Agape lender told to open files to bankruptcy trustee
A Hauppauge commercial lender once touted as the "exclusive" partner of Agape Merchant Advance - which authorities say was part of a Ponzi scheme - was ordered by a federal judge Wednesday to open its files to a bankruptcy trustee, court records show.
The lender, Professional Merchant Advance Capital Llc, or ProMAC, once listed itself as being run out of 150 Motor Pkwy., in the same suite as Agape Merchant Advance and Agape World - two companies owned by Nicholas Cosmo, accused by federal authorities of using the firms to run a $370-million Ponzi scheme involving about 1,500 investors.
Kenneth Silverman, the Jericho attorney appointed to oversee the Chapter 7 bankruptcy of Agape World, told Newsday yesterday he wanted to know if Cosmo had an "ownership interest in ProMAC" and whether Cosmo made "loans to ProMAC in support of its business platform."
U.S. Bankruptcy Judge Dorothy Eisenberg, sitting in Central Islip, yesterday granted Silverman's request.
see full story below:
Eisenberg's order came amid other Agape developments:
Silverman said Wednesday foreclosure proceedings have begun against a Louisiana company, United Steel Supply Inc., that defaulted on a $1.4-million loan from Agape World. The company did not respond to a phone message.
(doms note; This is interesting since we were all told that this bridge loan closed successfully)
Agape World officially went into Chapter 7 bankruptcy yesterday, and a meeting at which Silverman and creditors may question Cosmo or other Agape principals was scheduled for March 30 at 9:30 a.m. at the U.S. Bankruptcy Court. Silverman said Cosmo may not attend because of the federal criminal proceeding.
(doms note; we need to know if we can attend)
Three U.S. senators, including Charles Schumer (D-N.Y.), called for Senate hearings on changing laws to make it easier for Ponzi victims to recover their losses.
(doms note; write to your senator and endorse the effort).
- ► 2010 (11)
- 3/28/09 meeting ...
- LIBN article on class action...
- CLASS ACTION BEGINS. READ THE DOC...
- Link to "Audio tape of Cosmo denying ponzi"...
- Trustees website is now operational.
- JUDGE FREEZES ASSETS
- MEETING THIS SATURDAY 3/28/09 - 9:30 am
- Do your part. Write to President Obama -see link
- From Jake Zamanskys Blogsite... thanks
- Trying to arrange a meeting for 3/28/09
- We’re angry, anxious, disappointed and concerned
- Help from the IRS...
- Thursdays court appearance by trustee
- I know its not much, but...
- The Sports Complex
- meeting at the sports facility today 1pm...3/14/09...
- Summary of the 3/13/09 Trustee Hearing
- Todays hearing at Bankruptcy court 03/12/09
- bankruptcy hearing today - 2 pm
- Its time to be heard...
- 3/10/08 ...Yesterdays meeting with Law Firms
- Senator Schumer wants answers.
- Agape got two government loans, not one!
- Dunn & Bradstreet under the gun...
- Serafino, Lucchetto Sued by New Jersey in Alleged ...
- Guide to Mezzanine LendersTurn to mezzanine lender...
- We are not alone...
- Knowledge is "POWER"
- Feds want to seize two LI homes owned by Cosmo dep...
- Fact or Fiction...
- Agape Victims Yahoo Group Web address:
- Tax Relief - Facts, Fiction and Future
- Did Cosmo have an "ownership interest in ProMAC"?
- SCHUMER, CANTWELL, MENENDEZ CALL FOR FIRST CONGRES...
- more on "creditors' committee"
- THE BENEFITS OF JOINING A CREDITORS COMMITTEE
- Another Law Suit begins...
- Broker / Bankers... "Wilfull Blindness or Ingnoran...
- Auction - Anyone want a mercedes ?
- Auction dates set for Agape Furnishings and Vehicl...
- Trustee Questionarre "posted to yahoo group site"
- ▼ March (43)