GVA Appointed As Special Litigation Counsel to Chapter 7 Trustee
GVA was recently appointed Special Litigation Counsel to the Chapter 7 Trustee in a large Orange County bankruptcy filed by the scandal-plagued former head of an Irvine-based savings and loan seized by the federal government in the 1980’s. The debtor filed a bankruptcy petition listing just $500 in assets and more than $14 million in debts. The debtor previously filed a Chapter 7 bankruptcy petition in 1993 in which he listed less than $800,000 in assets and $24.2 million in debts.
The debtor is alleged to have established numerous sham trusts and interlocking shell companies with the help of an asset protection lawyer and former business partner to hide assets from his creditors and state and federal taxing authorities. GVA was retained to forensically investigate this complex and interwoven maize of trusts and companies to find the debtor’s hidden assets, determine if any assets should be recovered for the benefit of the debtor’s legitimate creditors and to file and prosecute actions to turn over those assets to the Chapter 7 trustee.