Tim Durham, Fair’s co-owner and CEO, burned through staggering sums on a lavish lifestyle, loans and gifts to friends,
and loans to businesses he partly owned that performed dismally.
State Rep. Ed DeLaney of Indianapolis said Thursday that contributions of more than $800,000 by Indianapolis businessman Timothy
Durham should be sent to a bankruptcy trustee for Ohio investment firm Fair Finance Co., which was forced into bankruptcy
earlier this year.
Trustee Brian Bash has sent letters to politicians who he says received a total of $900,000 in funds Durham had borrowed
from the coffers of Fair Finance, a now-bankrupt investment firm based in Ohio.
The bankruptcy trustee said Durham spent $2.8 million on gambling and resorts, $3.3 million on interior decorating and $14
million on real estate.
Lauth Group Inc. will relocate its headquarters to a North Meridian Street office building as part of a bankruptcy court settlement,
the company announced Thursday afternoon.
The founder of an Indianapolis real estate firm is accused of preying on longtime friends to help a Miami man perpetrate a
$900 million Ponzi scheme. Sydney “Jack” Williams persuaded more than a dozen Indiana investors to lend millions
of dollars at high interest rates to a food brokerage firm called Capitol Investments USA Inc.
An agreement with Durham's attorney paved the way for FBI agents to pick up 18 cars from Durham's residences in Indianapolis
and Los Angeles.
Beleaguered home builder doesn’t appear to have funds available to pay an attorney to prepare
necessary paperwork for Chapter 7 liquidation, trustee says in court filing.
Embattled financier Tim Durham’s lawyer, Larry Mackey, said the FBI should have known a bankruptcy trustee had the titles.
An attorney for
the trustee said investigators were aware.
Tim Durham, the Indianapolis businessman who purchased Akron, Ohio-based Fair Finance Co. eight years ago, is facing up to
the reality he owes the company a bundle and is shoveling over assets. Nevertheless, the FBI seized some Durham vehicles on
June 24.
Beleaguered financier Tim Durham acknowledges owing millions to Fair Finance and is turning over artwork and selling assets
to reduce the loan, according
to an attorney overseeing the company’s bankruptcy.
Beleaguered local businessman Tim Durham’s Geist home is listed for sale with a $5.5 million asking price.
Indianapolis-based Simon Property Group Inc. has withdrawn its offer for General Growth Properties Inc. after a bankruptcy
court judge approved a sale process that gives an advantage to a group lead by rival bidder Brookfield Asset Management Inc.
General Growth Properties Inc., the second-biggest U.S. mall owner, said a bankruptcy court hearing on its auction process
will be delayed five days to give the company time to consider competing bids, including one from Indianapolis-based Simon
Property Group.
Simon Property Group Inc. added four backers to its proposal to help rival mall owner General Growth Properties Inc. emerge
from bankruptcy, increasing the plan’s total investment by $1.1 billion.
Unsatisfied with the Hoosier Park owner’s reorganization plan, hedge funds represented by Wells Fargo Bank petition for conversion
of Chapter 11 bankruptcy into Chapter 7.
The suit against Laikin, a longtime friend of Fair Finance CEO Tim Durham, is the first major legal move to untangle the morass
of related-party loans that propelled the company into insolvency.
Shares in General Growth Properties Inc., the second-biggest U.S. mall owner, fell as much as 6.7 percent Monday morning after
a newsletter report that Simon Property Group Inc. may abandon a takeover bid for its smaller rival.
The troubles at U.S. Rubber Reclaiming demonstrate the challenges a bankruptcy trustee faces in trying to recover money for
investors.
