Monday, May 24, 2010

Judge Approves Kelly G Rogers Bankruptcy

The Honorable Brenda T. Rhoades, United States Bankruptcy Judge, approved the Kelly G Rogers Chapter 11 plan on April 28th, 2010. Download the final order for case 09-42154-BTR-11.

To Summarize

Kelly Rogers has until July 31st, 2010 to sell his home and payoff The BANK OF TEXAS ($1,728,278) and THE THOMPSON CREDITORS ($180,000). If the home does not sell, the Bank of Texas can foreclose on Rogers. Kelly Rogers claims enough equity exists in his home to pay off the Class 3 ($1,908,278) and Class 4 ($105,000) creditors or $2,013,278. In the event the Bank forecloses on Rogers and the subsequent sale does not satisfy the class 3 & 4 claims, they would then be dumped into the "Unsecured Creditor Class 7" and would split a pool of $6,500 per month paid by Rogers over the next 60 months, or $390,000 on a pro-rata basis.

So, let's look at reality. Rogers needs to sell his home for a minimum of $2,013,278 to meet the class 3 & 4 amounts. The home is currently listed at $2,249,999 and it's been on the market for at least 301 days that we know of, since discovered on July 27th, 2009. The home was offered back then for $3,250,000. By the way, how is it that Zillo only shows the home listed for only 59 days? And here's another one; Rogers originally listed his home as 10,675 square feet as compared to the neighbors 12,249. However, the NEW listing says 11,826! Did they recently add another 1,151 feet or just didn't notice it before?

The home at 7 Riva Ridge has been on the market for 486 days and is currently offered at $2,399,900. However, Zillo estimated this property is worth $1,896,500 or 21% lower that the current list price. Obviously, this home is overpriced for the market...based on 486 days on Zillo. At this discount rate, Rogers would need to sell his home for $1,777,499 or 21% lower to move it. As of this writing, we have no way of knowing if a contract is pending but Jan Richey would change the status from "Active" to "Sale Pending" if an offer had been accepted.

Conclusion

Rogers originally filed bankruptcy in July of 2009 and listed his total monthly income as $23,759 per month and $31,750 for Carrie Sewell Rogers. If Rogers loses his home and his $4.6 Million in debt and exchanges it for $390,000, paid over 60 months, thus walking away with a monthly income of $55,509... is that a trade off you'd make? In a New York Second!

Hardly seems fair to those who lost major money in the Rogers/Weyand business schemes. Oh well...on to the indictment for some type of justice.

Thursday, May 6, 2010

Kelly Rogers pins hope on Lawyer John C. Hardin

In checking the Collin County website, I noticed that Kelly Rogers will rely on John Charles Hardin as his defense lawyer in his July 19th trial. At issue will be Mr. Rogers indictment concerning the "Misapplication of fiduciary property" amounting to $435,355. The indictment details the transfer of money from Lion-heart Energy to his personal account, QBiz, Rio Grande Coal, Pool Environments, Superior Soils, GS Investors, TNT Office Supply and Cash. This is a Felony 1 indictment and Rogers could face jail time.

Rogers is hoping the retirement of John Roach as Collin County District Attorney will put him on the fast track to freedom. It's rumored that Rogers was overheard discussing his indictment and pointed out that a "Lifelong Friend" was about to become the DA and he'll finally be able to put this entire "conspiracy" in the past. In checking the primary election results, one can only assume that "Friend" would be Greg Willis who won the primary handily over Jeff Bray. Even more bothersome is the fact that John Charles Hardin openly endorsed Greg Willis in a published webpage. Here's a link (go to bottom of page and you'll see the bar to scroll across) for you to view. So you can only imagine what could happen from here.

Given this arrogance towards his past actions, one can only wonder if the criminal justice system in Texas would be so politically driven that it would change direction at a drop of a hat. In this "Culture of Corruption" would an incoming DA overlook the string of lawsuits that outline in detail; the multitude of investments gone bad, the 70 creditors owned $4.6 million, the SEC lawsuit over the Level Par Ponzi scheme, the money removed from businesses and invested for Rogers personal gain, the taking of company funds to purchase a swimming pool...all while he shows not a single shred of remorse towards his "victims" who lost everything?


I challenge the DA's office to complete this trial before the November elections so there is NO
CHANCE that justice will not be served. I challenge the DA to push forward, bring all the evidence from the various scams Rogers perpetrated so these investors can finally have the peace of mind.

Justice must be served. Put this man in jail, take away his freedom and let him think about what he's done to others while sitting in his orange jump suit. Let him lose his house through the Chapter 7 liquidation he's facing in his bankruptcy proceedings. Many have suffered at his hands and lost everything. Many were forced to filed bankruptcy, lost friendships and lost entire careers due to his actions.

And Rogers attitude towards the entire episode? Screw them, I'm moving on with my life, tuff luck, they approached me, it's a conspiracy.... hey, I'm the victim here?!

Yes, justice needs to be served so we can finally enjoy a good night sleep knowing Kelly G Rogers bully tactics didn't get him what he wanted this time around. Yes, justice needs to be served to Kelly Rogers.

Wednesday, May 5, 2010

Kelly and Carrie Rogers lower sale price for the THIRD TIME!

Kelly and Carrie Rogers have one again lowered the sale price of their 8 Riva Ridge home. Originally offered at $3.2 Million back in December,  it was quickly lowered to $2.999 MM, then $2.4 MM and now $2.25 Million. The listing is still being offered by the Jan Richey team.

A quick check on Zillo shows the 11,826 square foot home worth an estimated $805,500. I'm sure it does not take into account the additions. But it's curious that it shows the home sold on 2/7/2008 but does not list the amount. The neighboring home at 7 Riva Ridge is a 12,249 square foot compound that listed at $2,399,999. This home’s been on Zillo for 467 days and shows an estimated value of $1,838,000. In light of the days on the market, it would appear that both homes are grossly overpriced.

The pricing of this home, relative to its valuation and the ensuing lack of sales results are haunting similarity to the outcome most experienced when investing in one of Kelly G Rogers’s opportunities. One distinction this time around; unlike in the past where Rogers was the only one who make money, it appears this time Rogers will join those who ended up losing everything. I'm sure the 70 creditors who are owed $4.6 million in debt will continue to watch this situation, along with his bankruptcy proceedings, very closely.