Copy of Petition for Temporary Restraining Order against Steadivest
Several plaintiffs filed a Petition for a Temporary Restraining Order against Steadivest in Rankin County Chancery Court on March, 20, 2009. Steadivest is a "family" of companies operated in Pearl by Marshall Wolfe and was the subject of a post yesterday about its problems in bankruptcy and suspected fraud. Rick Lacey, Mike Yarbro, Sue Yarbro, MYSY Rental, Inc.,, A.J. Warren III sought relief from the Court against Steadivest and Mr. Wolfe. The petition states:
"Plaintiff Rick Lacey is a member and minority owner of Steadivest, LLC. ....
Plaintiffs Mike Yarbro, Sue Yarbro, MYSY Rental, Inc., Mike Lacey, and A.J. Warren, III are creditors of Steadivest, LLC.....
Defendant Marshall Wolfe made material misrepresentations to induce the Plaintiffs to invest and/or loan money to, or for Steadivest, LLC. Certain of the representations made by Wolfe were, upon information and belief, either intentionally, or negligently, inaccurate. These acts on the part of Wolfe have and will continue to adversely impact the Plaintiffs and others similarly situated.
Upon information and belief, the Defendants, individually and collectively, have committed waste of the assets of Steadivest, LLC and have failed to act in the best interests of the subject LLC, its members, and its creditors to the extent that the LLC is no longer able to meet its financial obligations. Moreover, Marshall Wolfe individually has admitted that Steadivest, LLC and its subsidiaries are in financial peril.
Plaintiffs have rightfully requested a financial accounting and audited financial statement concerning the condition of Steadivest, LLC from Defendant Wolfe on many occasion between October, 2008 and March 18, 2009. Defendant Wolfe, on behalf of Steadivest, LLC, has wholly failed and contumaciously (Give that word to O'Reilly or the Hot for Words girl) refused to produce the requested documentation to Plaintiffs."
The petition sought to bar Wolfe from any contact with Steadivest and keep him from withdrawing any assets from the company. It also asked the Court to bar him from the premises as they feared documents would be destroyed. The TRO request was never adjudicated as Mr. Wolfe filed a Suggestion of Bankruptcy in response to the petition on March 25, 2009, citing his filing a petition for bankruptcy in Bankruptcy Court on March 23, 2009. The response was successful as federal law provided an automatic stay of this legal action against Steadivest. The plaintiffs however, filed a motion shortly afterwards asking the Court to convert the Chapter 11 filing to a Chapter 7. They argued Mr. Wolfe only filed bankruptcy for one of his companies and was using the Court as a shell game of sorts to stick one company with the bad debts while he continued to operate his other companies (Companies that all had the same address, same owner, and were in the same industry.). The Court agreed and ordered the conversion to a Chapter 7 filing.
I wrote yesterday this case raised every red flag possible for a case of suspected fraud. Sources have told JJ the amount of money investors lost was close to twenty million dollars (A list of the debts has not been released by the Court yet.) and that Mr. Wolfe claims his company collapsed because of the subprime lending meltdown. If this is true, nothing could be further from the truth as when Mr. Wolfe was producing his slick little videos last year, subprime lending had already disappeared in the mortgage industry.
Mr. Wolfe took money from local investors (many of whom went to church with him at Pine Lake Baptist Church) to lend out to individuals interested in purchasing cheap properties in the Jackson area to either rent out or "flip". Mr. Wolfe never financed more than 65% loan to value on the property, which put his company in a good position in case of foreclosure (This is verified on his website.). Mr. Wolfe charged the borrower 3% monthly and guaranteed a return to his investors. Unfortunately, Mr. Wolfe liked to live the good life as he bought a million dollar home in the Palisades and was known for his extravagant living while his investors' money disappeared. If this storyline sounds familiar, it should as regular JJ readers will remember the Linda Harmon story reported earlier this year on this website. One can only hope Mr. Wolfe is not the Mississippi Madoff as this story develops.
Thursday, August 27, 2009
Investors sought TRO against Steadivest
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32 comments:
Is the million dollar home paid for. If not then how is he able to pay the note on it?
