The trustee for bankrupt Fair Finance Co. has collected nearly $6 million that is sitting in a money market fund, according to the latest status report on the years-long case.
A monthly status conference is scheduled for 9:30 a.m. today in U.S. Bankruptcy Court in downtown Akron in the $200 million fraud case.
Since last month, trustee Brian Bash said he has collected nearly $3.7 million for the estate. The bulk of the money — $3.55 million — is from a civil settlement with former Fair Finance Co. owner Donald Fair, Bash said. Fair in 2002 sold Akron-based Fair Finance, which bought and managed accounts receivables from other businesses, to two Indiana businessmen, Timothy Durham and James Cochran.
Durham and Cochran, along with company employee Rick Snow, were convicted last year on federal criminal charges of defrauding more than 5,000 Ohio residents out of more than $200 million. Durham was sentenced to 50 years in prison; Cochran was sentenced to 25 years; Snow received a 10-year term.
As of April 17, the balance in a money market fund set up for the bankruptcy case totaled $5.93 million, Bash said.
Bash said he continues to pursue collecting on 35 default judgments totaling almost $48.4 million. He also said he is pursing lawsuits in California, Indiana, South Carolina, Georgia and Mississippi.
Jim Mackinnon can be reached at 330-996-3544 or firstname.lastname@example.org.