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).
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 firstname.lastname@example.org. Please check back periodically for additional information.
Order on Trustee’s First Report of Claims, Objections to Claims and Recommendations as to TSI Holdings, LLC, WSC Holdings, LLC, Southpark Partners, LLC and Sharon Road Properties, LLC
Siskey Order on Trustees First omnibus Report of Claims, Objections to Claims and Recommendations as to TSI, WSC, SPP, and SRP
Supplemental Notice of Opportunity For Hearing Regarding Trustee’s Claims Report to Sharon Road Properties Outside Investors and Premier Fund Claimants
Siskey Supplemental NOH to Outside Investors and Premier Fund Claimants
Order on Trustee’s First Omnibus Report of Claims, Objections to Claims and Recommendations as to Sharon Road Properties Outside Investors and Premier Fund Claimants
Siskey Order on Trustees First omnibus Report of Claims, Objections to Claims and Recommendations as to STP Outside Investors and Premier Fund Claimants
Order Continuing Hearing on Motion of the Petitioning Creditors for Order Compelling Examination of Diane M. Siskey Pursuant to Bankruptcy Rule 2004 and for the Production of Documents
The hearing is continued until March 12, 2018 at 2:00 pm in Bankruptcy Courtroom 1-4 in the United States Courthouse, 401 West Trade Street, Charlotte, North Carolina.
Siskey Order Continuing Hearing and Scheduling Order
Order Approving Settlement with Denise D. Rhodes
Order Approving Settlement with Denise B. Rhodes
On February 3, 2018, Joseph W. Grier, III, as Chapter 7 trustee for various Siskey-related entities, filed a motion seeking bankruptcy court authority to enter into an agreement with Diane Siskey (linked below). The proposed agreement calls for the release of $15,000,000 of the escrowed insurance proceeds that Diane Siskey received upon Rick Siskey’s death in order to make an interim distribution to victims of the Ponzi Scheme.
The Agreement represents only a partial resolution of the disputes between the Trustee and Diane Siskey and facilitates an interim, not final, distribution of the proceeds from the Rick Siskey life insurance policies to victims of the Ponzi Scheme. The Trustee and Diane Siskey are actively engaged in negotiations to reach a more comprehensive settlement that would bring this Case closer to a full and final resolution.
A hearing on the Motion is scheduled for March 12, 2018 at 9:30 am in Bankruptcy Courtroom 1-4 in the United States Courthouse, 401 West Trade Street, Charlotte, North Carolina.
DE162 – Motion to Approve Settlement with Diane Siskey to Release A Portion Of Life Insurance Proceeds