Tuesday, December 3, 2019

Madison Timber Update: Receiver Calls Bluff

SEC Receiver Allyson Mills asked victims of Lamar Adams' phony timber investment scheme to assign to her their rights to recover against parties such as Butler Snow and Baker Donelson.  A copy of a letter sent to the victims is posted below.

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 in recovering assets for later distribution to the victims.  Her efforts include suing promoters who received commissions as well as the Butler Snow and Baker Donelson law firms.  Adams is incarcerated in federal prison after he pleaded guilty to one count of wire fraud.

 Lord Snow asked the Court to dismiss her lawsuit and order both parties to submit to arbitration.  U.S. District .  The Ridgeland law firm posited the Receiver stood in the shoes of Lamar Adams instead of the victims.  Thus the arbitration agreement applied to her since she did not represent the defrauded investors.   Judge Carlton Reeves said nice try and dismissed Lord Snow's motion to dismiss.  The powerhouse law firm appealed to the Fifth Circuit Court of Appeals.  Baker Donelson as well as other defendants made similar arguments in their responses.

Ms. Mills stated in her letter:

I have discussed the issue with many of you already and thank you for your input and support. The consensu is that, to avoid the continued litigation of the issue in this and other lawsuits, investors who choose to do so will execute an assignment. The assignment states that, in aid of the Receivership Estate's recovery, the investor assigns his or her rights against the defendants to the Receivership Estate, whose purpose is to recover money for defrauded investors. I have already received assignments from investors representing more than half of the total principal due under outstanding Madison Timber promissory notes (more than $43 million worth) and I expect more.

Ms. Mills wrote she amended her complaint against Baker Donelson to state that she had standing to sue the law firm or any other parties to recover Madison Timber money because she is the court-appointed receiver and investors executed assignments giving her the right to sue on their behalf.



Kingfish note: By now, some of you are getting tired of eating the same microwave popcorn.  Here is a tip.  Go to the grocery store.  Buy coconut oil, Ghee clarified butter, and a bag of yellow popcorn.  Popcorn salt wouldn't be a bad idea although the Flavocal available online is much better and is what is used in theatres.  Might as well do it right if you're going to keep up with this mess.







15 comments:

Anonymous said...

She's wearing down. I knew it would happen.

Anonymous said...

Thanks for the popcorn tip, KF. I have tried (unsuccessfully) for years to come close to picture-show popcorn. I sure wish these places had drive-thru popcorn purchases.

Anonymous said...

It doesn't look like she's wearing down to me.

It is a common tactic for big law firms, with all of their limitless resources, to stretch out the case and run down the clock. They count on the lack of patience on the part of the plaintiff. It looks like Ms. Mills is simply hitting whatever is served back across the net. With the significant number of investor's assignments she has in hand, I would read that to indicate that she plans to be in this for the long haul.

Anonymous said...

The investors should wake up every morning and thank their lucky stars that a Mississippi based attorney wasn't appointed Receiver. The Mississippi good old boy network would of rolled all over them.

Anonymous said...

Mills' claims against all these firms are precision nuclear missiles. I suppose we are seeing so little activity on the litigation side because the insurers (ALAS and others) are trying to decide how much each has to pay for BS, BD, Banks, etc. I would love to see a few depositions to be honest....so many unanswered questions.

Anonymous said...

Huh? She's not wearing out, she's gaining momentum.

Anonymous said...

beware the universal law of unintended consequences. now all the names come out and defenses of due diligence (i.e. you're an idiot, investor), reasonable reliance on unrecorded deeds, etc. She just opened herself up.

Anonymous said...

This case will go to the World Court in The Hague before BD and BS will pay anything.

Anonymous said...

There is something Mills has that could make BS and BD a distant memory and our children will have only heard of them? This could be huge? Anyone heard if the jury made a decision on McHenry?

Anonymous said...

I applaud her and Judge Reeves for their honor and courage. Mills is not backing down as far asI see it. Anyone who played a part in defrauding anyone deserves a jury trial if they so choose by not being forthright whether a bank, law firm, insurance or whomever!

Anonymous said...

McHenry is hanging his hat on the 'snitch' nail. Ain't no jury involved in his fate.

Anonymous said...

Good for her. It really had to be a "her" too. The lazy ass good ole boy attorneys would have folded already at the mention of Butler Snow. This woman has balls and I wish her success in recovering funds from these dirt bags.

Anonymous said...

Did she include Ole Miss in this? Cause he gave some money to them....and would that be to help pay for the “Coach Formerly Know and Culturally Sensibility Luke” and his staff? I know, I know...I stepped in a pile of crap and didn’t mean to...just wantin to know fellers. Alright, Roger. Wilco aaaannnnnd OUT

Anonymous said...

7:09, Ole Miss has already returned the money. It was some time ago. Nice try though.

Anonymous said...

The KF hisownself wrote, "By now, some of you are getting tired of eating the same microwave popcorn. Here is a tip. Go to the grocery store. Buy coconut oil, Ghee clarified butter, and a bag of yellow popcorn. Popcorn salt wouldn't be a bad idea although the Flavocal available online is much better and is what is used in theatres. Might as well do it right if you're going to keep up with this mess."

I am REALLY getting tired of having to explain the obvious to a bunch of amateurs. Just head to the nearest theater and offer to trade the kid working the counter a grand or two in timber deeds (or elegantly simple and risk-free concert tickets - be creative!) for a supersack of the actual movie theater popcorn. It's simple (and elegant!), it obvious works in the Jackson region even on - ahem - savvy folks, and clearly, totally apropos to the situation. Sure, the kid may lose his job, but isn't screwing those looking to get a dollar out for a dime in what this whole film noir is about? Plus, it might even teach the mark, er, investor, er, victim a good life lesson.

Suscribe to latest on JJ.

Recent Comments

Search Jackson Jambalaya

Subscribe to JJ's Youtube channel

Archives

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
.