Saturday, August 6, 2022, 5:27 pm
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More property owned by John Coleman has been discovered, that was not disclosed in his original bankruptcy filing. Now, Coleman is asking the bankruptcy court for permission to sell three lots in Carroll County for $100,000.
Coleman was required to amend his bankruptcy filings to include his Carroll County property by the US Bankruptcy Trustee during one of his creditors meetings. See our reporting of the changes required by the Trustee here: Bankrupt Express Grain president John Coleman answers questions at his creditors meeting
At the next creditors meeting, Coleman invoked his Fifth Amendment right against self-incrimination, refusing to answer any further questions.
The Trustee also required Coleman to amend his filings to disclose what support, if any, he was receiving from family members. Coleman had claimed that he had no income, since Express Grain was no longer paying him as president.
On May 5, 2022, Coleman did finally file amended bankruptcy schedules, in which he disclosed his Carroll County property holdings (estimated value of $75,000), along with the fact that his father, Dr. Michael Coleman, is providing directly to John Coleman's wife $5000 per month in help.
Further, Coleman disclosed that he has cryptocurrency holdings in the amount of $900, which had not been previously disclosed on his bankruptcy schedules.
Coleman's amended bankruptcy filings may be seen here: Revised Bankruptcy Declaration and Revised Bankruptcy Statement of Financial Affairs
But now, Coleman has asked the bankruptcy court to allow the sale of the Carroll County land for $100,000. The buyer is listed as "Indian Tables, LLC." As of this afternoon, there is no such LLC registered with the Mississippi Secretary of State. The Contract for Sale is signed by Ralph L. Prestidge, who is the manager of "Indian Table Estates, LLC."
Click here to see the motion to sell as well as the Contract for Sale: Motion to Sell Carroll County property
Mr. Coleman's share of the proceeds from the sale of this property will be set aside to pay his creditors.
But the costs of Coleman's personal bankruptcy continue to mount. His attorney Craig Geno has filed a motion for payment of his attorney fees and costs in the amount of $34,181.08. Click here to see Mr. Geno's motion and itemized statement: Geno Motion for Legal Costs
As for the cryptocurrency Mr. Coleman may own, the bankruptcy court has allowed the court-appointed examiner, Mr. Albert Altro, to research the matter in the records seized by the FBI from Mr. Coleman's residence and office on February 24, 2022. To review the court order, click here: Examiner granted access to federal files in the John Coleman bankruptcy case
According to the court order, Mr. Altro is allowed to review:
Detailed list of all cryptocurrency accounts, wallets, and/or brokerage accounts representing an interest in cryptocurrency owned by John Coleman, whether open or closed; and
Statements for any and all cryptocurrency accounts, wallets, and/or brokerage accounts representing an interest owned by John Coleman, whether open or closed.
So far, Examiner Altro has not filed any public reports on this matter, but two intriguing entries in Mr. Geno's detailed legal bill reveal that he, the Bankruptcy Trustee, and Mr. Coleman had discussed the "revelation" about cryptocurrency holdings by Mr. Coleman as early as April 26, 2022:
Review memos to/from John Coleman, Abby Marbury [Trustee] re cryptocurrency revelation ....
Review numerous statements re cryptocurrency accounts, brokerage accounts,
Big Sand Properties financial information, credit card statements and monthly bank statements
Meanwhile, Coleman has sold his home on Robert E. Lee Drive for $560,000 under bankruptcy court order. See here for our previous reporting on this matter: Bankrupt Express Grain president John Coleman asks court permission to sell his home for $560,000
The house was purchased by Christopher Neil McGlawn for $560,000. Half the proceeds went to John Coleman's wife Jennefer, and after deducting homestead allowance, taxes, closing costs, etc., a total of $173,139.02 was placed in escrow for the payment of Coleman's creditors. See the final report on the house sale here: Report of Sale of Home
Creditors filed claims against Coleman's bankrupt estate for $92.7 million, most of that owed to UMB Bank for loans made to the now-bankrupt Express Grain. Mr. Coleman, along with his father Dr. Michael Coleman, signed personal loan guaranties to UMB Bank for the $71 million owed to the bank. To see all the claims filed against John Coleman, click here: Final Claims Register in John Coleman Bankruptcy Case
To read all our coverage of the Express Grain bankruptcy case, see here: Index of Express Grain articles
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