Jeff Parsons bankruptcy sales raise $2 million from personal assets
Jeff Parsons, founder of THR & Associates, leaves the federal courthouse in Springfield Thursday, July 10, 2014. Rich Saal/The State Journal-Register
The IRS received the largest single share, $334,133, to settle $16 million in back taxes and penalties the IRS claimed was owed, according to documents filed in federal bankruptcy court in Springfield by Peoria bankruptcy trustee Charles Covey. The Illinois Department of Revenue claimed $1.2 million in back taxes and penalties but had not yet received payments.
Revenue departments in Missouri, New Jersey, Kentucky and Minnesota also filed claims.
The Springfield bankruptcy court conducted a series of auctions and sales of Persons' personal assets over the last two years, including his onetime home in Athens. Parsons and THR filed for personal and corporate bankruptcy in September 2012, though debt relief was denied in both cases based on trustee allegations of fraud.
According to the final report from Covey, asset sales ranged from $1.5 million for Parsons' former Athens home and $300,000 worth of antiques at the home to $1,500 for a kitchen stove to $500 for a gas grill with tools.
A summary of allowed claims showed Parsons owed $17.2 million to various units of government, including federal, state and local taxes, and $2.3 million to unsecured creditors.
Trustee Jeffrey Richardson of Decatur reported in the corporate bankruptcy case last month that more than $5.3 million had been raised from sales of THR assets ranging from $500 for a used Ford Expedition to $1.5 million for property near the resort community of Osage Beach, Missouri. Approximately $1.4 million was raised from the sale of THR inventory, according to court records.
Parsons started his buy-sell-trade company in Springfield in 2010. The company failed in 2012 in the wake of thousands of claims of bad checks written to sellers as THR buying shows around the country. In addition to buy-sell stores and shows, THR opened J Parsons retail store in the Parkway Pointe shopping center in late 2011. The store closed within six months.
According to court records, Parsons now lives near Houston, where he works for Premier Estate Sales Network. The company specializes in residential and commercial liquidation sales.
Article from:- http://www.sj-r.com