, on a theoretical level, the U.S. could direct all the nation's resources toward tracking down Lou's assets. On a practical level, the government has more pressing priorities.
Helen

[Ben]

you should all know that every step is being taken to track down Lou's assets. He had many years to plan this and has spent millions of dollors. So are there any assets?? who knows there may not be any, so don't get on Helen, she just relays what she sees and hears

Whoooaaa Nelly!

Hold on there Helen.

Please tell us that what you are saying here is just a joke.

Please tell us that you are not saying that the U.S. Government doesn't have the resources to track down Lou's assets.

Please tell us you didn't just say this.

"If you think the prosecutor has the resources to track down Lou's assets, you are wrong."

[Helen Huntley]

So you'd rather Lou and his buddies keep the money than have it go to the professionals? If you think the prosecutor has the resources to track down Lou's assets, you are wrong.

The bankruptcy is another scam, in essence. The motivatation is to pay the professionals for closure to the case. This is not venom,
Soneet said as much at his 1st meeting in Orlando...."do not expect to see anything near full recovery". We should stop the abuse now, and suspend creditor committee actions until Pearlmans trial begins, and at that point ask for what the US Prosecutor has learned, instead of duplicatating his efforts, with a very expensive clock ticking. This business of pretending anything meaningful is happening is ridiculous.

[Helen Huntley]

You are correct that unless more assets are recovered, professional expenses will consume most, if not all, the money. However, you can't have it both ways. You don't get a thorough search for assets without incurring a lot of professional expenses. I think it's off base to accuse Kapila of "exploring avenues known to be futile." If he wants to get paid, he has to devote time to approaches he thinks will work.

Working for free and exploring avenues one knows to be futile while employing top dollar, firms, cpa's, and consultants are 2 vastly different things.
I do not blame Kapila as he is only taking advantage of a Bankruptcy system that is mortally flawed. A system that at the end of the day will enrich the professionals at the expense of the creditors. This is why so many people are on lists to become Trustee's in these cases and it is also why creditors are more than right to questions ones motives since it should be their money 1st.

[Donnie]

Im curious.

Why not give him any info you all might have instead of complaining?

And I keep seeing people complain about Soneet and company getting paid. Should they work for free?

Please do not post comments saying Soneet Kapila should investigate a particular person or review a particular person's bank records. Soneet is well aware of who Lou Pearlman's associates were. If you have information about their bank accounts, contact him directly.

[Grandma Caprio]

Uhhhhhhhhhhh Soneet your website says:

Kapila & Company ("K & C") is committed to maintaining the highest quality and creativity in our insolvency consulting and tax, forensic/investigative business consulting and litigation support services, while providing the highest level of service to our clients.

NOW SHOW US THE MONEY!!!

[toothy]

It is amazing that my ex wife could find my money with forensic accountants yet Kapila who can hire the best professionals he would like can't find LJP's assets.

Ben
Go away! You have no idea what you are talking about!

[Ben]

very soon you will see the bills from the profitionals come in. As I understand, they will be in access of $2M so far.