Letters to Investors
Dear Investors:
My First Quarter 2010 Report to the Court, together with the Appendix of Exhibits in Support of the Report, have now been posted to the website as Docket #216 and Docket #217 respectively. A copy of the Report and Appendix will be mailed with a copy of this letter to the investors who do not have internet access.
I hope you find this information helpful.
Should you have any questions, please do not hesitate to contact my office.
With the assistance of my court-appointed attorneys and accountants, I have now completed my
claims review process in order to determine who the legitimate claimants are in this case and the
proper amount of each claim.
The first step in being able to make an initial distribution to the investor victims is establishing a
date by which all claims by the investor victims and non-investors must be submitted. Judge
Cummings entered an Order today establishing those dates. All investor victim claims must be
submitted to me by March 24, 2010, and all non-investor proofs of claim must be submitted to me
by April 24, 2010. PLEASE NOTE that if you have previously submitted a claim, you do NOT
need to submit another claim. I will send a letter to all investor victims who have not submitted a
claim to me. If you do not receive a letter from me in this regard, you can be assured that I have
received your claim. After March 24, 2010, I will file a plan for administration and distribution, and
hopefully will be able to make an initial distribution around April 15, 2010.
If you have not previously submitted a claim you may use the link below to submit your claim
electronically. Claim Form
Sincerely,
Fernando M. Bustos, Receiver
Dear Investors:
My Fourth Quarter 2009 Report to the Court, together with the Appendix of Exhibits in Support of the Report, have now been posted to the website on the Court Documents page at Docket #167 and #168. A copy of the Report and Appendix will be mailed with a copy of this letter to the investors who do not have internet access.
I hope you find this information helpful.
Should you have any question, please do not hestitate to contact my office.
Sincerely,
Fernando M. Bustos, Receiver
A letter from the accounting firm of Bolinger, Segars, Gilbert & Moss, L.L.P. regarding Forms 1099-INT may be found at the following link:
Letter from Accountants Re: Forms 1099-INT.pdf
Sincerely, Fernando M. Bustos, Receiver
Dear Investors:
My Third Quarter 2009 Report to the Court, together with the Appendix of Exhibits in Support of the Report, have now been posted to the website. A copy of the Report and Appendix will be mailed with a copy of this letter to the investors who do not have internet access.
I hope you find this information helpful.
Very truly yours,
Fernando M. Bustos
McCleskey, Harriger, Brazill & Graf, L.L.P.
On November 10, 2009, the United States Attorney filed a criminal Information in Cause No. 5-09CR0075-C, United States of America v. Benny Lee Judah, which contained a count alleging money laundering and a count of sale and delivery after sale of unregistered securities.
A file-marked copy of the Information can be viewed at the following link:
On November 12, 2009, Mr. Judah plead guilty to the Information. He will receive his final sentence
in approximately six (6) weeks.
In light of Mr. Judah's guilty plea, investors can consult with their tax professionals regarding the deductibility of "fraud losses" under Section 165 of the Internal Revenue Code. A link to a November 6, 2009, letter from the accounting firm of Bolinger, Segars, Gilbert & Moss, L.L.P.
discussing details about this "fraud loss" deduction can be found at the following link:
This letter can also be found at the Letters to Investors tab on this website.
Dear Investors:
As it has now been two months since the receivership began, I would like to take this opportunity to update you on our progress, as well as to address some of your questions.
Re: Civil Action No. 5:09CV0087-C; Securities and Exchange Commission v. Benny L. Judah and Excel Lease Fund, Inc.; In The United States District Court for the Northern District of Texas, Lubbock Division.
Dear Investors:
I understand that many of you may have received a letter dated May 15, 2009, from John W. Beakley. Mr. Beakley allegedly is a Trustee of some trusts that are investors. I am writing this letter to you for two reasons.
Dear Investor:
This letter serves as a follow up to the April 25, 2009 investor letter posted on the receiver website, www.mhbgreceiver.com. As you may be aware, on April 21, 2009, Judge Sam R. Cummings of the United States District Court for the Northern District of Texas placed the assets of Benny L. Judah and Excel Lease Fund, Inc. in receivership and appointed me as the receiver. The Agreed Order Appointing Receiver also includes within the receivership "all entities they own or control."
As you may be aware, on April 21, 2009, Judge Sam R. Cummings of the United States District Court for the Northern District of Texas placed the assets of Benny L.Judah and Excel Lease Fund, Inc. in receivership and appointed me as the receiver. The Agreed Order Appointing Receiver also includes within the receivership “all entities they own or control.”