Chimene Van Gundy, a unique Braunfels businesswoman who may have touted and make millions by purchasing and you may promoting mobile residential property, registered to have A bankruptcy proceeding liquidation Wednesday. The latest filing came eight weeks immediately following a legal designated a device over the lady providers and personal cash.
Brand new Braunfels-built A fantastic A property Solutions Inc. lent money from traders to buy and sell mobile land. Particular traders claim they haven’t yet come paid down the principal and you will appeal to their fund.
Chimene Van Gundy, yet another Braunfels entrepreneur who has boasted from the while making many from exchanging mobile land, moved broke.
This woman is https://guaranteedinstallmentloans.com/payday-loans-ia/ regarded by herself once the “Queen out-of Mobile Property” as well as the “the Mobile Home Millionaire,” to purchase, restoring and you can selling more 600 mobile house inside the 17 states. She has also said she has all those cellular-home areas.
Lately, not, Van Gundy plus one out-of the woman people were struck that have several litigation from the people who allege the woman is become functioning a deceptive mobile-house funding strategy.
Van Gundy submitted having Chapter 7 liquidation Wednesday for the U.S. Bankruptcy Court inside the San Antonio, list lower than $50,one hundred thousand inside the assets and you will debts about listing of $a hundred,one hundred thousand so you can $five hundred,000.
Dealers say she reneged to your intends to outlay cash straight back prominent and you will attract on money it loaned their company to purchase mobile property. Brand new Express-Information chronicled Van Gundy’s courtroom dilemmas for the a blog post you to appeared on line only occasions in advance of the lady bankruptcy filing.
Van Gundy filed getting bankruptcy just eight weeks following the Ca plaintiffs convinced Judge Dib Waldrip to designate a radio for taking more than the lady providers, The A home Possibilities Inc. (ORES), along with her individual cash.
David Jed Williams and Clayton Matheson, San Antonio attorneys into the plaintiffs, argued one to property were vulnerable to are destroyed instead a good recipient providing manage.
Through the an April 19 reading, ORES’s businesses manager Meagan Dockens testified she did not discover where organization managed its bank accounts and that it didn’t come with current financial ideas
“Everything I have read feels like brand new arrow has started to become having fluorescent lights” getting appointing a receiver more ORES and you can Van Gundy, Waldrip said just after Dockens’ testimony.
Dr. Andrew Wong regarding Neuromuscular & EMG Gurus of Tx said within the an April fourteen page filed towards the legal you to definitely as a result of the lady injuries, Van Gundy have “extreme deficits” inside the recollections, desire and attention.
Van Gundy is “mentally unable to offering court testimony,” told you Wong, no matter if the guy added she was able to remain working complete-time. Her attorney told new legal Van Gundy risked with an enthusiastic epileptic seizure in the event the she testified.
The girl personal bankruptcy submitting gave zero all about the lady property, liabilities or income. The fresh petition said she’s up to 44 financial institutions.
It will be the 2nd time Van Gundy provides submitted to possess bankruptcy. When you look at the 1997, she and her spouse at the time registered a section 13 reorganization when you look at the Georgia.
Around a section 7 liquidation, good debtor’s property will likely be sold toward advantage of loan providers. Case of bankruptcy filings basically placed on keep one pending legal actions against a good borrower.
Four somebody as well as 2 people situated in Ca allege in their lawsuit inside Comal County section legal one Van Gundy could have been operating a good Ponzi design – about to pay off buyers with this new financing from other “naive anyone
Michael Morris, another type of Braunfels lawyer who has been symbolizing Van Gundy and you will ORES in lawsuits, submitted documents Wednesday to withdraw because their counsel.
Morris conveyed the brand new appeal off Van Gundy and you will ORES “could possibly get prove unfavorable” to your receiver’s appointment, thus his proceeded symbolization out-of both “was dishonest.”