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.

another victim

Midlothian, VA

#857 Sep 7, 2009
one pissed off victim wrote:
BLOGGERS get a life! and stop living in the past. OKUN is gone and so are the other cast of characters, Simmering,Fields and Coleman...Justice has been served and recoveries are coming soon. As the Judge said :Those who ruin the lives of others could have their lives ruined as well. Maybe some of the bloggers need therapy, Its just not normal to keep harping on insignificant people and insignificant details of events that happened 2 years ago. Try to move on with your lives and focus on something positive. I wish they would shut this site down.
While you have made a few good points, move on with our lives, for some, it may not be that easy. You could've been a little nicer in the way you wrote it. Things like this affect different people different ways. If you have moved on, then you simply need to stop checking this blog. For the others, let them move on in their own time. I am a victim who will see no financial recovery, but after the sentencing of the parties involved, I finally have some closure. I hope I never come in contact with people like them again in my life. Good luck to you, and everyone on this site... we all need it to get our lives back to normal.
1031 Victim

Washington, DC

#858 Sep 8, 2009
If you were an exchange victim of the 1031 Tax Group (or one of the other qualified intermediaries acquired by Ed Okun) and you have NOT rec'd in the mail a heavy large envelope from Golenback, Eiseman, etc.(the law firm for the Trustee)transmitting the Disclosure Statement/Reorg plan and a BALLOT (to vote it up or down), you should immediately contact Jerry McHale, the Trustee at [email protected]

If you've EVER had an attorney representing your interests in this matter, you might call him/her to see if the materials were sent to them instead of to you. The deadline for returning the ballot is Sept. 25.(FYI, assuming the settlements, etc. are approved by those who do vote, you can still benefit from the recoveries whether or not you return the ballot. HOWEVER your not having rec'd the mailing suggests that the Trustee does NOT have your correct mailing address in which case your checks may not arrive, will be returned to the Trustee and deemed undeliverable and canceled. To ensure you receive the checks you MUST GET YOUR CORRECT ADDRESS TO THE TRUSTEE!!

Recoveries are expected in November 2009 equivalent to 44% of your claim with the strong possibility of more to follow early in 2010 and thereafter.

If you have not rec'd a notice (electronically or in hardcopy) from the Dept of Justice regarding restitution by the four convicted co-conspirators, you should contact [email protected] It isn't likely there will ever be much in the way of criminal restitution, but to the extent there might be, you should be sure they know how to reach you.
Wondering

Frisco, CO

#859 Sep 8, 2009
Seems Kim Watts is working for an old Okun associate, Louis Rogers. Rogers is the attorney who Okun used to structure most of his TIC deals and was the guy Okun was going to make president of First Montauk, a small broker/dealer Okun was trying to buy before that fell apart. Louis Rogers is now running a similar new company that also is a qualified intermediary. Scary thought.
Dead Issue

Shreveport, LA

#860 Sep 17, 2009
Old News, Dead News, No News. Still Screwed!
1031 Victim

Sellersburg, IN

#861 Sep 20, 2009
just want 'news ' that is specific to your needs? maybe if you looked outside your box you might not be in this situation. Sorry about your limited outlook and interests.
1031 Victim

Sellersburg, IN

#862 Sep 20, 2009
really? 2 years is SUCH a long time ago to you?? you must not be a real victim then, if that is how you feel. 1031 victims will be in litigation for YEARS. If this blog bothers you so much, then stop reading it. Period.
I told you so

Culpeper, VA

#864 Oct 28, 2009
To all those who thought Okun was innocent. Bet you feel real stupid know.
Broke In Jersey

New York, NY

#865 Dec 28, 2009
Well as 2009 comes to an end and we have seen some light at the end of this 2 1/2 year tunnel. I would like to thank those of you that helped keep us informed (EC) about this train wreck. I wish you all a Happy, Healthy and Prosperous New Year.
Victim

