At the time of his bankruptcy filing his filing was missing a number of documents. Those have subsequently been filed.
The updated documents show:
Ed Cherry owns personal property of $5,275 but lists liabilities of $81,304,142.
He owes $1,278,629 in taxes and certain other debts owed to governmental units.
Despite being associated with Fidelity Land Trust, Cherry lists no real property owned.
He lists $60 in his pocket and $32.90 in the bank with Suntrust.
As far as assets go he says he owns a 33.3% interest in Hess Kennedy Chartered in the British West Indies which has been in receivership since 2008. He also lists 100% interest in Growth Capital Funding which is worth $176.81 and 100 percent owner of Zion Partners Irrevocable Trust that is worth $497.50.
When it comes to liabilities he lists
Raquel Cherry for child support.
IRS – 2007 income taxes = $574,272
IRS – 2088 income taxes = $661,356
IRS – 2009 income taxes = $14,000
IRS – 2010 income taxes = $29,000
Chase Bank from a lawsuit = $72,000,000
Commissioner of Internal Revenue Florida = Unknown
Coneca Properties = $250,000
Daniel Stermer as Hess Kennedy Receiver, Judgement Lien = $6,539,884
Florida Attorney General Consent Judgment = Unknown
When it comes to income Ed Cherry claims he is self-employed and has money coming in as trustee of Zion Partners Irrevocable Trust. Cherry lists his self-employed income as $5,000 per month and his trustee income as $10,000 per month.
He claims that despite of earning $15,000 per month he is negative $1,735 per month. His expenses are shown below.
Ed Cherry says his income in 2010 and 2011 was $120,000 from being self-employed. For 2012 he says his income year to date is $30,000 even though he lists $15,000 per month in current monthly income. Must have been a rough year before this month then.
But here is the odd thing. Cherry says that in 2012 his actual income has been $25,000 + $50,000 for $75,000. He reports his net income has been $17,500 + $35,000 which equals $52,500. – Source
Cherry lists his lawsuits as:
Cherry also lists a relationship with Fidelity Land Trust Company.
Ed also states he has only been an officer, director, partner, or managing executive of the following businesses. – SourceEd Cherry Chapter 7 Bankruptcy Update by Steve Rhode