1031 Tax Group files for Chapter 11

1031 Tax Group files for Chapter 11

There are 842 comments on the MySanAntonio.com story from May 16, 2007, titled 1031 Tax Group files for Chapter 11. In it, MySanAntonio.com reports that:

“You've got investors who have millions at stake and investors with $50,000 at stake, and to any of those investors this is a disaster”

A company holding at least $26 million belonging to South Texas real estate investors has filed for bankruptcy. via MySanAntonio.com

Join the discussion below, or Read more at MySanAntonio.com.

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Victim of a crime

Denver, CO

#1 May 26, 2007
Ed Okun is a criminal. He stole money from people who have worked their whole lives to obtain. He should go to prison after he gives the money he's been playing with back. He is a crook.
another victim

Levittown, NY

#2 Jun 7, 2007
OKUN IS A LOSER WHO SHOULD GET 2 IN THE BACK OF HIS HEAD
don hines

Missoula, MT

#3 Jun 28, 2007
Edward Okun, is a crook he should repay the money he has stolen and disburse the money he has earned from investing our money to the people who the invested funds belong, and he should spend at least as much time in prison as a guy who robbed a 7/11 with a gun. He has made a mess out of a lot of peoples lives, what an asshole...
RE Investor

New York, NY

#4 Jul 3, 2007
There was a hearing yesterday in New York City. Does anyone know what happened?
Monica

Universal City, TX

#5 Jul 6, 2007
RE Investor wrote:
There was a hearing yesterday in New York City. Does anyone know what happened?
I've been trying to find out the same thing. My husband and I are caught up in this mess.
Victim of a crime

Loveland, CO

#6 Jul 7, 2007
If you don't know what's going on in NY you must not have an attorney. You definitely need a lawyer as soon as possible. I'm spending a fortune but have a lot to lose. Ed Okun is trying to put together a pkg. to get funding on his collateral to pay everyone back. I hope he does. Then he can go to #$@@#
1 pissed off Victim

AOL

#7 Jul 9, 2007
IF you want to follow the trial. you can go to the web site www.1031taxgroup.com click court documents. then click the disclaimer and in the upper left corner click court documents. You can read any document that has been made public regarding the trial..Some of these i have found very interesting and shows all the monies that OKUN paid to himself and his entities...Its supprising that there have not been more law suits filed..Best of luck to all the other victims ..I hope we get our money back. and that OKUN goes to Jail..
West Coast DB

Lacey, WA

#8 Jul 24, 2007
RE Investor wrote:
There was a hearing yesterday in New York City. Does anyone know what happened?
Several of us 'Train Wreck Victims (TWVs)' are sharing via direct email. Some are able to attend the hearings and send us synopses afterwards, I'm on the west coast and access the actual court documents - ALL of the filings, motions, orders, etc. I peruse them, download the pertinent ones, and email out. When a hearing's coming up I make sure I've sent all the pertinent docs to the TWVs so they know what's on the agenda.
Re the necessity of an attorney, there's really nothing they can do for you, but you'll pay through the nose. The Official Committee of Unsecured Creditors are doing it all [for us], BUT we need to keep apprised. Their website link is below, but be apprised they do NOT keep it up to date.
http://www.committeeinfo.com/1031/case_dev.ht...
J Inc

United States

#9 Jul 25, 2007
After sifting through some of the recent court documents online, it appears as if Okun is still moving forward with his bridge loans in order to payback the missing money. Although, I am certianly not an attorney. Does anyone else have information on the status of this critical item?
Boston Victim

Brockton, MA

#10 Jul 26, 2007
THE FOLLOWING ARTICLE WAS TAKEN FROM BLOOMBERG.COM YESTERDAY.

1031 Tax Group Plan Encounters Some Creditor Criticism

Although 1031 Tax Group LLC and the official creditors' committee together filed a reorganization plan intended to pay creditors in full, a group of 15 creditors hired a lawyer to criticize aspects of the proposal.

The objecting creditors argue that the plan approval process should not go forward until there is a binding commitment for the $142 million loan from JPS Capital Partners LLC that will be the primary funding for the plan. The loan will be made to Edward Okun, 1031's former chief executive.

The creditors object to their not being privy to important details. They are also disappointed that 1031 negotiated with no creditors other than those on the creditors' committee.

The loan together with $20 million that 1031 retains is slated to pay off $151 million owing to creditors. If the loan never closes, the plan provides for the creditors' committee to pursue lawsuits against Okun. The objecting creditors say they need to know whether they are voting for a cash payment or for litigation.

Okun is to secure loan with property he owns, including an office building in Red Bank, New Jersey, two condominiums in Miami, and a shopping mall in Houston.

1031 and its affiliates are a rollup of six ``qualified intermediaries'' in business to facilitate ``deferred like kind property exchanges'' enabling customers to avoid recognizing capital gains taxes on the sale of property. The U.S. Attorney in Richmond, Virginia initiated an investigation into 1031's activities, according to the company's turnaround manager.

The Chapter 11 filing in mid-May by Richmond-based 1031 listed assets of $154.6 million.

The case is In re The 1031 Tax Group LLC, No. 07-11448, U.S. Bankruptcy Court, Southern District New York (Manhattan).

