On July 19, 2018 the Trustee held an auction of Sharon Road Properties, LLC’s (“SRP”) 32.55% interest in Bissell Porter Siskey, LLC (the “BPS Interest”). Bissell Porter Siskey, LLC owns a commercial building located at 4521 Sharon Road, Charlotte, NC. The highest bidder for the BPS Interest was Bissell Porter Four, LLC which bid $3,300,000. The next highest bidder was Klj Properties, L.L.C which bid $3,150,000. The closing of the sale is to occur after the entry of a written order approving the sale becomes a final order. Distribution of the auction proceeds to equity holders of SRP cannot occur until the claims of Stone Street Partners, LLC f/k/a Siskey Capital, LLC, Dawn E. King and Paul G. Porter in the SRP Bankruptcy case are resolved.
On July 9th the Bankruptcy Court approved a $10,000,000 interim distribution to allowed claimants of TSI Holdings, LLC, WSC Holdings, LLC and SouthPark Partners, LLC. The Trustee’s counsel is circulating a proposed Court Order for input by other attorneys in attendance at the hearing. Once a proposed Order has been agreed to by the parties in interest, the proposed Order will be forwarded to the Court for consideration. Once the written Order is entered by the Court, we will post it here. After the Order is entered, the escrowed funds will be wire transferred to the Trustee’s Trust account for use in the actual distribution. Distribution checks can only be processed once the Trustee has the funds on hand. Once the checks are processed, the Trustee will send the distribution checks to allowed claimants as allowed by the Order via U.S. Mail.
On June 27, 2018, the Trustee filed a motion with the Bankruptcy Court seeking approval of a $10,000,000 interim distribution to holders of allowed claims in the TSI Holdings, LLC, WSC Holdings, LLC, and SouthPark Partners, LLC bankruptcy cases (linked below).
Diane Siskey has agreed to release $10,000,000 from escrowed life insurance proceeds to enable the Trustee to make an immediate interim distribution to allowed claimants in the Ponzi Scheme. The Trustee hopes to file an amended interim distribution motion later today.