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Article Find Magazines by Topic Brasota Mortgage    by Content providedin partnership with The bankruptcy trustee of Brasota Mortgage Co this week formally opened the probate estate of the bankrupt mortgage lender's late owner Trustee Gerard McHale Jr plans to file a claim estimated at million against William J Morrison's probate estate on behalf of Brasota creditors That is not necessarily that Bill took from the investors McHale said This is the amount that the investors will have lost The distinction is that the investors lost a good deal of money that went back to other investors McHale contends that for several years before its collapse Brasota operated on a deficit and used money from new investors to pay off old investors McHale warns he will likely recover only a fraction of the million claim The reason is it's not like he took million and it's sitting in a bank account somewhere McHale said McHale estimates Morrison's probate estate with a Free Trial at KeepMedia Find Featured Titles for Health & Fitness Find Research Guides for © FindArticles™

Article Find Magazines by Topic HERALD WATCHDOG Brasota Mortgage Co Estate settles pair of lawsuits    by Content providedin partnership with The Brasota Mortgage Co bankruptcy estate struck deals this week in two lawsuits involving Connecticut rental properties and a Palmetto funeral home At the center of one of the lawsuits were Connecticut properties owned by the Thibodeau Family Trust which is controlled by A Claire Thibodeau the widow of Brasota founder George Thibodeau Thibodeau claimed she and her husband with the help of two investors bought the properties using personal funds They also invested nearly in the properties After Thibodeau's death in Brasota's new owner William Morrison offered to manage the properties in exchange for the income it generated Trustee Gerard McHale argued Brasota held an interest in the properties which he said rarely operated profitably Brasota put between and million into the properties said Angelina Lim McHale's attorney Under the terms of the settlement Thibodeau agreed to sign over with a Free Trial at KeepMedia Find Featured Titles for Reference & Education Copyright © FindArticles™

                                ONLINE EXTRAS SITE SERVICES     Sunday Mar Brasota   Posted on Fri Jan Brasota trustee suing law firm Suit requests trial citing conflict of interest for lawyer BRIAN NEILL Herald Staff Writer The trustee in the Brasota Mortgage bankruptcy case is suing a Tampa law firm and a former attorney who worked there claiming they improperly benefited through representation that amounted to a conflict of interest Brasota trustee Gerard McHale Jr filed the suit Wednesday in Manatee County Circuit Civil Court against attorney Joseph B Donnelly and the Broad and Cassel law firm in Tampa The suit requests a jury trial In the complaint McHale alleges that Donnelly who was employed by the law firm at the time profited by representing both the wife of the former president of the failed mortgage company and its creditors Donnelly's charge was to preserve Brasota's assets for the benefit of its creditors the complaint stated He was required to marshal Brasota's assets and maximize the returns for each of its creditors Instead Donnelly used and the receivership to obfuscate his true intention; to maintain his involvement in the matter so he

                                ONLINE EXTRAS SITE SERVICES     Monday Mar Brasota   Posted on Tue Aug Judge Brasota 'tricked' investors Paperwork worthless in recovering claims after company's fall TILDE HERRERA Herald Staff Writer TAMPA Mayez Zeine sold his business and invested a large chunk of the proceeds in the stock market He invested some more in Brasota Mortgage Co The Sarasota man who is legally blind told his daughter about the company She invested too Zeine's nest egg took a beating when the stock market tanked after Sept Four years later Brasota collapsed The big problem is my daughter wants to quit college to help me he said The pair were convinced the paperwork they received from Brasota protected their combined investment On Monday they learned it didn't Federal Judge K Rodney May ruled that the last creditors trying to recover secured claims in Brasota's bankruptcy case did not have the proper collateral to fully back their investments Creditors like the Zeine family were intentionally given assurances that their investments were secured and safe May said but the documentation was insufficient under Florida law Every creditor here was flim flammed deceived



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