Report of Status Conference

At the November 14, 2018 court status conference, Joe Grier, Chapter 7 Bankruptcy Trustee, reported that the parties – the bankruptcy trustee, Diane Siskey, Jenna Negrelli, Lane Williamson as Administrator of the Estate of Rick Siskey, Stone Street Partners, Paul Porter, Dawn King, Met Life and its related entities –  spent two days in mediation in September and since then have worked daily on outstanding issues, all with the assistance of the mediator Ed Dobbs and with the participation of the S.E.C.    Mr. Grier reported that he believes the parties have agreed in principal on resolution of the economic terms of a settlement and that settlement documents have been circulated amongst the parties.   The proposal contemplates a chapter 7 settlement, not a chapter 11 plan and would allow for distributions in the three Ponzi cases as well as in Sharon Road Properties.  Several issues remain outstanding which require further discussion and negotiation and must be resolved if a settlement is going to be reached.  Mr. Grier could  not predict a time frame for resolution or impasse on the remaining issues.    Mr. Grier reported that if a settlement is reached, a motion will be filed with the court with a copy of the settlement agreement which will ask the court for approval after notice to investors and all parties in interest.

A status conference is scheduled for December 17, 2017 at 9:30 am in bankruptcy courtroom 1-4 of the Charles Jonas Building, 401 W. Trade Street, Charlotte, NC  28207

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