Latest financials; Pearlman items on eBay

The latest financial report shows bankruptcy trustee Soneet Kapila has recovered a little more than $2.4-million to date. Here's the January financial report  for the main bankruptcy case.

Want to bid on some of Pearlman's stuff? These eBay auctions end Friday (2/15). When new items go up I hope to post the links.

Men's Gucci Watch (sold for $93.99)

Silver pocket watch (sold for $41)

US5 autographed item (sold for $5)

Here's a list of items to be auctioned on eBay. (See p. 15) The plan is to put several of them up for sale each week.

Comments

[Pearls of Wisdom]

Get Louey to sign copies of his biz book and sell them on ebay...

= big $ Solution !

Expectation: Raise $1bn

...

Covers scammed fully. 100% restitution. Guaranteed.

[toothy]

Here is a ponzi scheme article

http://news.yahoo.com/s/ap/20080222/ap_on_re_us/investment_fraud

Notice that 22 cents on the dollar was recovered, far more than expected in this case.

[toothy]

From what I've seen on TV as of late it is very common that 0 to 10 cents are recovered on the dollar with a ponzi scheme.

[Interesting]

WOW! $ 155.99 made from eBay to date. Being Ebay and PayPal get about 10% of the money in fees not much is left.

Then you have the staff time of listing the stuff. I can see this being it cost them $500.00 to make $100.00 what a deal.

And as for the 2.5 mil collected. Kapela will most likely claim it for his fees if not more!

Do you really think he cares about the little guys? Yes, Pearlman may be a crook but look who is guarding the hen house.

Good luck getting anything. If Lou has millions hidden it will most likely stay hidden or he would have been out of jail by now.

I bought the watch. I hope it will fit my wrist.

I sure hope Kapila has better items to go on Ebay than this first round of CRAP.

2.5 million is 1 half of a penny not 5-cents!!!!!!!!!!!!

[Mortgage Claims]

I personally believe that Pearlman has hundreds of millions stashed away. After all, he left town with enough to vacation in Bali. Hardly the actions of a pauper.

Soneet doesn't throw the shipping in??

I think he blew it. The buzz was about the auctions not his use of Ebay. This back fired he would've got more at auction.

I would bury it somewhere.

As regards that frivolous and vexatious lawsuit, I understand that Defrawy has already committed perjury in his affidavit filed with the court.

"I have never scammed or spammed anyone."

Judge Conroy will most likely have trouble not wetting her robes after hearing that joke.

Does Alec also do a Nixon impersonation while protesting his innocence? What a comedian.

Even if you assumed that the trustee would not get paid a penny, the $2.5 million, as it relates to roughly $500 million in claims, works out to 5 cents on the dollar, so far.

I personally believe that Pearlman has hundreds of millions stashed away. After all, he left town with enough to vacation in Bali. Hardly the actions of a pauper.

[Helen Huntley]

Hi Ricardo-
A judge will determine how the money is distributed based on the bankruptcy law. The trustee and his lawyers will be paid first. Then there will be many legal arguments. Some of the likely topics: Are investors only entitled to assets in the name of Trans Continental Airlines or are they entitled to a share of all assets in the personal and corporate bankruptcies? Who should have priority of payment or should all be treated the same? Should some creditors' claims be thrown out?

[Ricardo]

I read the "Trustee's Monthly Financial Reports" submitted in January by Trustee Kapila, with great interest. I see there's an "ending balance" of $2,436,161.65, that's been recovered. Additionally, I see that most of it is invested in a Money Market account, ($2,132,747.18). I curious as to what's going to happen to this money. For example, many of us that lost money in Pearlman's schemes, (in my case it was my Mother's Medicaid Annuity), would be grateful to receive fifty (50) cents on the dollar returned to us. Who decides who is paid first, us little guys, or the rich banks? And, on what ratio? I applaud Trustee Kapila for his aggressive activities in attempting to recover some of these huge losses, but I'm concerned at the same time about what happens to a sum of money presently exceeding 2 million dollars. I think some of these questions should be answered in language that we all can understand.

Yep whats going on with Alec's lawsuit against bloggers from this site Helen???

Is Dilly down for the count?? Did the others present themselves to the court??

[If Lou was online.]

And just how did one of the main assets of my Fashion Rock/Options Talent, namely the online computer database program for talent, get to be used at Alec Defrawy's Impact 210/Talent Palooza/TooSpoiled, without being paid for?

Did he buy the program from me? Borrow it after our disagreement? Somehow invent an identical copy while dreaming he was Bulgarian?

Even if he didn't use the existing file of models and acquired his own through online solicitation and advertising, he still needed the core program developed by the public company which was funded by my investors.

Come clean Alec. Pay up for whatever doesn't belong to you. Who's your daddy?

Soneet doesn't throw the shipping in??

I think he blew it. The buzz was about the auctions not his use of Ebay. This back fired he would've got more at auction.

ANYTHING NEW WITH ALAN GROSS FROM NY?