A tipster (send in your tips here) sent in a copy of a recent court filing in Texas in the mosh pit of lawsuits between Lloyd Regner v. David Glenwinkel and Nisco Enterprises and Kevin Devoto v. Lloyd Regner, ABC Administrative Services, ABC Debt Relief, The Debt Answer, and Stephanie Cherwin.
According to the court documents, Devoto, Regner’s former partner in these enterprises, requested that a receiver be appointed to take over the companies. No decision has been made in that request.
However, consumers should be aware of a couple of statements/allegations contained in the documents, “The condition of the Companies has since deteriorated. On September 13, 2012, the Companies’ lawyer sent the Plaintiffs’ attorney a letter, a true and correct copy of which is attached hereto as Exhibit A, giving notice that Lloyd Regner was again loaning the Companies money in order to make payroll.
Based on this most recent development, it is clear that the Companies cannot continue as viable entities. Accordingly, Plaintiffs renew their request that a receiver be immediately appointed to rehabilitate and/or liquidate the Companies.” – Source
While the letter attached as an exhibit does not expressly say the loan will be used for payroll, it does say, “In order to fund continued operations of the Borrowing Entities, it has become necessary for Regner to enter into a short-term, first lien secured, revolving credit loan with the Borrowing Entities.” The Borrowing Entities in this case are ABC Administrative Services, LRKD Auto, The Debt Answer, ABC Debt Relief, CRLK, and Lone Star Management and Development.
The Debt Answer and ABC Debt Relief Clients Facing an Uncertain Future by Steve Rhode
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