PR Liquidating Trust
Who we are   Frequently Asked Questions   News   Claims Pending in Litigation   Contact us   Home
News investors will want to review

News
Here is information you will want to review

July 26, 2012   1295 | Order regarding Trustee's 8th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th, 21st, and 22nd Omnibus Objection to Claims | Exhibit A
July 19, 2012   1277 | Twenty-Seventh Omnibus Objection: Claims that are Improperly Classified, Include Interest, and Do Not Reflect Dividends Paid
July 19, 2012   1276 | Twenty-Sixth Omnibus Objection: Claims that are Improperly Classified, Include Interest, and Do Not Reflect Dividends Paid
July 19, 2012   1275 | Twenty-Fifth Omnibus Objection: Claims that are Improperly Classified, Include Interest, and Do Not Reflect Dividends Paid
July 19, 2012   1274 | Twenty-Fourth Omnibus Objection: Claims that are Improperly Classified, Include Interest, and Do Not Reflect Dividends Paid
July 19, 2012   1273 | Twenty-Third Omnibus Objection: Claims that are Improperly Classified, Include Interest, and Do Not Reflect Dividends Paid
July 13, 2012   Investment News: Provident Royalties founders indicted in $485M private placement fraud case
July 12, 2012   Department of Justice Press Release: Dallas Men Indicted in $485 Million Investment Fraud Scheme in East Texas
June 13, 2012   1230 | Order Sustaining Trustee’s 1st, 2nd, 3rd, 4th, 5th, & 7th Omnibus Objections to Duplicate Claims
June 11, 2012   1216 | Trustee’s Eighth Omnibus Objection: Duplicate Claim; Exhibit A
June 11, 2012   1217 | Trustee’s Ninth Omnibus Objection; Exhibit A
June 11, 2012   1218 | Trustee’s Twelfth Omnibus Objection: Improperly Classified Claims; Exhibit A
June 11, 2012   1219 | Trustee’s Thirteenth Omnibus Objection: Claims with Interest; Exhibit A
June 11, 2012   1220 | Trustee’s Fourteenth Omnibus Objection: Improperly Classified Claims; Exhibit A
June 11, 2012   1221 | Trustee’s Fifteenth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1222 | Trustee’s Sixteenth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1223 | Trustee’s Seventeenth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1224 | Trustee’s Eighteenth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1225 | Trustee’s Nineteenth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1226 | Trustee’s Twentieth Omnibus Objection: Claims that Do Not Reflect Dividends; Exhibit A
June 11, 2012   1227 | Trustee’s Twenty-First Omnibus Objection: Improperly Classified Claims that Contradict Debtors’ Books; Exhibit A
June 11, 2012   1228 | Trustee’s Twenty-Second Omnibus Objection: Improperly Classified Claims that Contradict Debtors’ Books; Exhibit A
June 11, 2012   1229 | Notice of Hearing on 1216-1228
May 10, 2012   1201 | Notice of (1) Rescheduled Hearing on and (2) New Deadline for Responses to the Trustee’s Sixth Omnibus Objection: Duplicate Claims
April 30, 2012   1197 | Trustee’s Sixth Omnibus Objection: Duplicate Claims, Exhibit A
April 30, 2012   1192 | Trustee’s First Omnibus Objection: Amended and Superseded Claims, Exhibit A
April 30, 2012    1193 | Trustee’s Second Omnibus Objection: Duplicate Claims, Exhibit A
April 30, 2012    1194 | Trustee’s Third Omnibus Objection: Duplicate Claims, Exhibit A
April 30, 2012    1195 | Trustee’s Fourth Omnibus Objection: Duplicate Claims, Exhibit A
April 30, 2012    1196 | Trustee’s Fifth Omnibus Objection: Duplicate Claims, Exhibit A
April 30, 2012    1198 | Trustee’s Seventh Omnibus Objection: Duplicate Claims, Exhibit A
May 4, 2012   Following a five hour sentencing hearing that occurred in Beaumont, TX on Thursday, May 3, 2012, U.S. District Judge Marcia A. Crone, sentenced 36-year-old Joseph Blimline to 240 months in federal prison on charges related to his role in a pair of complex oil and gas Ponzi schemes that operated in Michigan and Texas. Judge Crone ordered that Blimline report to federal prison by 2:00 p.m., Friday, May 18, 2012. For additional information regarding the hearing, please refer to the attached news release issued by the Federal Bureau of Investigation.
Apr. 5, 2012   An Adobe PDF document Withdrawal of the Trustee's Omnibus Objections to Claims and Notice of Cancellation of Hearing
Feb. 28, 2012   An Adobe PDF document Notice of Hearing re Motion and Compromise-- Segner v. Coughlin et als, Document #1147
Feb. 28, 2012   An Adobe PDF document Motion and Compromise-- Segner v. Coughlin et als, Document #1146
Feb. 28, 2012   An Adobe PDF document Exhibit A, Document #1146-1
Jan. 25, 2012   An Adobe PDF document Order on Motion for Approval of Settlement and Compromise with D&O Defendants, Document #1134
Dec. 26, 2011   An Adobe PDF document Motion of Settlement and Compromise with D&O Defendants, Document #1124
Dec. 26, 2011   An Adobe PDF document Exhibit A, Document #1124-1
Sep. 16, 2011   An Adobe PDF document Liquidating Trustee's Motion for Omnibus Claims Objection Procedures
Aug. 10, 2011   An Adobe PDF document Order Granting Liquidating Trustee's Motion to Abate or Extend Deadline to Object to Preferred Stock Interests
Aug. 10, 2011   An Adobe PDF document Liquidating Trustee's Motion to Abate or Extend Deadline to Object to Preferred Stock Interests
Apr. 11, 2011   Liquidation Efforts for PR Liquidating Trustee
The Trustee's work has progressed substantially since his appointment. He has evaluated many of the claims assigned to him through the Plan documents and also by individual investors. He has identified a number of claims that should be pursued taking into consideration issues of liability, damages, and collectability.

