Chapter 7 trustee sues American Busin...

Chapter 7 trustee sues American Business 11:39 PM Et

There are 33 comments on the BusinessWeek story from Jul 13, 2006, titled Chapter 7 trustee sues American Business 11:39 PM Et. In it, BusinessWeek reports that:

The trustee overseeing the bankruptcy of American Business Financial Services Inc.

Join the discussion below, or Read more at BusinessWeek.

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marie searle

Dracut, MA

#1 Jun 15, 2007
i am a noteholder.abfsi completly ignored me .Wanted to cash in and they would not let me,am on class action suit,waiting for results.marie searle i call them crooks
marie searle

Dracut, MA

#2 Jun 15, 2007
ABFSI, DILUDED EVERY PERSON THAT HELD A NOTE WITH THE COMPANY.THEY, IN MY OPINION,DEFRAUDED MILLIONS OF PEOPLE.
Marty Feess

Jordan

#3 Jul 26, 2007
I am a note holder. I am still waiting for some of my money back. Two years ago I was waiting. I have since served two years in the Peace Corps and am now coming home. I am still waiting and could use the money.
Marty F. Feess
Buckeye, AZ
tony goldman

Lititz, PA

#4 Aug 21, 2007
could the losses be covered under section 165?
Donna - Elkhorn WI

Washington, DC

#5 Sep 5, 2007
Can you give an update on the bankruptcy case? My husband and I filed a claim (we lost approximately $20,000) and have not received any notices since the notice that the bankruptcy was converting to a chapter 7.
William J Guy

Philadelphia, PA

#6 Nov 8, 2007
We lost $10,000 because we converted bonds to stock in 2004. We held 6 bonds totaling about $12,000, which matured December 2004. We asked for our money. They sent us a letter in January 2005 stating they had filed for bankruptcy. We need our $12,000 which they owe us. When will we get it?
Former Employee

Philadelphia, PA

#7 Nov 28, 2007
It's honestly ashame what ABFS did to their customers & employees. I worked there for 2 years and was also screwed by upper management after being promised a "big job in the corner office" and was consistenly LIED to. Customers frequently called (customers who thought their taxes and insurance were escrowed) and found out through reading the newspaper their house was up for tax sale!!Interesting isn't it?
LCDLC

Wayne, PA

#8 Feb 12, 2008
ABFS kept offering note holders a chance to move the funds to insured accounts with less interest. That was a hint that the note holders were about to loose.

Section 165 usually depends on the amount of your loss in order to file.

You people act like they took the money and ran. I blame the former mayor. Seems like the problems started after the move to Philadelphia.

I made some money and lost some. That's the way it goes with uninsured notes. I probably would have had more fun at the Casino and still come home broke.

My heart goes out to the mortgage holders that lost their homes so stop whining about your 10K and 20K notes.

Just sit tight or file for a loss with the IRS.
dmo

United States

#9 Mar 18, 2008
LCDLC-
did you file for a loss with the IRS?
If so, did you take your loss as a capital loss on schedule D, or a non-business bad debt on schedule, or as an ordinary loss from a financial institution that went bankrupt on schedule A line 23?
JEG

Johnston, RI

#10 Mar 25, 2008
What is particularly insidious if not outright criminal is how ABFS continued to fly new offers of investment notes right up to the moment of shuttering the doors. They continued to make these offers as government approval for sale of the notes was pending and ultimately denied, resulting in bankruptcy. Those getting in on the tail end (such as I) were throwing money into a giant vacuum at that point, and the company officials didn't give a sh**, especially when they knew investors providing monies from that point forward had a zero probability of ever seeing that money again, let alone any return on the investment. Maybe Hell will have a few reservations awaiting them someday. CRIMINAL NEGLIGENCE AT WORK
Linda

Easton, PA

#11 Mar 28, 2008
Are ABFS notes holders now finally allowed to claim them as losses on our tax returns? I read on a different website that we had to wait until the bankruptcy court decided how much we would get back--um, NOTHING!--before we could report the loss, but I haven't heard anything. It would help if we were kept better informed on the status of everything. Heck, everything could be over by now and I still have no idea.
Frank F

