No Apparent Honor in Debt Settlement. Kevin Devoto Sues Lloyd Regner

Kevin Devoto and Lloyd Regner have appeared in a number of stories over the years. Generally they were associated with Lloyd Ward in some sort of related enterprise or lawsuit. But the tides have apparently turned.

A tipster (send in your tips here) just forwarded to me a suit that was filed in Texas on March 12, 2012 by Kevin Devoto against Lloyd Regner. It appears the party is over and a massive falling out has occurred between these old compatriots.

The suit is actually NISCO Enterprises and Kevin Devoto v. Lloyd Regner, ABC Administrative Services, CRLK, LRKD Auto, R&D Market Development, Regdev, ABC Debt Relief, The Debt Answer.

Once you learn what the suit states I think you’ll agree it looks like there will be no kissing and making up between the two.

Here is what the suit alleges.

“Since at least May 2007 until December 31, 2011, Devoto and Regner were engaged in an ongoing business relationship. Throught the course of this relationship Devoto and Regner created as co-owners and members the above Entities, with Devoto and Regner each holding, either directly or indirectly in trust, a legal interest equivalent to a 50% ownership interest in each of the Entities.”

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According to a statement in another case filed against Lloyd Ward, “Ward is entitled to payments and owns account receivables from ABC Debt Relief, Ltd. Co, Best Debt Options, the Glenn Family Trust, Lloyd Ward, P.C., Lloyd Ward & Associates, CKLK, LLC, LRKD Auto, LLC, and Ward Holdings, Inc. among others.” – Source

You can read more about the case that statement came from at Receiver Asked to be Appointed in TX to Collect Judgment Against Lloyd Ward Judgment Debtors.

Up to as recently as January 13, 2012, David Glenwinkel, managing member of NISCO, communicated on multiple occasions with Regner personally and through his counsel, Gregory Shamoun and Brian Norman at Shamoun & Norman, regarding NISCO’s intent to purchase 100% of Devoto’s 50% ownership in all of the Entities. NISCO was going to pay Devoto 50% of the future net distributable profit, but not less than $10,000 per month.

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Craig Beling, trustee of NISCO’s owner, GreenTree Capital Management Irrevocable Trust, discussed the sale of Devoto’s ownership with Norman as well. Regner failed to object to the transfer.

The purchase agreement between Devoto and NISCO was signed on January 1, 2012. In mid-February, 2012 Lloyd Regner “removed Rick Longo, an employee of the Entities, from his position as COO and CFO of the Entities.”

“Since the date of Mr. Longo’s removal, Plaintiffs have been denied access to any information regarding the business operations of the Entities, including whether, to who, and for what reasons any monies have been received by or distributed from the Entities. Plaintiffs have also been cut off from the distribution of proceeds the Entities have historically made to their members on a monthly basis.”

“Regner has refused to acknowledge the sale of Devoto’s interest to NISCO, stating that, in his opinion, Devoto remained the true owner of the remaining 50%.”

You can read the full suit and exhibits here.

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