Under the heading of ironic debt relief outcomes, one of the major debt settlement players, World Law Debt and Orion Processing, recently filed a Chapter 11 bankruptcy proceeding. I guess their debt issues were beyond settling.
This matter came to light when a reader asked me to look at a notice they received in the mail.
According to court documents, the real people behind World Law Debt and World Law Processing is Orion Processing, LLC. They filed for protection from their creditors on February 27, 2015.
The company says they have between $1 million to $10 million in liabilities and between $500,000 and $1 million in assets.
The company is represented by Jerome Brown of The Brown Law Firm, Victoria, Texas.
David Klein is listed as the Chief Operating Officer of the World Law / Orion Processing, enterprise.
According to a tax return included in the filing, Derin Scott and Shanon Scott are/were both officers of the company. – Source
The most recent case update, filed a few days ago, provided an operating report from February 27 to March 31, 2015.
Orion processing says they have not paid all their bills on time during the current reporting period.
The income listed for the period is $297,325 with expenses of $317,557. The profit for the month was -$20,252 and the company says they have $24,329 in cash on hand. Although the company projects a cash profit for the next month. And their actual income was $47,325 higher than projected.
From the included reports it appears the companies paid for limo fees, office promo gift cards, management fees to something called FCIAM (David Klein’s email address is listed as being @fciam.com), a number of office expenses for Rick Figueroa and Ben Bretz, and travel for Dave and Derin. – Source
So kind reader, thanks for asking. There is more in the public court records on the case but this will give you the basics from my quick inquiry.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.
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