Wednesday, December 2, 2009

Kelly G Rogers Bankruptcy Update III

A hearing took place on November 20th, 2009 in the bankruptcy proceedings of Kelly Gordon Rogers, Case No. 09-42154. The process involves over 70 creditors who are owed over $4.6 million by Kelly G Rogers. The hearing took place at the United States Department of Justice, Office of the United States Trustee, 300 Plaza Tower, 110 N. College Tyler, Texas 75702 (903) 590-1450.

While Kelly G Rogers has proclaimed himself to be a bankruptcy Lawyer and debt specialist (see Takedown Debt Settlement), he in fact requested, and was granted, the allocation of $15,000 from the Trustee to hire a bankruptcy lawyer to represent him. Having previously stiffed the law firm of Scheef & Stone LLP for $77,934 and Fish & Richardson PC out of $28,264 (see list of unsecured creditors), I’m sure it was cash up front on this deal.

This bankruptcy proceeding basically boils down to this; Kelly and Carrie Sewell Rogers trying to have their debt dismissed while the creditors attempt to hold the Rogers accountable to pay back the debts they incurred. Many of these debts were incurred either by the Rogers obsession to build a 10,000 square foot addition on their Frisco home or costs incurred via the lawsuits and judgments against Rogers as a result of his financial schemes.

A motion was presented to have the hearing continued to January 11, 2010 at 2:00 PM. However, new documents were submitted by Kelly G Rogers outlining his financial situation (see schedule B, Schedule C, Schedule I and Schedule J). We’ve done a quick summary for your review. A few key observations;

1. Stated monthly income dropped from $55,509 to $26,000 or $29,509 drop.

2. Stated monthly expensed dropped from $31,438 to $23,576 or $7,862 drop.

3. Net Income dropped from $24,071 to $2,424 or a drop of $21,647.

4. Total assets dropped from $423,175 to $202,700 or $220,475 less in assets.

5. New asset disclosure of $202,700 falls short compared to the 2007 balance sheet of $693,500. A drop of $507,800!

6. Furs & Jewelry of $6,000 is laughable considering all the reports of the Rogers in St. Thomas purchasing Jewelry.

7. Car disclosures jumped from $8,600 to $51,000. Missed by a little.

So the battle is on and the creditors are formidable and have significant money at steak. Keep an eye on Falcon-Buck Hamilton Series group who invested $1,400,000 in this project. This group seems to be leading the way to not allow these debts to be released but rather, forcing Rogers into a possible liquidation or the judge allowing other actions. . Let’s see what happens on January 11th of 2010.

Don’t forget to tune in on December 3rd for the announcement by the Collin County DA’s office concerning a Jury trial requested by Kelly G Rogers. This is a result of the indictment handed down against Lawyer Kelly Gordon Rogers in July of 2009.


Anonymous said...

Gee, that's funny, I'm one of maybe 70 "friends" that was told by Kelly Rogers that my funds that were placed into "Level Par" (Kelly's Ponzi Scheme) were personally guarenteed by him. Why am I not listed as a creditor on his bankrupcy? Could it be that Kelly Rogers is not being honest with the bankruptcy court?

Anonymous said...

Kelly Rogers not be honest? Surely you jest!!! I'm sure he's disclosed all the information needed to skate out of paying his bills.