Responsible for operating corn and soybean farms and liquidating vast real estate holdings throughout Ohio and Florida.
: Appointed Receiver by the United States District Court for the Southern District of Florida over a company engaged in the manufacturing and distribution of natural herbal remedy products and raised money from dozens of investors in violation of federal securities laws.
: Represented the Chapter 11 Trustee of the Louis J. Pearlman, who was the creator and the manager of such musical groups as the Back Street Boys and 'NSYNC, was convicted of running a 0 million Ponzi scheme victimizing hundreds of investors.
The Res Cap Liquidating Trust was established in December 2013 under the Second Amended Joint Chapter 11 Plan of Residential Capital, LLC, et al.
to liquidate and distribute assets of the debtors in the Res Cap bankruptcy case.
In negotiating the settlement, recovered investors' stolen money and all past due trade debt and contractor claims of the resort will be paid in full.
Upon court approval, the settlement funds allow for completion of construction of the Jay Peak Resort, northern Vermont’s largest employer.
The case involved novel issues of international jurisdiction and banking law.
: Served as Liquidating Trustee of Omni Capital, Ltd., a company engaged in a million Ponzi scheme.
Michael has served as court-appointed receiver in many of his cases over the past two decades, helping victims maximize potential returns by identifying, securing, and monetizing potential assets as quickly and efficiently as possible.
Regarded as a thought leader on fraud, Michael has appeared on CNN, CNBC, Fox News, and National Public Radio to discuss Ponzi schemes and receiverships.
The Liquidating Trust, through its agents, shall wind down the affairs of and dissolve the Debtors and their subsidiaries including the Non-Debtor subsidiaries.
The most current financial information can be found in the Consolidated Financial Statements section of this website. Ray III was appointed Liquidating Trust Manager (“LTM”) on November 18, 2016. Ray served as Chief Counsel to the Trust from September 2015. Ray is Senior Managing Director of Greylock Partners, LLC. Ray has served in various capacities with respect to Chapter 11 bankruptcy estates. Ray served as Chief Restructuring Officer of Overseas Shipping Group and from 2014 to 2015, Chairman of the Board of Overseas Shipping Group. Ray has served as the principal officer of Nortel Networks, Inc. Ray served as the Chairman of the Restructuring Committee of the Board of GT Technologies. Ray was Chairman of the post confirmation Board of Enron Corporation and, from 2005 to 2009, President of post confirmation Enron Corporation.
Michael has managed some of the largest Ponzi scheme liquidation recoveries in U. As noted in , his peers call him "an extraordinary lawyer who is unflappable.