Thursday, August 27, 2009

Investors sought TRO against Steadivest

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.

32 comments:

Anonymous said...

Is the million dollar home paid for. If not then how is he able to pay the note on it?

Kingfish said...

Its for sale so I think someone is trying to get out of it.

Anonymous said...

Rumor around pinelake church is the father in law is paying Wolfe's bills.

Anonymous said...

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.

Anonymous said...

That makes Wolfe different from Peach Harmon. She straight up ripped people off.

Anonymous said...

Wolfe stated on his web site that he was opening business branches in Birmingham and Atlanta. How could anyone blow 20 million dollars?

Anonymous said...

How can someone so dishonest be walking the streets and not be behind bars like Madolf?

Kingfish said...

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.

Anonymous said...

KF:

"That name" is still listed under the recent comments in the upper right hand corner of the page.

Kingfish said...

I know. Sorry. Its a software quirk. It will disappear in a few minutes.

Anonymous said...

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.

Anonymous said...

I'm sure his father-in-law is just trying to taking care of his daughter and grandchildren.

Anonymous said...

who is father in law ?

Anonymous said...

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!

Anonymous said...

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!

Anonymous said...

Who is his FIL?

Cotton71 said...

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.

Anonymous said...

Fathers name is Montgomery. Apparently a good guy. Just blinded by institutionalized religion.

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...
This comment has been removed by a blog administrator.
Kingfish said...

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".

Anonymous said...

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.

Kingfish said...

I did zap them dumbass. Go check the other threads.

Anonymous said...

No, dumbass, you did not. Under your "Hmmm" blog there are all kinds of derogatory comments about the FIL.

Anonymous said...

WHOAAAAA. Your really getting hot around the collar KF.... It just keeps getting more and more interesting. Why are you taking this so personal????

Anonymous said...

"Fathers name is Montgomery." Really no names????

Kingfish said...

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.

Anonymous said...

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.

Anonymous said...

It's a Google blog, dumba**. Kingfish has no control over their software.

Anonymous said...

Sounds like a "Wolfe" in sheeps clothing.

Anonymous said...

Wow. 2:36 that was probably the lamest thing I have ever heard.

Kingfish said...

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.


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
.