Cleveland partners Brian Bash and Kelly Burgan were quoted in the June 26, 2010, Akron Beacon Journal article, "FBI Seizes Fancy Cars from Fair Finance Co-Owner."
Bash is the court-appointed trustee in the bankruptcy of Fair Finance, a 76-year-old Akron, Ohio, based investment company which ceased doing business after an FBI raid in November 2009 with over $200 million owed on investment certificates. Burgan is legal counsel for Bash in the matter.
According to the article, FBI agents seized exotic and luxury cars that Fair Finance co-owner Timothy Durham owned. Fair Finance creditors will get the proceeds from the sale of any of the valuable cars owned by Durham, Bash said. He also said he retains liens on Durham's vehicles and most of the vehicles are with an auctioneer who specializes in antique and exotic cars.
"We are most hopeful and appreciative the government seized these assets to protect our investors." Bash said. "The fact they [the FBI] seized them is not troublesome." Bash and Burgan said that the FBI told them about the raids and that they have been exchanging information. A day after the raid, they were still trying to determine how many vehicles the FBI seized, Burgan said.
Burgan and Bash said they have liens on 20 to 21 Durham-owned vehicles, including possession of the titles. Burgan said they believe they have liens on the vehicles seized by the FBI. "Our exchange of information is ongoing," Burgan said. While the FBI was not acting on behalf of the trustee by seizing the vehicles, they share the goals of saving, preserving and protecting assets for the investors, she said.
We're pretty sure we have titles to all of the vehicles Durham says he has," Burgan said. Fair Finance investors will get the benefit of the proceeds of any vehicle sales, whether the trustee does the sale or the FBI does, she said.