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

2/21/2020

 
A note on the order and amount in which Blackacre Claims are being paid:
 
There are two limitations upon my ability to disburse funds to Blackacre clients at this time. These are, first, the requirement to maintain funds in reserve against the current and future obligations of Blackacre and the cost of the Receivership; and second, the requirement that I ascertain to a reasonable degree of certainty that the funds in question belong to the customer seeking payment, before such payment is made:              
 
As to the first limitation, customer claims for payment are being processed chronologically as customer closing dates or other deadlines approach.  As many of you know, claims are currently being paid at the rate of 80% of the value of the claim to you, with 20% being withheld as a reserve from which to pay any portion of the costs of the Receivership, damages to other parties, or other expenses which may be apportionable to Blackacre’s customers. To the extent that any costs are apportioned to any given customer, said costs may be apportioned on a pro rata basis, but the exact method for the apportioning of such costs is yet to be determined and must be approved by the Court before the 20% of funds, if any, is disbursed to Blackacre’s other customers.
 
As the second limitation, Blackacre’s accounts can be divided into two categories: Those funds held in segregated sub-accounts denominated by Blackacre customer, and those funds co-mingled in Blackacre’s own master or operating accounts.  Where funds are held in a sub-account separately denominated sub-account in a customer’s name, this segregation from Blackacre’s other funds assists in achieving a reasonable degree of certainty that the funds in that segregated account are entirely those of the customer and are not tainted by Blackacre’s problems.  Where funds are maintained in one of Blackacre’s main or operating accounts in the name of Blackacre only, however, it is more difficult to ascertain the ownership of those funds with the requisite reasonable degree of certain.
 
Therefore, for the time being, I am disbursing only funds held in separately denominated sub-accounts assigned to particular Blackacre customers.  Disbursement of funds held in co-mingled accounts in Blackacre’s name alone will commence at a later date when the true state of Blackacre’s assets and obligations is known; such payments may be deferred until a comprehensive plan for the disposition of Blackacre’s assets has been approved by the court.
 
The aforesaid is intended for informational purposes only in order to assisting Blackacre customers in understanding the process of adjudicating the various claims against Blackacre – it does not constitute a binding promise to proceed in this manner in each case. Each Blackacre customer, and other Blackacre obligations, will be evaluated separately and decisions made on the time and manner of payment will be made in accordance with all the facts and circumstances of the particular case.


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we COVID 19 VIRUS PROCEDURES

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. 

we concluded that we are exempt from the mandates announced for virginal on March 23, 2020, provided we continue the sanitation procedures outlined above and do not have more than 10 people congregated  at the same time.  however, we prefer contacts by phone or email.  if you must meet in person, please call first so we can determine if some or all of the matters can be handled by phone or email.

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​11211 Waples Mill Rd #210
Fairfax, VA 22030

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