Dania, FL

#12 Apr 16, 2008
Can we get these guys into jail and can we get some of our money back
Steve Mead

Mulberry, FL

#15 May 12, 2008
With the death of Mr. Santilli and an escalation of claims to over $1 billion; combined with another update by the receiver of no money available for disbursement to injured investors; JK Harris 165 Services woould like to extend an offer once again for investors of ABFS to call for an analysis of a 165 Casualty "write-off" of this loss. No obligation.
The Fraud Guy at IFRN165

Bradenton, FL

#16 May 22, 2008
Section 165 (C)(2) is a provision of the IRC that allows those that qualify, to take their remaining loss and offset it against ordinary income in the year of discovery. It further allows you to go back three additional years to continue recapturing taxes until you recover your full theft benefit. Any remaining amount can be carried forward, dollar for dollar, until exhausted.
1. Be aware of any company that is too quick to take your money. There is an appropriate time to file your case with the IRS.
2. Economically speaking, your loss must be a minimum of $50,000.00 to $100,000.00 in order for most to benefit from this treatment.
3. Your loss must be "after tax". In other words it cannot be part of a qualified retirement instrument.
4. You must have ordinary income and/or anticipate a large capital gain in the future.
Check any company out who claims to specialize in this treatment. With recent industry downsizing to to under-capitalization and mis-management. It is important to check out the organization and its officers with the various State Bars that hey belong to,this will show you any disciplinary actions, dis-barments, suspensions, Etc. also, the Attorney General's site in the state that they do business in and Google them with key words such as "consumer complaints", "secretary of State", and the BBB.
IFRN is established as one of the leaders in the theft recovery industry. We work mostly with court receivers, securities attorneys, and industry referrals. You can visit our website at www.ifrn165.com and fill out the free evaluation form. We will analyze your case and get back to you within one business day to discuss your case and make a recommendation as to what direction to go in. You may also find us on the Court Receivers site that was set up for the victims of Worldwide Entertainment. Go to entertainmentgroupinfo.com and click on the "tax info" tab. It will take you to an article on IFRN from the Receiver, with a link to IFRN's website and Q&A set up for the victims. This method also will provide you with our online evaluation form. Our fees generally run 2-4 percent of the loss basis and includes audit representation with a 100% money back guarantee.
Sincerely,
INVESTMENT FRAUD RECOVERY NETWORK, LLC
Tim Kelleher, President
Steve Mead

Mulberry, FL

#17 Aug 15, 2008
I agree with The Fraud Guy of IFRN 165 regarding the Point #4 of his post:

(4. You must have ordinary income and/or anticipate a large capital gain in the future.
Check any company out who claims to specialize in this treatment. With recent industry downsizing to to under-capitalization and mis-management. It is important to check out the organization and its officers with the various State Bars that hey belong to,this will show you any disciplinary actions, dis-barments, suspensions, Etc. also, the Attorney General's site in the state that they do business in and Google them with key words such as "consumer complaints", "secretary of State", and the BBB.
IFRN is established as one of the leaders in the theft recovery industry. We work mostly with court receivers, securities attorneys, and industry referrals. You can visit our website at www.ifrn165.com )

"Self-predicting prophecy"?

With thousands of satisfied clients and millions in tax refunds, since 2002,JK Harris 165 Services has been the nations most trusted and successful IRS Power of Attorney for Section 165 Casualty Theft tax refunds.
Investor Loss Tax Refunds

Mulberry, FL

#18 Dec 10, 2008
Many of you are probably receiving solicitations again to consider a Section 165 Casualty Deduction for your ABFS losses.

CALL 1-800-797-6166 NOW for a FREE, BRIEF, NO OBLIGATION, 5-MINUTE DISCUSSION AND CALCULATION OF YOUR TAX REFUND.

