Cleveland partner Kelly Burgan was quoted in the April 6, 2010, Akron Beacon Journal article, "Thousands Sink Funds into Akron Company: Churches, Seniors, People Saving for College Seeking Money from Fair Finance."
According to the article, Fair Finance, the 76-year-old Akron-based investment company is bankrupt. Because of the company's long history, many thought it to be a safe investment. The list of 5,364 creditors names are now posted on the Web site for U.S. Bankruptcy Court in the Northern District of Ohio. The list reveals the magnitude of the losses in the Akron-Canton area, where 85 percent of the creditors in the $200 million bankruptcy case live.
"The list of creditors is believed to be complete,” said Burgan, legal counsel for Fair Finance's court-appointed trustee, Cleveland lawyer Brian Bash. "The bulk of the creditors are investors—people or organizations who bought investment certificates from Fair Finance," Burgan said. "A small number of creditors are vendors, dealers, landlords and others that had a business relationship with the company," she said. "There's a fairly significant Amish contingent," Burgan said.
An Akron Beacon Journal analysis of court records shows 4,580 of the creditors are in Summit, Stark, Medina, Portage and Wayne counties.