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On January 27, 2017, Michael D’Agata, Charlotte Dreibelbis, and Anthony William Packer filed an involuntary petition against TSI Holdings, LLC, thereby initiating a chapter 7 bankruptcy case currently pending before the United States Bankruptcy Court for the Western District of North Carolina as case number 17-30132.  Rick Siskey allegedly operated a Ponzi Scheme through TSI Holdings, LLC.

On February 8, 2017, the Honorable J. Craig Whitley issued an Order Requiring Appointment of Interim Trustee appointing Joseph W. Grier, III (the “Trustee”) of Grier Furr & Crisp, PA as the Interim Trustee for TSI Holdings, LLC.  The Order directs the Trustee to preserve property of, and prevent loss to, the bankruptcy estate and enumerates the following duties:  (1) take possession of the property of TSI Holdings, LLC’s bankruptcy estate; (2) collect and analyze TSI Holdings, LLC’s financial records to identify all property lost through fraudulent transfers and/or preferences, and to bring the property back into the estate for the benefit of creditors; and (3) take all other acts necessary to preserve and protect the property of TSI Holdings, LLC’s bankruptcy estate, including taking possession of property as might be necessary to prevent any further loss to the estate.

Since his appointment as the Trustee for TSI Holdings, LLC, the Trustee has been appointed in other bankruptcy cases for entities related to TSI Holdings, LLC:  WSC Holdings, LLC (Bankr. W.D.N.C. case number 17-30338); SouthPark Partners, LLC (Bankr. W.D.N.C. case number 17-30339); and Sharon Road Properties, LLC (Bankr. W.D.N.C. case number 17-30363).

The Trustee’s initial focus is on:  (A) investigating the financial affairs of Rick Siskey, TSI Holdings, LLC, and other entities affiliated with Rick Siskey; and (B) preserving available assets to the best of the Trustee’s ability.  Although documentation evidencing individual investments is not needed at this time, the Trustee requests that any person or entity investing with Rick Siskey and/or an entity affiliated with Rick Siskey fill-out the form linked below and return the same via email to tsiholdings@grierlaw.com or via U.S. Mail to TSI Holdings Trustee, 101 N. Tryon Street, Suite 1240, Charlotte, NC 28246.

This website will be the Trustee’s primary means of communication with investors and the public.  The Trustee will use this site to provide updates on the status of the TSI Holdings, LLC bankruptcy (and related legal proceedings) and to post pleadings entered in such actions.  Please be encouraged to post questions on this site, and the Trustee will answer those questions as time and resources allow, with a focus on fielding inquiries that have general applicability to all investors and/or the public.  You may also communicate with the Trustee at tsiholdings@grierlaw.com.  Please check back periodically for additional information.

siskey-investor-information-form

Information about Mainstar Trust Accounts

It has come to the Trustee’s attention that some investors with Mainstar Accounts may have value in those accounts in the form of a Cash Balance.

Research has revealed that historically valuation information regarding the interests in WSC Holdings, LLC, TSI Holdings, LLC, SouthPark Partners, LLC and/or Sharon Road Properties, LLC (“Siskey Bankrupt Entities”) was forwarded by Richard Siskey, or someone acting on his behalf, to Mainstar Trust on a quarterly basis.  Mainstar Trust would import that information into its system which would generate the value of the Siskey Bankrupt Entity reflected individual investor Mainstar Trust quarterly account statements.    That valuation was last provided to Mainstar in September, 2016 and has not been updated.    The values for those entities as reflected on the Mainstar Trust account statements are not reflective of today’s value because the Trustee is unable to place a value on the Siskey Bankrupt Entities at this time;  the values on the Mainstar Statements will continue to reflect September, 2016 values reported by Mr. Siskey.   The Trustee is working with his accountant to value these interests and intends to update the valuation before the end of 2017.

If you have a question about your Mainstar Account you may contact Carmine Matzkey at Mainstar Trust at 800-521-9897.

For Bankruptcy Proof of Claim purposes, to the extent distributions were made to an investor by a Siskey Bankrupt Entity in the form of checks sent to investor Mainstar Accounts, any such distributions should be reflected as distributions on the Proof of Claim Addendum whether or not the investor thereafter withdrew those funds from the Mainstar Trust account or not (to the extent withdrawal did not occur, those funds should remain in the Mainstar Trust accounts).

Submit Your Proof(s) of Claim by August 23, 2017

The Trustee and Bankruptcy Court are ready to receive claims in the Siskey-related bankruptcy cases (In re TSI Holdings, LLC (17-30132), In re WSC Holdings, LLC (17-30338), In re SouthPark Partners, LLC (17-30339), and In re Sharon Road Properties, LLC (17-30363)).

To properly submit a claim in these cases, you must electronically file both:  (a) the Official Form B410, “Proof of Claim” (available here); and (b) the court-approved claim addendum (available here:  Siskey Addendum to Proof of Claim Form) as an attachment to the standard form proof of claim.

Please submit one Proof of Claim form and addendum per each of the Siskey-Related Debtors in which you invested.

Claims should be filed electronically through the Bankruptcy Court’s website, accessible by clicking here.

The instructions for Official Form B410, “Proof of Claim,” are available by clicking here.

The deadline for submitting claims against the Siskey-Related Debtors is August 23, 2017.

Court Enters Various Procedural Orders

On May 23 and 24, 2017, the Bankruptcy Court entered three orders concerning case procedures in the Siskey-related bankruptcy cases (In re TSI Holdings, LLC (17-30132), In re WSC Holdings, LLC (17-30338), In re SouthPark Partners, LLC (17-30339), and In re Sharon Road Properties, LLC (17-30363)).

The first order provides that the four cases will be jointly administered for procedural purposes only under the heading of the TSI Holdings, LLC case (17-30132) as the lead case:  DE63 – Order Directing Joint Administration of Siskey-Related Bankruptcy Cases.

The second order sets out certain procedures for submitting proofs of claim in the Siskey-related bankruptcy cases, most importantly the requirement that investors submit a Proof of Claim addendum along with the standard proof of claim form:  DE65 – Order Approving Proof of Claim Procedures.  Please submit one Proof of Claim form and addendum per each of the Siskey-Related Debtors in which you invested.  The deadline for submitting claims against the Siskey-Related Debtors is August 23, 2017.

The third order limits service in the Siskey-related bankruptcy cases to email service and online publication through this website for most pleadings:  DE66 – Order Limiting Service.  To ensure that you are receiving up-to-date notices of recent developments in the Siskey-related bankruptcy cases, you should confirm that the Trustee has a current and valid email address for you and/or register as a follower of this website.