Petition Claims Owners Of Business Can't Be Trusted
7:01 AM, Feb 8, 2010
Nearly 100 investors who claim they're owed millions of dollars want a judge to take control of a company run by embattled Indianapolis businessman Tim Durham.Ohio-based Fair Financial was one of two businesses run by Durham and his business partner that were raided by the FBI in November, although no criminal charges have been filed in the case.Investors have now turned to a federal judge in the United States Bankruptcy Court Northern District of Ohio Eastern Division to demand an involuntary bankruptcy, 6News' Rafael Sanchez reported."Neither the debtor, nor its owner, can be trusted to run the business," the petition reads. "The situation requires the appointment of an interim trustee to take possession of the property and to operate the business of the debtor in order to protect and preserve the assets of the debtor for the benefit of the creditors."Indianapolis bankruptcy attorney Mark Zuckerberg is not involved in the case, but explained that the court filling could have an impact on the federal investigation into Durham."Bankruptcy will never stop a criminal case, but the benefits to the creditors is an orderly liquidation or reorganization which is orderly and have better chance of being treated fairly and equally," Zuckerberg said.The court filing indicated that for the 100 people involved in the legal maneuver that Fair Financial is holding about $6 million in investments.The business has remained closed since November's raid.