Northville, NY

#866 Dec 28, 2009
Checks for about 35.8% of the funds deposited with your 1031 (plus interest earned per each exchange agreement 'til 5/14/07) have gone out to creditors in the bankruptcy. If your's hasn't arrived contact the Trustee (Jerry McHale) and/or your attorney in case the check was mailed to them instead. Checks from the Class action (about 9% of your lost exchange funds) are now postponed 'til mid Feb).
Aaron Doyle Ong

Greenfield, IN

#867 Dec 29, 2009
What about the truckers from Crossroads???? NOTHING ever came to us as far as compensation for what WE lost.
yaba doba dooooo

Findlay, OH

#868 Dec 29, 2009
Ed Okun is a Saint !!!
Are you crazy

Jacksonville, FL

#869 Dec 30, 2009
Are you crazy? After all the individuals and companies he has hurt, you think he is a saint? Are you just looking for a reaction? I have to think this is true. You're just trying to stir ups shit. What an ass!
okuns prison roommate

Richmond, VA

#870 Dec 30, 2009
the man laughed at taking all the money.he could even get his mail order bride to send him 50.00 dollars for canteen.she is on the run with his 2 year old son and she has sold everything she could before leaving.the man cried everyday over the lost of his wife and freedom.he braged about all the money he took from people.
nomore1031

Lampasas, TX

#873 Jan 9, 2013
Liam Manning wrote:
We've been wondering about the 1031 tax exchange. I'm not that smart when it comes to taxes. I could use some help. My friend suggested getting help here: http://www.1031exchangeadvantage.com/how-to-1... , what do you think?
...RUN away!

1031 like-kind exchanges are unregulated and despite what some may tell you, you and your money may certainly be at risk. additionally, the taxes on these exchanges are only deferred, not eliminated...

Read the entries of the topix site for more on the storied history of only one of these cases; you'll find 1031 fraud cases quite easy to search! The 1031 taxgroup bankruptcy and class action suits in the 1031 Tax Group case continues and we are now in our 6th yr of attempting to rebuild lives and recover our stolen funds.

Most of us want the 1031 loophole for deferred taxes thrown out and the felons and the associates who participated in the theft of these funds forever kept from hurting other innocent exchangers.

RUN!! Don't even give it a second thought.
daddy

El Monte, CA

#874 Feb 4, 2013
Tll me bout !t
billshields

Tooele, UT

#875 Feb 5, 2013
I'm just hoping to be able to finish my ( http://www.1031exchangeadvantage.com/make-a-p... ) 1031 tax exchange. After that happens, I'll be resting easy and in a stress free environment for a bit.
Madibody

Hollywood, FL

#876 Feb 21, 2013
FYI new News on Miss Simone....she was busted on Dec 7th 2012 for engaging in prostitution! Will that get her thrown out of this country? Piece of crap that she is!
ptlmarine

Vancouver, WA

#881 Mar 27, 2014
i just finished watching amreican greed, and all i can think of is only 2 ppl were charged with anything. i have a hard time believing that only a couple of ppl were involved with this scam. i believe in karma and in the end one way or the other all will get what they deserve in the end. my heart goes out to the ppl who lost their money to these heartless ppl. god bless
Smith

Glastonbury, CT

#882 Apr 16, 2014
eastcoastbully wrote:
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.
HAAHAHAHAHAAAAHAHaaahahHaaHHaa a!!!!!!!stop!!!!! Please!!!!! My stomach hurts!!!!!!HAHAAHHAHAAAaa!
Smith

Glastonbury, CT

#883 Apr 16, 2014
eastcoastbully wrote:
first of all to 1 more victim,no i am not getting paid from okun to post my opinion. And second of all I can say anything I please to say.And if you dont like my screen name than you should do something about it. May be if we were face to face you wouldn't have the balls to say sh*t.Oh and another thing I am not the one who is trying to get my money back. Believe me If it was me I wouldnt be wasting my time on the computer and courts.I would handle sh*t soparnos style alright buddy. Relax shut your mouth and you will see your funds again. I think Okun is going to pull through.
hahahahahhahahahahahhahahahaha hahhahhahahahhahahhahahahahaha ahahahahhahahahahahahaAHahha!! !! Another internet tough guy, soprano wannabe!!!!!!!!!!hahhahhahHaha !

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