Receiver Files Final Pleadings Seeking Authority to Make Final Distribution and Otherwise Complete Administration of the Receivership Estate

8 Mar

On March 8, 2016, Joseph W. Grier, III, Receiver, filed various pleadings seeking authority from the Court to take various actions necessary to complete his administration of the receivership estate.

First, the Receiver filed his ninth report to the Court summarizing the Receiver’s efforts to marshal and collect assets, administer the receivership estate and otherwise perform the duties mandated by the Court.

Ninth Receiver Report

Exhibit A – Ninth Receiver Report

Exhibit B – Ninth Receiver Report

Exhibit C Part 1 – Ninth Receiver Report

Exhibit C Part 2 – Ninth Receiver Report

Second, the Receiver, filed a motion to approve the distribution of $205,000.00 in receivership estate assets to customers holding allowed claims against the receivership estate pursuant to the “rising tide” distribution method previously adopted by the Court. With this first interim distribution, the Receiver’s intent is to ensure that all customers will have received — either through pre-receivership withdrawals, the Receiver’s prior distribution and the Receiver’s proposed distribution, or a combination of the three — a total return of at least 33.6649491855% of their deposits into the Ponzi Scheme.

Please review the spreadsheet below, find your account number(s), and double-check that, with respect to your account(s), that the amount listed in the “Current Distribution Amount” column plus the (absolute value) of the amounts listed in the (a) “Pre-Receivership Distributions” column and (b) “Post-Receivership Distributions To Date” total an amount greater than or equal to 33.6649491855% of the amount listed in the “Pre-Receivership Contributions” column. If there is a discrepancy, please contact the Receiver at: masonreceivership@grierlaw.com.

In addition, the Receiver seeks authority to pay $14,263.63 into the registry for the U.S. District Court, representing funds disbursed to James Mason as social security benefits. The Court previously held that the Receiver was not entitled to disburse such funds to victims of Mason’s Ponzi Scheme.

Motion to Make Final Distribution and to Pay Social Security Funds Into Court Registry

Exhibit A Part 1 – Motion to Make Final Distribution and to Pay Social Security Funds Into Court Registry

Exhibit A Part 2 – Motion to Make Final Distribution and to Pay Social Security Funds Into Court Registry

Third, the Receiver filed a final motion for accountant compensation for the period of March 27, 2015 through the close of the receivership estate to Middleswarth, Bowers & Co. The motion for compensation seeks professional fees and reimbursement of expenses in the total amount of $4,653.11.

Final Application for Payment of Accountant Fees

Fourth, the Receiver, filed a final motion for attorney compensation for the period of October 6, 2015 through the close of the receivership estate to Grier, Furr & Crisp, P.A. The motion for compensation seeks professional fees and reimbursement of expenses in the total amount of $20,905.42.

Final Application for Payment of Attorneys Fees

Fifth, the Receiver filed a Motion for Approval of Final Receiver’s Report and Accounting and Dismissal of Receiver, which asks the Court to dismiss the Receiver from his duties under the Receivership Order upon the Receiver filing a final report verifying that the distributions contemplated in the above-described motions have been completed.

Motion for Approval of Final Report and Accounting and Dismissal of Receiver

If you do not want the Court to approve any or all of these pleadings, or if you want the Court to consider your views, then on or before March 28, 2016, you or your attorney must do the following: (1) file a written response explaining your position with the Court; (2) mail, fax or email a copy of your response to the Receiver; and (3) attend a hearing on your response, if the Court schedules a hearing.

If you or your attorney do not take these steps, the Court may decide that you do not oppose the relief the Receiver requests and may enter an order approving these pleadings.

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