Thursday, April 29, 2021

Receiver Seeks to Distribute $17.5 Million to Lamar Adams Victims

 SEC Receiver Alysson Mills asked a federal court to approve a distribution of $17.5 million to Madison Timber victims.

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.

Ms. Mills stated in her memorandum in support of the motion to approve the first distribution: 

The 485 promissory notes with amounts still due reflect $155,822,000 in total principal investments and require Madison Timber to make approximately $176,118,181 in total monthly payments. Before its accounts were frozen, Madison Timber made approximately $75,919,744 in monthly payments pursuant to the 485 promissory notes. The total amount still due under the 485 promissory notes—the Receivership Estate’s debt to investors—is approximately $100,198,437. 

She asked for an additional $500,000 to be reserved for victims who were truly facing hardships such as elderly people living on fixed incomes.  

 U.S. District Judge Carlton Reeves set a hearing on the motion on May 17.  


Anonymous said...

Still no names of investors. I wonder why?

Anonymous said...

all the low hanging fruit has been picked-

Anonymous said...

Seawright still able to send his kid to Rhodes College this fall

Keep fishing said...

That’s peanuts. She needs to throw the line back out

Anonymous said...

a little more than 10%. Let them eat cake.

Elderly person, on a limited income said...

I have sympathy for and concerns about "elderly people" and those living on "fixed incomes" but this political correctness of reserving some of these funds for those folks (who would include me, except I didn't have money to invest in anything, much less a ponzi scheme) is pure bullshit.

They had tens of thousands that they were willing to 'invest'. Invest means taking a risk - in any investment, you must be willing to suffer a complete loss, which they did.

Why in the sake of justice do the "elderly", living on "fixed ncomes" (which includes dollars made from investments, evidently) deserve a set-aside?

Anonymous said...

Have Trustmark pull and show copies of wires sent and what Officer signed off. Also who prepared wire.

Anonymous said...

Probably coerced and not with full capacity such as dementia.

Anonymous said...

Something struck me odd as I scanned this hot mess. read paragraph 2 on page 5. and then read it again. the 485 notes have received 1/2 of their principal investment in payments. That's a 50% recovery for people that probably rolled their $ back into the scheme several times and have little if any real loss. the "balance" due is the other 1/2 and PROFIT. She's trying to recover the profit. Why isn't that 50% clawed back for an equitable redistribution? How many times did the 485 notes roll their profits? no transparency here. This whole thing stinks

Anonymous said...

That amount, in total, is less than McHenry pocketed. Good farking grief!

Anonymous said...

Does Thornton have to give back any of his commission????

Madison county said...

Luckily, I invested early and received my guaranteed money for several years. I eventually lost some, but no as much as I put in.. Thanks Lamar.

Anonymous said...

Yeh. I’m living off the interest my returns made. Greatest investment I ever made. Risky, but great. Eating cake every night.

Anonymous said...

How has Pinnacle Trust escaped scrutiny? Stacy Wall and Adam’s were best friends.

Anonymous said...

Same question about McHenry!

Anonymous said...

McHenry is a free man. Y’all should stop asking about him. They’re done with him.

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