McGeehan Law
McGeehan Pascale, PLC
Attorneys & Councellors at Law​
11211 Waples Mill Rd #210
Fairfax, VA 22030
​703.273.5303
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McGeehan Law

Current Developments In the BLACKACRE 1031 RECEIVERSHIP


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John P. McGeehan is the managing member of McGeehan Pascale, PLC. His practice focuses on business structures, especially new, emerging, small businesses and not for profit organizations, all business transactions, employment law, real estate, commercial leasing, estate planning and litigation before administrative agencies and all courts.​ 


Disbursements

2/10/2020

 
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

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mCgeehan pascale, plc IS TAKING PRECAUTIONS IN LIGHT OF THE CDC ADVICE  FOR THE CORONAVIRUS.  WE ARE WORKING EVERY DAY TO ANSWER QUESTIONS, DRAFT DOCUMENTS AND OTHERWISE TO SERVE OUR CLIENTS' LEGAL NEEDS.   ALL OF OUR STAFF ARE IN GOOD HEALTH AND OUR WISH FOR OUR CLIENTS IS THAT THEY ALSO REMAIN IN GOOD HEALTH.   IF THE NEED ARISES, OUR EMPLOYEES HAVE PAID SICK LEAVE AVAILABLE TO THEM.  IF THAT OCCURS, WE MAY TAKE A BIT LONGER FOR SOME THINGS, FOR WHICH WE ASK YOUR UNDERSTANDING.   IF POSSIBLE, WE ASK THAT OUR CLIENTS AND ATTORNEYS WITH WHOM WE DEAL DO SO BY TELEPHONE OR EMAIL TO AVOID PERSON TO PERSON CONTACT.  IF YOU SUSPECT YOU HAVE BEEN EXPOSED TO THIS VIRUS AND WE HAVE HAD PERSON TO PERSON CONTACT IN THE PRIOR 14 DAYS, ,PLEASE LET US KNOW THAT.

WE DISINFECT, THROUGHOUT THE DAY,  ALL AREAS IN OUR OFFICE THAT MAY BE TOUCHED BY PEOPLE.  THE NEW ENGLAND JOURNAL OF MEDICINE PUBLISHED AN ARTICLE SAYING THAT SOME SURFACES MAY HOLD THE CORONAVIRUS  VIRUS FOR UP TO 72 HOURS and UNVERIFIED SOURCES REPORT IT CAN BE LONGER.   OUR BUILDING ALSO HAS ESTABLISHED PROCEDURES DESIGNED TO PROTECT PERSONS COMING INTO THE BUILDING.   ALL COURTS IN WHICH WE REGULARLY PRACTICE HAVE ESTABLISHED PROCEDURES THAT RESCHEDULE OR POSTPONE HEARINGS,  GENERALLY, UNTIL AFTER MID-APRIL OR MID-MAY AND LEGAL TIMELINES HAVE BEEN ADJUSTED. 

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​11211 Waples Mill Rd #210
Fairfax, VA 22030

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