The court appointed receiver has just published a report in the Brookstone Law case. Brookstone Law was a mass joinder effort to sell mortgage relief to consumers. In the end, people lost loads of money and not much, if anything, was ever resolved.
According to the report there is little left to even afford to pay to dispose of the stuff left behind. The Receiver says, “we identified very little in receivership estate assets. At the time of that report, the amount identified was $68,581 in the business Asset Freeze Accounts. Last week, we learned that $20,000 in cash was removed from Brookstone’s bank account on June 3, after Mr. Kutzner had been given a copy of the TRO and was aware of the asset freeze. We notified Mr. Kutzner’s counsel and he was able to
very quickly arrange for the cash to be returned. We see no evidence of additional
assets. Unfortunately, the frozen funds will not cover the expenses incurred by
the receivership to date and we anticipate there will be a substantial deficit to bring
the receivership to a conclusion.” – Source
The stuff remaining that could be liquidated to try and raise refund money for consumers, appears to be of little value. Even the computer equipment, after the hard drives are removed, will be recycled.
It looks like it is all trash, minus the seven used large screen televisions.
[documentcloud url=”http://www.documentcloud.org/documents/2992777-Brookstone-Law-Receiver-Update.html” sidebar=false text=false]
It’s amazing that these things never get any less sad for me in covering them.