Wednesday, August 21, 2019

Receiver To Take Over Oxford Springs in Lamar Adams Case

Clarksdale Bank to pay $4 million 

The Oxford Springs development will have a new owner - the Securities & Exchange Commission.  Receiver Alysson Mills will take over the project as part of a settlement reached with the First National Bank of Clarksdale in the Lamar Adams Ponzi scheme case.
 The SEC is trying to claw back illegal profits earned by Lamar Adams and  promoters of a $164 million Ponzi scheme based on phony timber investments.   Receiver Alysson Mills represents the SEC. She will recover assets, distribute them among the victims, and provide progress reports to the court.  Mills sued  to recover over $16 million in commissions from several "promoters". The promoters allegedly helped Adams sell his phony timber investments to unsuspecting investors. Adams is currently incarcerated in federal prison after he pleaded guilty to one count of wire fraud.   The case is assigned to Judge Carlton Reeves.

Adams used some of his ill-gotten gains to fund developments in Oxford and Starkpatch.  Patrick Sands and Lamar Adams created Oxford Springs, LLC in Delaware.   Mr. Sands is a member of the Hunt family in Dallas.  They obtained two loans for $5.2 million from the bank in 2015 and 2016.  The development was used as collateral.

Oxford Springs was supposed to be a swanky development covering  2,600 acres.  The project included an equestrian center, golf course, town centre, and a 200-acre lake.

Ms. Mills said FNBC is likely to be a future defendant in the Lamar Adams case.  Her motion to approve a proposed settlement states:

In exchange for the Receiver’s release of any claims against FNBC arising from FNBC’s alleged role in the Madison Timber Ponzi scheme (which FNBC denies) and a channeling injunction, FNBC agrees to make a cash payment of $4,000,000.00 to the Receiver and to provide the Receiver with a 60 day “Tender Period” from the “Effective Date” of the Settlement Agreement during which the Receiver may satisfy all outstanding loans by FNBC to Oxford Springs, LLC (“Oxford Springs”), on which $4,552,113 is currently owed, by making a lump sum payment of $4,000,000.00 to FNBC

The value of the proposed settlement to the Receivership Estate is far greater than the $4,000,000.00 cash payment by FNBC and the 60 day “Tender Period” within which the Receiver may satisfy all outstanding loans by FNBC to Oxford Springs, on which $4,552,113 is currently owed, by making a $4,000,000.00 payment to FNBC, as it will result in the Receivership Estate’s owning a 100% interest in Oxford Springs and retaining all of the proceeds from the future sale of Oxford Springs’s property...

The Receiver also threw out this little tidbit:

The Receiver is also mindful that the proposed settlement with FNBC is the first with a party who was not a recruiter for Madison Timber. The Receivership Estate has many claims, filed and to-be-filed, against third parties.
She described Sands as a Madison Timber investor who lost his investment.   Sands and Adams each owned a 47.5% stake in the Oxford Springs project while Michael Billings owned 5%.

Sands agrees to give up his share of Oxford Springs as well as his Madison Timber investment claim in exchange for the bank's release of his guarantee of the loan.   Billings agreed to give his interest to the Receiver.


Anonymous said...

Brad Branscomb with Delta Guaranty Bank in Grenada has not been mentioned lately. He is THE founder of Madison Timber Fund. I’m quite sure he is sweating it out by now. He was also a player in obtaining the funds for Oxford Springs

Cynical Sam said...

You go girl! Keep your claws working overtime.

Anonymous said...

Hats off to Ms. Mills as she was certainly underestimated!

Gucci galore said...

Still confused how Billings got to keep millions of stolen funds

Anonymous said...

Brent Alexander

Jon Seawright

Anonymous said...

What was their development in Starkvegas? Article didn't mention it.

Anonymous said...

Can someone explain what FNBC did to harm victims of the Ponzi scheme-

Anonymous said...

4 million dollars is too beaucoup, 1 million dollars is all my momma will let me spend

Anonymous said...

Nice FMJ reference, 9:47

I wonder how Lamar is getting along in prison without his Yeti cooler and nightly dinners at Doe's.

Is Vivie still living in the JCC *oops* CCJ?

Anonymous said...

What happened to McHenry since April?

Anonymous said...

Hey 11:24, Billings had Andy Taggart representing him....while it is distasteful i want Andy working for me as AG!!

Suscribe to latest on JJ.

Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel


Trollfest '09

Trollfest '07 was such a success that Jackson Jambalaya will once again host Trollfest '09. Catch this great event which will leave NE Jackson & Fondren in flames. Othor Cain and his band, The Black Power Structure headline the night while Sonjay Poontang returns for an encore performance. Former Frank Melton bodyguard Marcus Wright makes his premier appearance at Trollfest singing "I'm a Sweet Transvestite" from "The Rocky Horror Picture Show." Kamikaze will sing his new hit, “How I sold out to da Man.” Robbie Bell again performs: “Mamas, don't let your babies grow up to be Bells” and “Any friend of Ed Peters is a friend of mine”. After the show, Ms. Bell will autograph copies of her mug shot photos. In a salute to “Dancing with the Stars”, Ms. Bell and Hinds County District Attorney Robert Smith will dance the Wango Tango.

