Michael A. Grassmueck has been appointed by the Court as a Monitor over James Trabulse and the Fahey Fund. As part of our duties, we may be contacting you in the near future to request information or documents to help us in our duties. Should you have any questions, you may email us at the address above, or contact us by phone at (503)294-9928.
UPDATE - September 13, 2011
Please be advised the Auction of Real Property in Panama has been extended to September 29, 2011.
UPDATE - August 15, 2011
The Monitor announces the Notice of Auction of Real Property located in Panamonte Estates, in the Province of Chirique, Panama. The Auction will take place September 15, 2011 at 10:00 a.m. and will be conducted by the Monitor and his broker in the Republic of Panama. For further information, please refer to the Order Authorizing the Sale, which can be found through the Update dated April 15, 2010 below.
UPDATE - January 21, 2011
The Monitor announces the following sales from recent Bonhams and Butterfields & O'Gallerie auctions:
This site will be updated with results of any future sales, also available for viewing at the Bonhams and Butterfields website or the O'Gallerie website by clicking the links above. Please note that these auctions contain items from many sources and that Fahey Fund assets make up a small percentage of the total sale.
UPDATE - May 7, 2010
The Monitor and his professionals have filed their Fourth Interim Application for Fees and Expenses. These documents are available through the links below.
The Receiver has filed a Motion for employment of Panama counsel and Real Estate Broker, as well as the Sale of the property in Panama. The Motion, and all related documents, are available below.
The Monitor has mailed the interim distribution today. He processed 116 checks totalling $5,322,187.83 to holders of allowed claims. If you are a claimant holding an allowed claim, this distribution will be 37.74% of your allowed claim. You may expect to receive your check in the next couple of days. If you have any questions, feel free to email us or call (503)294-9928. Thank you for your patience in this process.
UPDATES October 13, 2009
Judge Alsup has entered an Order approving the Distribution Plan and authorizing Interim Distribution. The Monitor has requested a transfer of the $250,001.00 in “Fair Funds” from the court, as referenced in the Order below, and predicts an interim distribution will be made within seven days of the receipt of these funds.
The Monitor's team has filed several pleadings with the Court regarding the proposed Distribution Plan for the Fahey Fund. Please note that there is a hearing scheduled on the Motion that is set for October 15, 2009 at 8:00 a.m. in the US District Court in San Francisco.
The Monitor's team has filed several pleadings regarding the proposed sale of certain mobile homes free and clear of all liens. Please note that there is a hearing scheduled on the Motion that is set for October 15, 2009 at 8:00 a.m. in the US District Court in San Francisco.
The Kathy Burke paintings are prepped for O'Gallerie's Three Session Estate and Collection Auction, which runs from September 21 - 23, with previews starting September 19. For directions to the auction and the digital auction catalogue, please click HERE
UPDATES September 3, 2009
The judge has entered the Order Granting Omnibus Motion Regarding Claims. We anticipate filing the Motion for Order Approving Distribution Plan and Authorizing Interim Distribution soon. As soon as the Order is granted we will move forward with the interim distribution. We appreciate the ongoing patience of the affected investors in this regard.
The Monitor has recieved the closing funds for the sale of real property in Beaugency, France.
French Property Sale Proceeds: $280,616.67
The Monitor has engaged O'Gallerie, Inc. for the consignment of twelve peices of fine art owned by the Fahey Fund. The first group of these paintings set to auction are scheduled for O'Gallerie's September 21st, 22nd, and 23rd sale. For more information, please visit www.ogallerie.com.
UPDATE - June 1, 2009
The Monitor has filed his omnibus claims objections with the Court. The full text of the motion is below.
The sale of jewelry is set for March 16, 2009 at Bonhams and Butterfields. More information can be found on Bonhams website by clicking the link below. (Please note that this auction contains items from many sources and Fahey Fund assets make up a small percentage of the total sale.)
The sale of fine oriental rugs and carpet is set for March 17, 2009 at Bonhams and Butterfields. More information can be found on Bonhams website by clicking the link below. (Please note that this auction contains items from many sources and Fahey Fund assets make up a small percentage of the total sale.)
The judge has approved the claims procedure. Below is the Order Approving Claims, the Notice of Claims Bar Date and the Claim Form with instructions. The Monitor will be mailing claim forms to each investor today. Please read the Order, Notice and Claims information carefully as they will affect your claim in this case.
On August 7, 2008, the Order Appointing Michael Grassmueck as Monitor was amended to allow Mr. Grassmueck to take control of the assets of the Fahey Fund. The Order is below.
In addition, the parties requested and received an extension of time to be able to sell the assets of the Fahey Fund in order to ensure an orderly liquidation to maximize the value of the assets. The parties now have until March 31, 2009 to complete the sale of all assets. The Order is below.
- The Monitor and Mr. Trabulse are working to close these accounts and transfer the funds to the Monitor. We anticipate completion within the next two weeks.
Real Property
- All properties have been listed and there has been some interest, but there are no firm offers at this time. The Monitor will continue to evaluate the marketing of these properties to ensure orderly sale.
Jewelry
- The jewelry has been evaluate and is being transferred in preparation for sale. We will post the sale dates as soon as they are available.
Rugs
- The rugs have been transported for sale. They will be sold in multiple auctions over the next 3-4 months to ensure maximum value is received.
UPDATE - July 3, 2008
The Mr. Trabulse and the Corporate Monitor are currently working to sell assets of the Fahey Fund. All real property has been listed with real estate agents and is being evaluated given the current market conditions. The oriental rugs have been moved from their current location and are being prepared for sale. The jewelry has been evaluated and a sales and marketing plan is being completed.
The Corporate Monitor is also working with the parties to be appointed as a distribution agent in order to be able to hold the funds from asset sales and wind down of the stock and commodity funds and to be able to complete a claims process. These steps would allow the Corporate Monitor to be able to request information from investor and development a plan for distribution of the funds back to investors.
Please continue to check back here as we will provide updates every two weeks, or as new information becomes available.
