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).

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s