Baker Hostetler partners Brian Bash and Kelly Burgan were included in the August 3, 2010, story, “Fair Finance Loans Paint a Grim Picture,” which is posted on Ohio.com and Crainscleveland.com and published in the Akron Beacon Journal.
The article detailed a meeting that was held on Monday, August 2, 2010, at the Akron City Centre Hotel Monday in Akron, Ohio. The purpose of the meeting, which was presented by the Trustee, Baker Hostetler attorney Brian Bash, was to update the creditors of Fair Finance Co. on the company’s legal proceeding.
According to the story, the Trustee explained to a large group of predominately seniors, some of the reasons that Fair Finance failed. He told the crowd about a forensic accounting of Fair Finance's books that shows that co-owner Timothy Durham loaned most of the money he got from Fair Finance to himself, friends and failed businesses. How much, if any, of the money is available and can be returned to Fair Finance's creditors, who include investment certificate holders, remains to be seen. “It appears there is very little hope of repayment,” Bash said. “We have to find out where the money went. It's a trail. It's an investigation,” Burgan said.
The Trustee went on to say that in order to get any money back at all, creditors must fill out an official “proof of claim” form in time to be received at the proper California address no later than October 8. The purpose of the form is for creditors to tell the Trustee how much they think Fair Finance owes them.
The Trustee also explained to the group that he is sharing information with federal and Ohio enforcement officials who he believes are conducting their own significant investigations into Fair Finance and that no one has been arrested or charged to date.