A Florida art dealer who successfully bid more than $260,000 on artwork last month that formerly belonged to Fair Finance
Co. co-owner Timothy Durham says he canceled the sale.
And now he and another big bidder from Philadelphia are being sued by Fair Finance bankruptcy trustee Brian Bash for nonpayment
on numerous pieces of work by contemporary artist Peter Max as well as Picasso and Norman Rockwell.
The two bidders combined represent about $300,000 of the more than $400,000 raised at the auction, held Oct. 16 at Trinity
Cathedral in Cleveland. Proceeds from the auction are intended to partially repay Fair Finance's thousands of creditors,
many of whom are elderly Ohio residents who bought more than $200 million of the Akron firm's apparently worthless investment
certificates.
Both bidders on Tuesday said they were unaware of the breach-of-contract lawsuits, which were filed Monday in U.S. Bankruptcy
Court in Akron.
Proceeds from the auction will go into the estate of Fair Finance for eventual distribution to thousands of creditors. Still, it's a drop in the bucket compared with the more than $200 million that an estimated 5,300 Ohio residents had invested in the company, which is under investigation.
In a court filing late last year, the U.S. Attorney’s Office in Indianapolis alleged Durham
was operating a Ponzi scheme, using money from the sale of new investment certificates to pay off prior purchasers, but no
chages have been filed.
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Legal 477
http://www.pikecountygeorgia.com/archives/1815-Public-Notices.html
Notice of Sale Under Power
Georgia, Pike County
Because of default in the payment of the indebtedness, secured by a Security Deed executed by Tim Durham to Mortgage Electronic Registration Systems, Inc. as nominee for First Franklin a division of Nat. City Bank of IN, its successors and assigns dated July 26, 2006 in the amount of $271,800.00, and recorded in Deed Book 660, Page 89, Pike County, Georgia Records; as last transferred to U.S. Bank National Association, as trustee, on behalf of the holders of the First Franklin Mortgage Loan Trust 2006-FF14 Mortgage Pass-Through Certificates, Series 2006-FF14 by assignment; the undersigned, U.S. Bank National Association, as trustee, on behalf of the holders of the First Franklin Mortgage Loan Trust 2006-FF14 Mortgage Pass-Through Certificates, Series 2006-FF14 pursuant to said deed and the note thereby secured, has declared the entire amount of said indebtedness due and payable and pursuant to the power of sale contained in said deed, will on the first Tuesday in December, 2010 , during the legal hours of sale, at the Courthouse door in Pike County, sell at public outcry to the highest bidder for cash, the property described in said deed to-wit:
All that tract or parcel of land lying and being in Land Lot 153 of the 2nd District, Pike County, Georgia, being Lot 10, Oak Grove Subdivision, Phase I, as per Plat recorded in Plat Book 23, Pages 129-131, Pike County, Georgia records, which recorded Plat is incorporated herein by this reference and made a part of this description.
Tax ID#: 086-210
Which has the property address of 333 Oak Grove Path, Zebulon, Georgia., together with all fixtures and other personal property conveyed by said deed.
The sale will be held subject to any unpaid taxes, assessments, rights-of-way, easements, protective covenants or restrictions, liens, and other superior matters of record which may affect said property.
The sale will be conducted subject (1) to confirmation that the sale is not prohibited under the U.S. Bankruptcy Code and (2) to final confirmation and audit of the status of the loan with the holder of the security deed.
Notice has been given of intention to collect attorneysâ?? fees in accordance with the terms of the note secured by said deed.
Said property will be sold as the property of Tim Durham and the proceeds of said sale will be applied to the payment of said indebtedness, the expense of said sale, all as provided in said deed, and the undersigned will execute a deed to the purchaser as provided in the aforementioned Security Deed.
U.S. Bank National Association, as trustee, on behalf of the holders of the First Franklin Mortgage Loan Trust 2006-FF14 Mortgage Pass-Through Certificates, Series 2006-FF14
Attorney in Fact for
Tim Durham
Anthony DeMarlo,
Attorney/smagnuson
McCurdy & Candler, L.L.C.
(404) 373-1612
www.mccurdycandler.com
File No. 09-17848 /CONV
This law firm is acting as a debt collector and is attempting to collect a debt. Any information obtained will be used for that purpose.
11/10, 17, 24, 12/1 gpn11
http://www.kccllc.net/FairFinance
website? Anybody know why?