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.​ 


Motions on May29,2020

5/29/2020

 
​Today, Judge Ortiz of the Fairfax County Circuit Court approved the Receiver’s First and Second Requests for Payment, and authorized payment of $16,800.00 to the accounting firm retained by the Receiver for services rendered through March 16th, 2020.

The Receiver filed another motion to consolidate two lawsuits against Blackacre and Robert Levinson with the Boyar lawsuit, to stay discovery in all three law suits and for the Court’s aid and guidance on distributions to the Boyars and Tsuchida.   Pursuant to a compromise worked out with counsel for certain plaintiffs and intervenors, the Receiver filed a notice with the Court on May 21st, 2020 withdrawing the motion.  Accordingly, this motion was not heard today.

Disagreements remain regarding the applicability to certain parties of the December 18, 2019 Order’s provision for payment of up to 80% of outstanding claims, while retaining 20% of the value of those claims. Further motions may be placed on the docket for those matters, absent agreement by the effected parties.

Last, our estimate was to finish the accounting in May.  That will not be done.  We still hope that will be finished in June.  A few accounts remain for investigation and the forensic accountant and I are waiting for third parties to give us information.  The  Boyar and Tsuchida moneys have been identified as coming into the Blackacre Capital One Bank Master/Escrow, but as of now, it has not been identified as remaining in that account or being transferred to another account.  These conclusions have been reached by the forensic accountant: First, Mr. Levinson did not contemporaneously receive money, disburse money and open some sub-accounts; second, Mr. Levinson acknowledges that he may have been lapping, but he claims that is unintentional; third all accounts,  other that Boyar and Tsuchida,  have, in the period of late 2018 through April 2020, been identified and tracked; fourth, there is a subaccount that was opened with substantial money in November 2018and the source of the funds is not yet identified.  

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Fairfax, VA 22030

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