In our last update, we informed investors that on December 28, 2015, the Court overseeing the SEC action appointed a Monitor to oversee Brogdon’s progress in connection with the SEC’s action. The Monitor will report to the Court on the status of Brogdon’s efforts every thirty days.
Since that time, the Monitor filed requests with the Court to appoint certain professionals to advise, assist and support the monitor in carrying out his duties, and to authorize compensation for those professionals out of the Brogdon assets. Specifically, the Monitor asked the Court to approve the use of accountants and financial advisors, including financial and forensic consultants, certified insolvency and restructuring advisors, certified fraud examiners, and lawyers experienced in healthcare, secured transactions, tax and real estate, among other areas. On January 15, 2016, the Court approved the Monitor’s requests to appoint the professionals and to allow for compensation for their services.
Peiffer Wolf continues to investigate 1) the sources of recent quarterly interest payments made to investors on municipal bonds issued by Brogdon-related entities in light of the cash flow deficiencies alleged in the SEC case; 2) potential violations of the Trust Indentures connected with the Brogdon-related offerings; and 3) additional bond programs that might be affiliated with Brogdon but are not listed in the SEC action or in our December, 2015 blog post. We believe that Brogdon was connected with other offerings that might also be subject to default.
We are continuing to receive calls from investors in Brogdon-sponsored municipal bonds, who are concerned about their investments. Our continued review of EMMA shows that many of the Brogdon muni bonds are trading for a fraction of their value or have not traded in many months. We are taking steps in preparation of a number of legal proceedings on behalf of some of the Brogdon investors.
If you invested in Brogdon-related programs not listed in our December, 2015 blog post, we are interested in speaking to you to gather more information.
Investors may contact attorneys Jason Kane or Joe Peiffer at the Peiffer Wolf law firm for a free, no-obligation evaluation of their legal options or to provide information about this matter at 585-310-5140, via email at firstname.lastname@example.org, or through the contact form on this page.