Thursday, March 2, 2023, 8:06 pm
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Today, the federal judge presiding over John Coleman's personal bankruptcy case signed an order converting it from Chapter 11 to Chapter 7.
This means that the United States Bankruptcy Trustee will begin liquidating the estate and paying creditors until all the money is exhausted.
But just in the nick of time, Coleman's bankruptcy attorney Craig Geno filed a "final application" for compensation in the amount of $14,995.24. The court approved the payment before signing the order converting the case to Chapter 7. The court had previously approved compensation of $34,181.08, bringing the Geno law firm payments to a total of $49,176.32.
To see Mr. Geno's latest request for compensation, with an itemized invoice, and the court's order approving the final payment, view here:
Geno Final Application for Compensation
Order Approving Compensation to Geno
Of course, Geno's payments for representing Mr. Coleman in his personal bankruptcy case are separate from the much higher compensation the Geno law firm has so far received representing bankrupt Express Grain.
In addition to Geno's fees in this case, the court has also awarded the court-appointed Examiner and his attorneys almost $130,000 in compensation.
Coleman and some of his creditors and the US Trustee have gone back and forth regarding whether Coleman's case should be converted to Chapter 7. In the final analysis, the trustee advocated it, and Coleman opposed it. For more details on this squabble, see our original reporting here: Bankrupt Express Grain President John Coleman asks for continuance in his federal criminal case
The court's order filed today moving the case to Chapter 7 may be seen here: Order Converting Case to Chapter 7
As of now, the Chapter 7 Trustee, William Fava, will begin paying whatever claims can be paid out of the approximately $249,000 left in the bankruptcy estate. Somewhere around $90 million in claims have been filed against Coleman, so the remaining cash won't go far at all.
But already, the court has signed an order directing Mr. Coleman to file a report disclosing his monthly income, which is now required under Chapter 7. Coleman has 14 days to comply with the order. See the court's order here: Notice of Deficiency
With today's actions in court, Coleman's personal bankruptcy case is rapidly approaching the end.
But as for the Express Grain bankruptcy, there are still miles to go before we sleep.
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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