I am regularly disbursing money when claims are completed. It may take ½ hour to more than one hour for each disbursement, and more if there are problems. I examine the claim form and attachments, check that against Blackacre’s records and the bank records, sometime call the attorney, claimant or Mr. Levenson for additional information, complete the wire transfer request and, sometimes, go to Capital One Bank in person to request the wire transfer. Finally, I contact the recipient of the money to conform the receipt and document my records.
Some days, I spend all day on Blackacre 1031 Exchange Services LLC matters. There are over 100 accounts, although some have very little money in them. This, of course, is not my sole job. When I disburse, I must be reasonably certain that I am disbursing not more than 80% of a claimant money after adjusting for previous disbursements and fees per the contract with Blackacre 1031 Exchange Services LLC. I do not rely upon a single source and I cross-reference all that I am able to cross reference. I hope to make all or most disbursements by the end of February. If there are exigent circumstances, I can move up disbursements, but repeated phone calls, even to my law firm’s staff delay the entire process.
Claims with no sub accounts: A few deposits have no sub accounts and the money appears to have been comingled in the Capital One Master / Escrow Account. I cannot disburse money from the comingled account until it is identified whose money is in the Master/Escrow account. I am having the forensic accountants assist in doing that work.
Administrative functions and tasks in addition to disbursing money. These include (1) I have recently gotten direct control of the Capital One and AXOS bank accounts; (2) I opened Receiver accounts at AXOS and Capital One banks; (3) I developed forms and a web site for making claims; (4) I have recovered marketing fees owing to Blackacre 1031 Exchange Services LLC; (5) I have published a notice in a newspaper to give notice to unknown claimants and creditors; and, (6). I have gotten complete statements from Capital One Bank and AXOS and we are pressing MV Bank for the same.
The forensic accountants have started work and I am meeting with them weekly. Periodically I meet or communicate with Mr. Levenson as to the documents he is required to provide to the Court, to me and to the Plaintiff. I try to answer every phone call or email within one business day. I started transferring money from the sub accounts when I have identified money that contains only fees that were owing to Blackacre 1031 Exchange Services LLC
Some days, I spend all day on Blackacre 1031 Exchange Services LLC matters. There are over 100 accounts, although some have very little money in them. This, of course, is not my sole job. When I disburse, I must be reasonably certain that I am disbursing not more than 80% of a claimant money after adjusting for previous disbursements and fees per the contract with Blackacre 1031 Exchange Services LLC. I do not rely upon a single source and I cross-reference all that I am able to cross reference. I hope to make all or most disbursements by the end of February. If there are exigent circumstances, I can move up disbursements, but repeated phone calls, even to my law firm’s staff delay the entire process.
Claims with no sub accounts: A few deposits have no sub accounts and the money appears to have been comingled in the Capital One Master / Escrow Account. I cannot disburse money from the comingled account until it is identified whose money is in the Master/Escrow account. I am having the forensic accountants assist in doing that work.
Administrative functions and tasks in addition to disbursing money. These include (1) I have recently gotten direct control of the Capital One and AXOS bank accounts; (2) I opened Receiver accounts at AXOS and Capital One banks; (3) I developed forms and a web site for making claims; (4) I have recovered marketing fees owing to Blackacre 1031 Exchange Services LLC; (5) I have published a notice in a newspaper to give notice to unknown claimants and creditors; and, (6). I have gotten complete statements from Capital One Bank and AXOS and we are pressing MV Bank for the same.
The forensic accountants have started work and I am meeting with them weekly. Periodically I meet or communicate with Mr. Levenson as to the documents he is required to provide to the Court, to me and to the Plaintiff. I try to answer every phone call or email within one business day. I started transferring money from the sub accounts when I have identified money that contains only fees that were owing to Blackacre 1031 Exchange Services LLC