Its for sale so I think someone is trying to get out of it.
Rumor around pinelake church is the father in law is paying Wolfe's bills.
Father-in-law, please note: This is NOT a failed business, it is a PONZI scheme. He used money from NEW investors, to pay the OLD investors.
That makes Wolfe different from Peach Harmon. She straight up ripped people off.
Wolfe stated on his web site that he was opening business branches in Birmingham and Atlanta. How could anyone blow 20 million dollars?
How can someone so dishonest be walking the streets and not be behind bars like Madolf?
Took it down because that name has not appeared anywhere and I'm not going to see it dragged into this mess until I see something. There is plenty enough to chew on without going into that direction.
KF:
"That name" is still listed under the recent comments in the upper right hand corner of the page.
I know. Sorry. Its a software quirk. It will disappear in a few minutes.
PUT HIM IN JAIL- NOW! HE SHOULD NOT USE THE CHURCH FOR HIS FINANCIAL GAIN AND HIS FATHER IN LAW IS STUPID FOR BAILING OUT A CROOK.
I'm sure his father-in-law is just trying to taking care of his daughter and grandchildren.
who is father in law ?
One of the investors listed that lost a substantial amount of money is Wolfe's brother in law. Very interesting how he conned his own family!
No limits to whom Wolfe manipulated his scheme on to support the life style he and his wife so desperatley sought. Includes Wolfe's mother, brother, in laws and wife's grandmother. The wife and in laws are still in support of Wolfe!
Who is his FIL?
I knew Marshall years ago in high-school. He was a model citizen. His personality was downright arrogant and abrasive but he was the kind of guy you respected. He went to the Air Force Academy. He had a reputation for being smart and hard-working back then. This is mind-boggling if true. Marshall was always such a scrapper. It seems like to me he probably got behind and tried to make it up and all it did was get worse. I feel sorry for the people who lost money. I recognize some friends' names there too.
Fathers name is Montgomery. Apparently a good guy. Just blinded by institutionalized religion.
Keep the family fights off of here. I know one of the plaintiffs is the brother-in-law of Mr. Wolfe and they are fair game but the father-in law, the wife/sister, and other family members are not the issues here nor have their names been mentioned anywhere.
By the way, Mr. Montgomery Jr. did NOT alert me about Steadivest nor did any friends or associates of his. Aside from filing lawsuits, which were joined by several other people, show me where he has brought this "to the public".
Than why aren't you zapping the comments about the FNL and wife/daughter? Don't you find it interesting that JR is estranged from the other plantiffs? Why should anyone have to show YOU where or how he brought this to the public? What difference does that really make now?
You seem quick to defend him, I find that most interesting.
I did zap them dumbass. Go check the other threads.
No, dumbass, you did not. Under your "Hmmm" blog there are all kinds of derogatory comments about the FIL.
WHOAAAAA. Your really getting hot around the collar KF.... It just keeps getting more and more interesting. Why are you taking this so personal????
"Fathers name is Montgomery." Really no names????
Because I zapped a bunch of posts in the last hour that were dragging the family into it and this numbskull lied about it. I'd taken down the entire Hmmm... post this morning and for some reason it popped back up. Blogger can be quirky sometimes and have no idea how it popped back up but its gone for good now.
Frankly, I really don't care who is estranged from who or what is involved in the family drama. For me the interest is real estate/investment fraud which any regular reader of this website can tell you is something I've covered for quite awhile.
numbskull lied? which one?
"That name" is still listed under the recent comments in the upper right hand corner of the page.
August 27, 2009 5:17 PM
Kingfish said...
I know. Sorry. Its a software quirk. It will disappear in a few minutes.
Your software is a good excuse, you are losing credibility by the second.
It's a Google blog, dumba**. Kingfish has no control over their software.
Sounds like a "Wolfe" in sheeps clothing.
Wow. 2:36 that was probably the lamest thing I have ever heard.
I explained the comments quirk in google on the hmmmmm...... thread which is no longer posted. Of course, if that person had read that thread as closely as she had claimed, she would've known that.
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