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Wednesday, March 11, 2020

MARK NOSS IN FEDERAL BANKRUPTCY COURT HEARING TOMORROW MORNING: Noss Objects To Independent Bank/Bankruptcy Trustee “Settlement Agreement”, Claims It's “Not Fair And Equitable” (When Did He Start Caring About Fairness?)

Mark Noss is scheduled to appear tomorrow at a 10:00am hearing in United States Bankruptcy Court, seeking to overturn a compromise struck January 22, 2020 between creditor Independent Bank and the U. S. Bankruptcy Court Trustee. 

A federal document filed January 27, 2020 in United States Bankruptcy Court for Western Michigan revealed Independent Bank had effectively blocked the effort by Mark Noss to discharge $766,925 owed by his Full Spectrum Management, LLC to the bank. 

The bank's agreement with Full Spectrum's bankruptcy trustee allows it to pursue collection of the amount from Noss, several Noss-related entities and the Grand Traverse Academy, while simultaneously conducting an investigation seeking to discover whether payments made by Mark Noss to Steven Ingersoll were done with intent to hinder, delay, or defraud Full Spectrum's creditors. 

Noss has to be shitting bricks in anticipation of the hearing: just days after I broke the news of the settlement agreement, I revealed exclusively on this blog that Noss had paid off the mortgage on a downtown Grayling building within the 90 day look-back period preceding his February 19, 2019 Full Spectrum Management, LLC Chapter 13 bankruptcy filing. 

When debtors file for bankruptcy, certain payments made during a 90-day look back period preceding the filing are subject to demands that the payments be turned over to a bankruptcy trustee or returned to the debtor (the “bankrupt”). 

In many cases, if you repay a debt within three months before filing (longer if the debt was to a family member or close friend), the bankruptcy trustee can sue the creditor to get the money back (called a clawback suit).





More on this as it develops.

6 comments:

  1. Keep up the great work, Anita! Good, honest people are so glad you are still doing your exposing of crooks, fraudsters and informing the general public of what is going on (when papers/media remain silent). Our hats are off to you!

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  2. So, Anonymous, what's your point?

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  3. I tried to send a thumbs-up and happy face twice I think you're awesome! Don't know why it come up question marks as you noticed the new people running for government wants to put money back in public school shy away from the charters all they have to do is keep up on your blog you're awesome!

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