Georgia Hotel Owner S&P Taken Over by Chapter 11 Trustee

Sometimes debtors who wait too long before filing Chapter 11 lose control of their cases. S&P Hospitality LLC is a case in point.
broke in jersey

Horsham, PA

#11 Jul 31, 2007
West Coast DB wrote:
<quoted text>
Several of us 'Train Wreck Victims (TWVs)' are sharing via direct email. Some are able to attend the hearings and send us synopses afterwards, I'm on the west coast and access the actual court documents - ALL of the filings, motions, orders, etc. I peruse them, download the pertinent ones, and email out. When a hearing's coming up I make sure I've sent all the pertinent docs to the TWVs so they know what's on the agenda.
Re the necessity of an attorney, there's really nothing they can do for you, but you'll pay through the nose. The Official Committee of Unsecured Creditors are doing it all [for us], BUT we need to keep apprised. Their website link is below, but be apprised they do NOT keep it up to date.
http://www.committeeinfo.com/1031/case_dev.ht...
Thanks for the info on the committeeinfo web site I have been using the kccllc site you can get alot of info from there also. Your right this is a train wreck. I have not aquired an attorney yet, I was told not to put good money after bad yet.
West Coast DB

Lacey, WA

#14 Aug 7, 2007
broke in jersey wrote:
<quoted text>
Thanks for the info on the committeeinfo web site I have been using the kccllc site you can get alot of info from there also. Your right this is a train wreck. I have not aquired an attorney yet, I was told not to put good money after bad yet.
There are critical dates coming up fast. You should have received a Proof of Claim in the mail by now. If you're not listed in the SCHEDULE OF ASSETS and LIABILITIES as an Unsecured Creditor, you MUST file a Proof of Claim by the DEADLINE - AUGUST 24, 2007. You should also read the Chapter 11 Reorganization Plan and the Disclosure Statement. All 3 of these documents are now available of the Committee's website - http://www.committeeinfo.com/1031/index.htm

Additional dates from the Official Creditor's Committee website:


8/16/07 Disclosure statement hearing (2:00 p.m.)

8/24/07 Deadline to file proofs of claim (5:00 p.m.) IF YOU HAVE A CLAIM AGAINST ANY OF THE DEBTORS, PLEASE REVIEW THE BAR NOTICE.

8/27/07 Section 341 Meeting of Creditors (3:00 p.m.)

9/10/07 (and 9/11/07, as needed) Confirmation hearing

9/11/07 Expiration of the DebtorsÂ’ exclusive right to file a Chapter 11 plan

11/09/07 Deadline to Confirm a Chapter 11 plan
West Coast DB

Lacey, WA

#15 Aug 7, 2007
broke in jersey wrote:
<quoted text>
Thanks for the info on the committeeinfo web site I have been using the kccllc site you can get alot of info from there also. Your right this is a train wreck. I have not aquired an attorney yet, I was told not to put good money after bad yet.
P.S. The Creditors will be voting on the Reorg. Plan
Nautilus

Fort Lauderdale, FL

#16 Aug 10, 2007
As of 7/16/2007 a new for profit Delaware corp. formed; and, also registered in Florida - "Crossroads Transportation & Logistics,Inc." PC - Okun, VT - R. David Field and S - Lara D. Coleman. Same Midlothian address. Another active Fl. corp.- Okun Air, LLC. How many planes does he own?
eastcoastbully

Miami, FL

#17 Aug 10, 2007
listen you guys are full of crap get a freaken life and leave the man alone. Thing will be taken care of.It was never Edward okun's idea or plan to have this whole mess turn out so bad like it did.I think Okun's staff has to do with the missing money.
Interested Party

United States

#18 Aug 13, 2007
eastcoastbully wrote:
listen you guys are full of crap get a freaken life and leave the man alone. Thing will be taken care of.It was never Edward okun's idea or plan to have this whole mess turn out so bad like it did.I think Okun's staff has to do with the missing money.
Out of curiosity ECB, you seem to have insight. Can you share any information that would be valuable to these folks?
eastcoastbully

Hialeah, FL

#19 Aug 13, 2007
Well i dont have any insight of the sitution but I know he is good on his word. I have done some bussiness with okun in the past 3 years and he is a straight edge man.My opion is that he was taken advantage from his staff and he is a guy that he takes your word and trust everyone around him. Everything will be taken care of folks.
Interested Party

United States

#20 Aug 13, 2007
Thanks....I hope you are correct.

My interest in this is my mother and aunt have significant investments with IPofA. Unfortunately they have also received disturbing news within the past couple of weeks. I truly hope his word is good, but at this point he has a lot to prove in that regard.
Anon

Laconia, NH

#21 Aug 14, 2007
another victim wrote:
OKUN IS A LOSER WHO SHOULD GET 2 IN THE BACK OF HIS HEAD
You can find him in Wolfeboro, NH at his $10M home purchased with your money on Aaron Road.
1 more victim

Pittsburgh, PA

#22 Aug 14, 2007
eastcoastbully (nice name) are you kidding me? Show me anywhere where it says employees used money for their own benefit. Okun looted the company and you say stand back and let him do his thing because he is as good as his word? If he was as good as his word he wouldnt have taken money that didn't belong to him. You are the one who needs a freakin life! How much is Okun paying you to post this crap. Stop wasting everyone's time!

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