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Mass Joinder Update – Office Furniture to be Sold

The official receiver for the California action against companies marketing mass joinder suits has posted an update.

Receiver Seeking Court Approval to Dispose of Furniture and Equipment and Return Leased Offices to Landlords

The Receiver has applied to the Court for formal approval to commence the process of shutting down the various office sites of Defendants and returning the premises to the respective landlords. As part of that process, the Receiver will dispose of furniture and equipment on site acquired by Defendants as part of the business enterprise. The Receiver’s application will be heard on Monday, October 3, 2011.

The physical office spaces which are asked to be liquidated are:

  • 30 Corporate Park, Suites 455-465 and Suite 400, Irvine
  • 2975 Red Hill Avenue, Suite 100, Costa Mesa
  • 1800 East Gary Avenue, Suites 203 and 207, Santa Ana
  • 5855 Green Valley Circle, Suite 209, Culver City
  • 3151 Airway Avenue, Suite F-200, Costa Mesa
  • 151 Kalmus Drive, Suite D210, Costa Mesa
  • 6345 Balboa Boulevard, Suite 138, Encino
  • 23901 Calabasas Road, Suite 2006, Calabasas

    The receive is asking for permission to liquidate the properties and contents because it was determined that “all of these enterprises [run by the Defendants] are so intertwined in illegal fee-splitting, deceptive advertising, and illegal loan modification services that they could not be continued lawfully or profitably.” – Source

    The receiver is additionally moving to have the mass joinder office locations closed in an effort to try to protect funds to return to consumers.

    “The likely result of this is that the landlords will never be paid, or if they are paid, it will come at the expense of the consumers that Defendants are alleged to have victimized through unlawful practices.”

    In a disappointing note the receiver is already indicating there will probably be insufficient funds to refund consumers.

    “…as there are limited and almost always insufficient funds to repay the consumers. This certainly appears to [be] the case here.”

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