To quickly facilitate this free calculation of your tax refund(s), have the following past tax returns available in the following order: 2006, 2003, 2004,2005 and 2007. No personal information will be asked of you, we simply need to gather four pieces of information from each tax return; that’s all.

www.165services.com
Joe D

United States

#19 Jan 31, 2009
Steve Mead JK165 wrote:
<quoted text>
<quoted text>
The purpose of this post is to alert you to a potential tax deduction/benefit which has likely been overlooked by your tax professional. This tax benefit is called a Section 165 (c) 2 Casualty Theft Deduction. JK Harris 165 Services, LLC has a specialization with Section 165 of the IRS tax code and would be pleased to discuss the potential benefits with you and your tax professional at no cost or obligation for you.
JK Harris 165 Services, LLC is a for profit organization that charges a fee for an all-inclusive service to move forward with a claim for benefit under Section 165 of the tax code. JK Harris 165 Services, LLC prospers only in the event that there are clear benefits to you for utilizing this tax deduction and the decision has been made by you and your circle of advisors that it would be in your best interests to seek our assistance.
Simply put, we support the amendment/re-filing of your 2006 individual tax return(s) lowering your reported income by the amount of your uncollected loss from American Business Financial Services; the net effect is a refund of taxes paid on the loss by reporting the loss as a theft of your investment.
Please consider calling me with any questions you may have regarding this tax benefit. Again, there is no obligation or cost for the initial phone consultation.
Sincerely,
Stephen Mead
Chief Operating Officer
JK Harris 165 Services, LLC
1-800-830-7617 (Extension “0”)
Mr Stephen Mead
Of the 165 claims that were refunded (paid) and reviewed by the IRS after refund How many of those survived audit. How many of the 165 claims seeking refunds from past tax years are beings questioned by IRS.
Investor Loss Tax Refunds

Charleston, SC

#20 Feb 9, 2009
A large majority of the ABFS claims filing for a 165 Casualty Deduction are selected for examination by the IRS; that should be an expectation when going forward.

I am aware of one claim being denied by the IRS for a 2004 Casualty Deduction (the Year of Discovery was too early)(the bankruptcy wasn't even filed until 2005).

As things develop in this case, new opportunities for a Casualty Deduction arise.

I have a client who sold their claim in the bankruptcy and have since misplaced all paperwork.

Can any recall the names of the firms that were offering to buy your claim in the ABFS Bankruptcy back in 2005? The client seems to think it is SilverStone or perhaps SilverPoint.

We would truly appreciate your help.

Steve
Investor Loss Tax Refunds

Charleston, SC

#21 Feb 11, 2009
Thank you to J.J. who provided us with the firms offering to purchase the claims, we greatly appreciate it.

Steve
165 Services
The Theft Loss Experts
Investor Loss Tax Refunds

Charleston, SC

#22 Feb 11, 2009
Joe D wrote:
<quoted text>
Mr Stephen Mead
Of the 165 claims that were refunded (paid) and reviewed by the IRS after refund How many of those survived audit. How many of the 165 claims seeking refunds from past tax years are beings questioned by IRS.
More specifically, most of the clients files are under audit with the IRS at this time; this is not a uniform procedure so responding to the revenue agent is a key component of the representation process.

While some may have received their tax refunds, the IRS has three years to examine that claim; it is fair to say that none of these claims have survived "audit" at this point since they were all filed within the last three years.

There is no shortage of people trying to make a name for themselves out there due to the Madoff Ponzi and others; many of these are "start-ups" of sorts so you must be careful to choose a firm that will be here three years from now; especially if you pay them in advance of the service.

A successful determination for one tax payer has no precedence for another tax payer. As time goes by, new opportunities to take the casualty deduction arise both out of what occurs with the Trustee and lawsuits; and with what ensues from discussions with the IRS over the claims under examination.

Nothing about this process is uniform or consistent from claim to claim.

Hope this helps.

Steve
165 Services
The Theft Loss Experts

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