Wrestling returns, except this time it will be a Battle Royal with Othor Cain, Ben Allen, Kim Wade, Haley Fisackerly, Alan Lange, and “Big Cat” Donna Ladd all in the ring at the same time. The Battle Royal will be in a steel cage, no time limit, no referee, and the losers must leave town. Marshand Crisler will be the honorary referee (as it gives him a title without actually having to do anything).

Meet KIM Waaaaaade at the Entergy Tent. For five pesos, Kim will sell you a chance to win a deed to a crack house on Ridgeway Street stuffed in the Howard Industries pinata. Don't worry if the pinata is beaten to shreds, as Mr. Wade has Jose, Emmanuel, and Carlos, all illegal immigrants, available as replacements for the it. Upon leaving the Entergy tent, fig leaves will be available in case Entergy literally takes everything you have as part of its Trollfest ticket price adjustment charge.

Donna Ladd of The Jackson Free Press will give several classes on learning how to write. Smearing, writing without factchecking, and reporting only one side of a story will be covered. A donation to pay their taxes will be accepted and she will be signing copies of their former federal tax liens. Ms. Ladd will give a dramatic reading of her two award-winning essays (They received The Jackson Free Press "Best Of" awards.) "Why everything is always about me" and "Why I cover murders better than anyone else in Jackson".

In the spirit of helping those who are less fortunate, Trollfest '09 adopts a cause for which a portion of the proceeds and donations will be donated: Keeping Frank Melton in his home. The “Keep Frank Melton From Being Homeless” booth will sell chances for five dollars to pin the tail on the jackass. John Reeves has graciously volunteered to be the jackass for this honorable excursion into saving Frank's ass. What's an ass between two friends after all? If Mr. Reeves is unable to um, perform, Speaker Billy McCoy has also volunteered as when the word “jackass” was mentioned he immediately ran as fast as he could to sign up.

In order to help clean up the legal profession, Adam Kilgore of the Mississippi Bar will be giving away free, round-trip plane tickets to the North Pole where they keep their bar complaint forms (which are NOT available online). If you don't want to go to the North Pole, you can enjoy Brant Brantley's (of the Mississippi Commission on Judicial Performance) free guided tours of the quicksand field over by High Street where all complaints against judges disappear. If for some reason you are unable to control yourself, never fear; Judge Houston Patton will operate his jail where no lawyers are needed or allowed as you just sit there for minutes... hours.... months...years until he decides he is tired of you sitting in his jail. Do not think Judge Patton is a bad judge however as he plans to serve free Mad Dog 20/20 to all inmates.

Trollfest '09 is a pet-friendly event as well. Feel free to bring your dog with you and do not worry if your pet gets hungry, as employees of the Jackson Zoo will be on hand to provide some of their animals as food when it gets to be feeding time for your little loved one.

Relax at the Fox News Tent. Since there are only three blonde reporters in Jackson (being blonde is a requirement for working at Fox News), Megan and Kathryn from WAPT and Wendy from WLBT will be on loan to Fox. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both and a torn-up Obama yard sign will entitle you to free drinks served by Megan, Wendy, and Kathryn. Get your tickets now. Since this is an event for trolls, no ID is required. Just bring the hate. Bring the family, Trollfest '09 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS.

Trollfest '07

Jackson Jambalaya is the home of Trollfest '07. Catch this great event which promises to leave NE Jackson & Fondren in flames. Sonjay Poontang and his band headline the night with a special steel cage, no time limit "loser must leave town" bout between Alan Lange and "Big Cat"Donna Ladd following afterwards. Kamikaze will perform his new song F*** Bush, he's still a _____. Did I mention there was no referee? Dr. Heddy Matthias and Lori Gregory will face off in the undercard dueling with dangling participles and other um, devices. Robbie Bell will perform Her two latest songs: My Best Friends are in the Media and Mama's, Don't Let Your Babies Grow up to be George Bell. Sid Salter of The Clarion-Ledger will host "Pin the Tail on the Trial Lawyer", sponsored by State Farm.

There will be a hugging booth where in exchange for your young son, Frank Melton will give you a loooong hug. Trollfest will have a dunking booth where Muhammed the terrorist will curse you to Allah as you try to hit a target that will drop him into a vat of pig grease. However, in the true spirit of Separate But Equal, Don Imus and someone from NE Jackson will also sit in the dunking booth for an equal amount of time. Tom Head will give a reading for two hours on why he can't figure out who the hell he is. Cliff Cargill will give lessons with his .80 caliber desert eagle, using Frank Melton photos as targets. Tackleberry will be on hand for an autograph session. KIM Waaaaaade will be passing out free titles and deeds to crackhouses formerly owned by The Wood Street Players.

If you get tired come relax at the Fox News Tent. To gain admittance to the VIP section, bring either your Republican Party ID card or a Rebel Flag. Bringing both will entitle you to free drinks.Get your tickets now. Since this is an event for trolls, no ID is required, just bring the hate. Bring the family, Trollfest '07 is for EVERYONE!!!

This is definitely a Beaver production.

Note: Security provided by INS