Welcome

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

Bankruptcy Court Corrects Proof of Claim Deadline: 8/23/17

In prior mailings by the Bankruptcy Court in connection with the Siskey-related bankruptcy cases, the Court referred to a deadline for submitting proofs of claim in the cases as July 24, 2017.  However, the Bankruptcy Court has since corrected the deadline for submitting proofs of claim in the cases to now be August 23, 2017.  Again, the Trustee requests that creditors refrain from filing proofs of claim until after the May 25, 2017 meeting of creditors.

DE55 – Corrective Order Extending Deadline to File Proofs of Claim

Siskey Residence Listing

Richard C. Siskey, prior to his death, held title to certain real property located at 3545 Sharon Road, Charlotte, NC 28211 with his wife, Diane Siskey, as tenants by the entirety (the “Primary Residence”).  Diane Siskey, with the cooperation and approval of the bankruptcy trustee, has listed the Primary Residence for sale with Dickens Mitchener & Associates (see https://dickensmitchener.com/listings/cmls-3273066-3545-sharon-road-charlotte-north-carolina-28211/).  Diane Siskey wishes to sell the Primary Residence as soon as possible and has agreed to place the net proceeds generated from the sale of the Primary Residence into an escrow account pending further order from a court of competent jurisdiction.

Meeting of Creditors Scheduled for May 25, 2017 at 2:00 p.m. in Suite 205 at 402 W. Trade Street, Charlotte, NC 28202

On April 21, 2017, the Clerk of Court for U.S. Bankruptcy Court filed and mailed to known creditors written notices of 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)).  A copy of the notice filed in the TSI Holdings, LLC bankruptcy cases is linked below (all of the notices were substantively identical).

As stated in the notices, a meeting of creditors pursuant to Section 341 of the U.S. Bankruptcy Code will be held on May 25, 2017 at 2:00 p.m. in Suite 205 at 402 W. Trade Street, Charlotte, NC 28202.  The Trustee will provide those in attendance with a case update and an opportunity to ask questions about the Trustee’s administration of these cases.  You are not obligated or required to attend, and a failure to attend will have no impact on the rights or remedies available to you in these cases.

As also indicated in these notices, a deadline for submitting proofs of claim in these cases has been set for July 24, 2017.  The Trustee requests that creditors refrain from filing proofs of claim until after the May 25, 2017 meeting of creditors, as the Trustee has asked the Court to approve alternative procedures for filing claims in these cases.  Filing claims prior to the the meeting of creditors could result in the unnecessary burden of creditors having to file multiple proofs of claim for the same debt and, as a result, unnecessary complexity in the Trustee’s claims review.

DE51 – 341 Meeting Notice

Various Procedural Motions Filed in Four Siskey-Related Bankruptcy Cases

On April 19, 2017, the Trustee filed three procedural motions in each of the four Siskey-related bankruptcy cases:  a motion to jointly administer the four cases; a motion regarding proof of claim procedures; and a motion regarding service of future motions.  Copies of the motions, and notice of hearing, filed in the TSI Holdings, LLC bankruptcy case are linked below (the versions filed in the other bankruptcy cases are identical to the linked motions).

The joint administration motion asks the Bankruptcy Court to combine the four cases for procedural purposes only, under the caption of the TSI Holdings, LLC bankruptcy case (case no. 17-30132).

The proof of claim procedures motion asks the Bankruptcy Court to approve (i) an addendum to the standard proof of claim form that must be used by investors asserting claims in these cases; (ii) a proof of claim filing deadline applicable to all four cases; and (iii) relieving investors from any obligations to file supporting documentation evidencing their claims (other than an executed standard proof of claim form and addendum).

The service motion asks the Court for authority to limit service in these bankruptcy cases by serving all pleadings only:  (i) on parties requesting notice through the Court’s electronic notification system; (ii) by posting on this website; and (iii) by email for investors who have provided valid and current email addresses.  The only exception is that objections to claims will be sent by first class mail, postage prepaid.

If you do not want the Court to approve these motions, or if you want the Court to consider your views, then on or before May 10, 2017, you or your attorney should 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 Trustee; and (3) attend a hearing on your response, to take place at 9:30 a.m. on May 22, 2017 in Courtroom 1-4 of the Federal Courthouse, 401 W. Trade Street, Charlotte, NC.  If you or your attorney do not take these steps, the Court may decide that you do not oppose the relief the Trustee requests and may enter an order approving the motions.

DE45 – Motion to Jointly Administer Cases – TSI

DE46 – Motion to Approve Proof of Claim Procedures – TSI

DE46-1 – Exhibit A – Motion to Approve Proof of Claim Procedures – TSI

DE47 – Motion to Approve Service Procedures – TSI

DE48 – NoOH for DE45-47

Trustee Files Bankruptcy Schedules in WSC Holdings, LLC, SouthPark Partners, LLC and Sharon Road Properties, LLC Bankruptcy Cases

On April 17, 2017, the Trustee filed bankruptcy schedules and statements of financial affairs (the “Schedules”) for:  WSC Holdings, LLC in case number 17-30338; SouthPark Partners, LLC in case number 17-30339; and Sharon Road Properties, LLC in case number 17-30363.  The information appearing in the Schedules is based on the best information available to the Trustee at the time of filing the Schedules.  Nothing in the Schedules limits any person from submitting claims in any amount against the WSC Holdings, LLC, SouthPark Partners, LLC, or Sharon Road Properties, LLC bankruptcy estates.  Similarly, nothing in the Schedules limits the Trustee from pursuing assets that the Trustee was unaware of at the time of filing the Schedules.

DE37 – WSC Bankruptcy Papers

DE31 – SPP Bankruptcy Papers

DE31 – SRP Bankruptcy Papers

Trustee Files Bankruptcy Schedules in TSI Holdings, LLC Case

On April 5, 2017, the Trustee filed bankruptcy schedules and a statement of financial affairs (the “Schedules”) for TSI Holdings, LLC in case number 17-30132.  The information appearing in the Schedules is based on the best information available to the Trustee at the time of filing the Schedules.  Nothing in the Schedules limits any person from submitting claims in any amount against the TSI Holdings, LLC bankruptcy estate.  Similarly, nothing in the Schedules limits the Trustee from pursuing assets that the Trustee was unaware of at the time of filing the Schedules.

DE40 – TSI Bankruptcy Papers