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.