Wednesday, March 23, 2022, 6:07 pm News Flash Archive

Express Grain president John Coleman, who filed his own personal bankruptcy petition the same day that EG did, finally appeared at his creditors meeting and answered some questions.

Mr. Coleman had been commanded by the bankruptcy court judge to attend the meeting, after he failed to attend the previous creditors meeting on March 8. To read our previous reporting on this aspect of the case, see here:

Express Grain president John Coleman blows off creditors meeting today

Express Grain president John Coleman will plead the 5th, his lawyer informs the court

Express Grain president John Coleman's residence listed for sale

But at today's creditors meeting, Mr. Coleman did not plead the Fifth Amendment. He began to answer the bankruptcy trustee's questions about his Statement of Financial Affairs, which is a filing required in a Chapter 11 bankruptcy case.

The minutes of today's creditors meeting may be seen here: Creditors Meeting Minutes of March 23, 2022

Coleman was represented at the meeting by bankruptcy attorney Craig Geno, and John Colette, a criminal defense attorney from Jackson.

The creditors meeting had to be continued to March 29, due to the fact that one of Mr. Coleman's attorneys had to attend court in another matter.

Others who attended the meeting were US Bankruptcy Trustee representative Abigail M. Marbury, Greenwood attorney Lee Abraham (representing Dr. Michael Coleman), Albert Altro (court appointed bankruptcy examiner), Andrea Chase and Frank Childress (attorneys representing UMB Bank), Andrew Cicero (attorney representing StoneX), and Kristina Johnson (attorney representing the Bank of Commerce and First South Farm Credit).

As the result of the questions answered so far, John Coleman has been instructed to make corrections and further disclosures in his bankruptcy schedules:

1. Provide the UST with ownership information for EGT State Fund

2. Provide the UST with proof of insurance coverage with the UST listed as a party for notice on all assets

3. Provide the UST with a copy of the most recent appraisal for the real property located at 1107 Robert E. Lee Drive, Greenwood, MS

4. Amend Schedule A to include real property owned in Carroll County

5. Amend Schedule A, line 29 to reflect financial support provided by family

6. Amend Schedule H to reflect Michael Coleman as a co-debtor on the debt owed to UMB Bank

7. Amend Schedule I to reflect current income

8. Amend Schedule J to reflect transportation costs and vehicle insurance

9. Amend SOFA, line 7 to reflect money paid back to Express Grain Terminals, LLC

10.Amend SOFA, line 9 to reflect current status of lawsuit filed by UMB Bank

11. Confirm date of liquidation of brokerage account and deposit into pre-petition bank account at Regions Bank - Amend SOFA, line 20 accordingly

12. Establish secondary DIP account to hold proceeds from sale of real property and provide the UST with original signature card(s) and original voided check, if applicable

 

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To read all our coverage of the Express Grain bankruptcy case, see here: Index of Express Grain articles

 

John Pittman Hey
The Taxpayers Channel

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