Fair Finance Co.’s bankruptcy trustee is getting inquiries from parties interested in buying National Lampoon Inc.,
the Los Angeles-based comedy business led by embattled Indianapolis businessman Tim Durham.
Trustee Brian Bash doesn’t control Lampoon, but he is pursuing tens of millions of dollars in claims against two of
its largest shareholders—Durham and fellow Indianapolis businessman Dan Laikin.
Durham stepped in as CEO after prosecutors in December 2008 charged Laikin with conspiring with stock promoters to artificially
inflate Lampoon’s stock price from $2 to $5 a share. Laikin, who also served on Fair’s board, pleaded guilty to
conspiracy to commit securities fraud last year, and he now is serving a 45-month prison sentence.
Akron, Ohio-based Fair and related entities lent millions of dollars to Lampoon in recent years, according to filings with
Ohio securities regulators. Other Fair borrowers pledged Lampoon shares as loan collateral, the records show.
“We definitely have received inquiries” about buying Lampoon, said Kelly Burgan, an attorney for the trustee.
But she emphasized the firm is not owned by the trustee and it’s premature to speculate on its sale.
“We haven’t yet determined what and how we would dispose of what interests we have,” she said.
Lampoon's stock tanked following Laikin’s arrest, and hasn’t recovered. The shares trade on the Pink Sheets
for 5 cents apiece, giving the company a market value of only $475,000.
The trustee alleges that Durham and fellow Indianapolis businessman Jim Cochran “utterly looted” Fair after buying
it in 2002. Bash charges Fair doled out tens of millions of dollars in risky related-party loans, stripping the company of
its ability to repay more than 5,000 Ohio residents who bought unsecured investment certificates. The company owes the investors
more than $200 million.
Durham has denied doing anything wrong and says prospective investors received offering circulars detailing the risks.
The trustee alleges Durham operated Fair as a Ponzi scheme, using proceeds from the sale of new investment certificates to
pay off prior investors.
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
IBJNews
Fair bankruptcy trustee hears from prospective Lampoon suitors
Sponsored by
ADVERTISEMENT
on Facebook & Twitter
on Facebook & Twitter
 Follow IBJ's Tweets on these topics: |
||
| @IBJNews | @Propertylines | @IBJTheScore |
| @IBJArts | @IBJHealthcare | @IBJDining |
| @IBJLists | @IBJSmallbiz | |
-
Can IBJ please stop referring to this property as "Kessler Mansion"? What a ridiculous title for the biggest, bloated, blight in our city. It's not a mansion. At best, it's an ideal site to shoot low-budget porn. Ahhh! Another business use!
-
Its stories like these that prove that a Ball State diploma is worth less than the paper that its printed on. A real institution of higher learning would have taken care of this long ago. No way should this crap be taught in a SCIENCE class.
-
It is such a shame that King Ballard has made Indianapolis into Chicago south with all of the rampant corruption.
-
How many of these 1,259 bills were actually heard and voted on on the floor vs how many were shot down in committee?
-
When a an arrogant young guy with essentially no experience and no qualifications for the job, was dropped into an Administrator position out of nowhere by his "mentor" in the Mayor's office things seemed fishy. Sometimes things are what they seem.
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
5 Comments
Add Comment
State extends suspension of dental licenseTRIBUNE REPORTS
2011-02-04 23:56:18
Indiana State Board of Dentistry extended an emergency suspension of a Seymour dentistâ??s license.
As expected, Dr. Charles Durham was a no-show when the board convened Friday in Indianapolis, Cindy Vaught of the dental board said.
Durham faces three licensing charges, according to the state dental board.
Durham is charged with â??fraud or material deceptionâ?? in his dealings with patients and two counts of failure to â??keep abreast of current professional theory or practiceâ?? by failing to notify the state and patients of his intention to close his practice.
The board set a hearing on those charges for April 1 in Indianapolis.
Durham closed his office in the 400 block of South Chestnut Street last year and did not notify the dental board or patients, the state alleges, in violation of licensing requirements.
At the April 1 hearing, the Indiana Attorney Generalâ??s office would likely file a proposed default of Durhamâ??s license, Vaught said.
© Copyright 2011 Freedom Communications. All Rights Reserved.
Durham's restaurant part of sheriff's sale
It used to be a restaurant in the middle of New Castle's revitalized downtown. Now it's going to be part of a sheriff's sale.
By News Staff
Fox59
1:49 PM EST, February 22, 2011
New Castle, Ind.
It used to be a restaurant in the middle of New Castle's revitalized downtown. Now it's going to be part of a sheriff's sale.
The restaurant called "Durham's Ristorante", which was once owned by embatted businessman Tim Durham, is going to the highest bidder. A circuit court judge ordered the sheriff to sell the property and send the money to the West End Bank, to help cover the money owed by Durham. It could be about two months before the restaurant is ready for sale.
Copyright © 2011, WXIN-TV
I'd like to see the sales reports from Amazon. I'd also like to see the cancelled checks from any payments to Tim or Fair or Pyramid to show he paid the costs of being given those things to use. And let's have him give us an opinion on what to do with Lampoon now that it has been run into the ground, a feat even Chevy Chase could not accomplish. After all, Scott IS the expert!