Thursday, December 3, 2009

Kelly G Rogers Indictment Update I

To review; Kelly G Rogers of Frisco Texas was indicted by a Collin County Texas Grand jury on July 30th 2009, case number 380-81600-09.. According to the County Clerks site, the offense took place on March 1st, 2005 and is a FELONY 1 charge. The charges include 26990034 Misapp Fiduc/Finan Prop >=$200,000. An arrest warrant was issued, and then executed on August 14th, 2009. Rogers was booked, his mug shot taken and he was incarcerated until a $50,000 bond was posted and he was released.

According to the Clerk’s site, an announcement was scheduled for today, December 3, 2009. However, we learned today that the DA’s office will let that deadline pass, a “131 Passed” and will reschedule the announcement to January 15th, 2009. More time was needed for Kelly Gordon Rogers to get his ducks in a row. Rogers has requested a “Jury Trial” and a trial date should be announced at that time.

Occurring simultaneously to the Indictment, Kelly G Rogers has filed Chapter 11 bankruptcy. A hearing was held on Friday where creditors, who participated in a variety of Kelly G Rogers’s investment schemes, were present. The U.S Trustee is considering a Motion to Dismiss or Convert, or for Alternative Relief. Kelly G Rogers has recently obtained counsel and has filed certain documents in the Case. Counsel for Kelly Rogers represents that a Plan and Disclosure Statement will be filed shortly.

The United States Trustee accordingly requests that the Motion to Dismiss be continued until January 11, 2010 at 2 p.m. Stand by for some additional fireworks as the Trustee considers the plan and “Alternate Relief”. From U.S. Courts.Gov; "Delays in formulating, filing, and obtaining confirmation of a plan often prompt creditors to file motions for relief from stay, to convert the case to chapter 7, or to dismiss the case altogether". Imagine if the U.S. Trustee orders a Chapter 7 liquidation of Kelly G Rogers possessions?

And if a liquidation was so ordered, what would be the actual "Net Worth" of Kelly G Rogers to liquidate? So far; we've seen his July 17th, 2006 balance sheet submitted to banks to "secure lines of credit" for $29,200,400. However, only three years later on July 13th, 2009, Rogers submits his "Summary of Schedules" showing a Negative networth of ($3,184,819). The challenge will be to sort through and seperate facts from fiction to discover the actual number.

The fun is just beginning.

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