The Trustee has thus far brought two lawsuits, one against 51 broker-dealers and one against 7 former directors and officers of Provident entities. In the broker-dealer suit, the Trustee has negotiated two significant settlements, which are subject to Court review.

Overall, the initial work of the Trustee will produce a return to investors that far exceeds the expenditures of resources needed to obtain these results. The Trustee will provide a more comprehensive report once the settlements have been formally presented to the Court and approved.

The Trustee would caution, however, that the Trustee will continue to be careful not to issue public reports that undermine the Trustee's ability to preserve the advantages afforded to him by the attorney-client and work product privileges.
Feb. 15, 2011   An Adobe PDF document A motion was filed on the 11th of February, 2011, by the Trustee of the PR Liquidating Trust (Liquidating Trustee’s Motion to Extend Deadline to Object to Preferred Stock Interests).

There are over 7,700 Preferred Stock Holders in the Provident Royalties’ bankruptcy case. Before any distribution can be made to these stockholders, the Trustee and the post-confirmation trust must first ensure that the claims filed on behalf of each Preferred Stock Holder are accurate and not over-stated. Put simply, the Trustee must ensure that everyone receives their accurate pro rata share of any distribution and that no one is either requesting an amount too large or has already received an amount in excess of what other similarly situated Preferred Stock Holders may have received. As a result, the Plan of Liquidation provided a period of time for the Trustee to file objections to these interests. The Trustee does not believe now is an appropriate time to file those objections, however.

On February 11, 2011, Milo H. Segner, Jr., Liquidating Trustee for the PR Liquidating Trust, filed a motion with the United States Bankruptcy Court for the Northern District of Texas seeking an extension of time to file objections to the claims of Preferred Stock Holders in the Provident Royalties bankruptcy. In the Trustee’s judgment, it would be an injudicious use of time and money to potentially file objections to over 7,000 claims at this juncture. The Trustee is engaged in complex multi-million dollar litigation and believes the time and resources, as well as his team’s focus, should be on maximizing the value of the litigation claims that he has been charged with pursuing; rather, than objecting to the nature and amount of potential investor claims in this case at this time. For your convenience, an electronic copy of the Trustee’s filing is posted on this website that more fully explains the Trustee’s reasons for requesting an extension of time to file objections.

Sept. 1, 2010   An Adobe PDF document In the News: Provident Royalties exec pleads guilty in $485M fraud, Investment News
June 20, 2010   An Adobe PDF document In the News: Private-placement problems zap 12 indie B-Ds, Investment News
Get Adobe Reader