ANGELOS’ BANKRUPTCIES

“You get back on your feet, you figure it out, and you move on.”  Kerry Angelos

 

But what about all the people, businesses, corporations, banks, families, business owners, investors, contractors, suppliers, etc. that Angelos failed to pay?  How do these victims recover from Angelos not paying them what he legally owes?  How do they move on?

 

Bankruptcy I:  Voluntary Petition

May 3, 1989

Chapter 7, complete dissolution

Oregon #89-31984

Editor’s Opinion:  Kerry Angelos learned from this just as he testified.  He moved from Oregon, where he had hundreds of lawsuits and judgments, to Idaho and started over - while leaving a wake of financial and legal destruction behind in Oregon.   In Idaho, for a mere cost of about $100/LLC, Angelos formed dozens of Idaho corporations to help shield himself from liability and responsibility.  However, Angelos still didn’t learn to pay his legal obligations of bills, invoices and judgments so what do you think eventually happened?........

 

Bankruptcy II:              Voluntary Petition, BNI Equities, LLC

                                    November 21, 2009

                                    Chapter 7, again

BNI Equities, LLC was owned 100% by ResCom Holdings, LLC, which in turn was owned 100% by Kerry Angelos and his wife Jacqueline Angelos.  Both LLCs were created by Kerry Angelos.  So in reality Kerry Angelos created, owned and controlled both shell corporations.  Kerry did learn – just as he testified – to form shell corporations and then file bankruptcies.  Now he doesn’t have to wait at least seven years to file bankruptcies.  Just form shell corporations and conduct business under that entity.  The Angelos’ BNI Equities, LLC claimed in excess of $2 Million in unpaid debt and only $219.58 in assets!!!!!  What happened to the millions of dollars that disappeared?  Maybe the person who kept the books could explain that – namely Kerry’s wife Jacqueline Angelos (page 23).    

 

Bankruptcy III:             Voluntary Petition, Kerry Randall and Jacqueline Lee Angelos

                                    April 20, 2011

                                    Chapter 7, again and again

                                    Amended Summary of Schedules

                                    Summary of Schedules

                                    Voluntary Petition for Bankruptcy

Congratulations Kerry and Jacqueline Angelos!  You filed a State of Idaho Bankruptcy Record of

$176,560,900.40

in liabilities while claiming only $46,870 in assets remain.  Where’s the other $176.5 MILLION?

How on earth does someone obtain a financial gap in excess of $176.5 MILLION on less than $176.6 MILLION!?!  That’s a debt-to-asset ratio of 3,767 to 1!!!!!  And if you don’t consider the value of his car (it is not worth as much as the debt and he stopped making payments) the debt to asset ratio soars to 25,700 to 1!!!!!!   Shouldn’t the Angelos’ at least show tens of millions in assets instead of just $6,870 (not counting the car)?  Again, what happened to all the assets?  Less than $7,000 remains?  Where’s the other $176,500,000+?

The Angelos’ record setting bankruptcy affects creditors internationally and who are from half of the lower 48 states.  Big name institutes such as American Express, American West Bank,  Bank of America, Cascade Bank, Chase Card Services,  Chevy Chase Bank, Countrywide Home Loans, Flagstar Bank, GE Capital, GMAC, GMAC Mortgage, Home Federal Bank, HSBC Card Services, Sterling Savings Bank, US Bank, Umpqua Bank, Wells Fargo Bank, Wells Fargo Card Services, Zions Bank, -  and even the United States Government IRS are listed as victims!!!!!  Now do you believe all those hundreds, or thousands of loan applications which the Angelos’ signed under penalty of perjury were accurate, truthful and not fraudulent?   Why isn’t our government investigating this??????

And on the other side of the Angelos’ personal victim list are smaller creditors, businesses, contractors, suppliers and people such as Dick Bingham, Briggs Engineering, Custom Pools & Patios, Harry Dorssers, Dykas, Shaver and Nipper, LLP, Mr. and Mrs. Fender, Gerald Gustafson, Dan Kirby, Tom Hazelrigg, Lindy’s Collection, Jacobs Marsh, LLC, Michael Mastro, Morse Family Revocable Trust, Dyck O’Neal, Prestine Pool and Spa, Ken Sato, Scott Switzer, and Warner Law Offices.  The Angelos’ are asking our government to allow them to forgive their legal debt that they owe these innocent people.  Instead of our government continually protecting the Angelos’ by continually allowing them to wipe out their financial obligations through bankruptcies, why isn’t our government protecting its’ citizens from the Angelos’ unscrupulous business practices?????? 

 

Will Bankruptcy Trustee Jeremy Gugino and Judge Pappas Trust Angelos and allow him to avoid his latest debts?

Does the bankruptcy trustee Jeremy Gugino believe the Angelos’ have been entirely truthful in requesting bankruptcy forgiveness?  The Angelos’ haven’t been honest yet.  They have concealed documents, not disclosed property transfers within their family, not disclosed property ownership that their shell companies had, failed to report income,

The Angelos’ omitted reporting at least $9,500 in income in July 2010 (Doc 34, pg. 2), and reported a very suspicious insurance claim (doc 17, pg. 40).

Angelos’ Bankruptcy filing contains an alleged insurance claim of $85,000 in May 2010 which states “Theft of items from personal residence.  Reported to police and suspect was caught and items were not recovered and insurance paid claim."  Seriously?  Just when Angelos is out of cash, his house was foreclosed on, he was months behind in his rental payments, and a month before an eviction lawsuit is filed, someone robbed his house, was caught, and the alleged stolen items were never recovered? What a series of strange and fortunate coincidences.  All the items were insured and the Angelos were paid $85k!

But the police report tells an entirely different story.   The alleged theft was reported on 3/22/10 and the alleged thefts took place for a month previous.  Ok.  But the police report clearly states “It is unknown what happened to the items at this point as the suspect is now deceased, but the victim feels the items were either sold or pawned.  The total value of the items taken is $68,245.00.”  This raises several inconsistencies in Angelos’ sworn bankruptcy statement.

How did the police catch a dead man?  Angelos swore to the Bankruptcy Court that the “suspect was caught” but the police report states “the suspect is now deceased” at the time Angelos filed the police report.  In fact, the police report says Kerry told the police that the suspect “”  So Angelos knew this man was dead, and then several days later reported the had committed suicide on 3/20/10.alleged household theft, told the police that the alleged thief was a dead man, and that the dead man either sold or pawned the alleged stolen property.  Case opened and closed in one report.  Nice.  Then Angelos swears to the Bankruptcy Court that the dead alleged suspect was caught by the police!  How on earth did the police catch a man that was dead before the alleged crime was even reported by  Angelos?

The police report states the theft amount was $68,245.00, but Angelos puts in an insurance claim for $85,000.  That’s an insurance claim increase of $16,755.00 over the reported missing amount.  The insurance company paid the claim.

If the Trustee and Judge do not believe Angelos has been 100% honest, they have the responsibility to not allow this massive bankruptcy to go through.

 

Bankruptcy IV:             It’s only a matter of time.

 

 

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