corporate bankruptcy case appears to be winding down
A little more than three years after Jeff Parsons
and THR & Associates
filed for personal and corporate bankruptcy, the corporate bankruptcy appears to be winding down.
A trustee's motion filed in U.S. Bankruptcy Court in Springfield last week to sell a 2010 Haulmark trailer that once belonged to THR & Associates
included a notice of intent to close the case.
Parsons' personal bankruptcy case remains open.
filed for bankruptcy in September 2012 after the buy-sell-trade company Parsons founded collapsed amid allegations of fraud and thousands of bounced checks written to sellers nationwide.
Parsons founded THR & Associates in Springfield in the fall of 2010 with a promise of hundreds of local jobs and eventual sales of $1 billion annually.
The business strategy included buying shows at hotels and convention centers nationwide.
Coins, collectibles, antiques, jewelry and other valuables purchased at the shows were resold through THR
By early 2012, the company was the subject of hundreds of consumer complaints of bounced checks written at THR purchasing events.
At the time of the bankruptcy filings in the fall of 2012, Parsons
claimed more than $100 million in debts.
A judge denied debt relief in both THR's
corporate and Parsons
' personal bankruptcy cases after concluding Parsons had fraudulently attempted to hide assets and transfer cash.
Trustees in both cases have conducted dozens of auctions, selling off warehouses full of items purchased by THR and Parsons' personal collections and property.
The auctions included the nearly $1 million sale of his
former home and real estate in Athens.
Another of the largest sales brought $385,000 from Parsons' collection and $850,000 for a lodge and hunting property Pike County.
The personal bankruptcy case remains open, according to court filings, which could mean additional sales of assets.
also faces court-ordered payments in the separate case of $12.3 million in overtime and penalties owed to approximately 150 former THR employees.
Mills set an initial deadline of Nov. 16 for Parsons
to report on payments or face possible jail time.