Option calls and broker demands for payment from client of steven sears irvine ca now exceed $ 5,000, 000 and will continue to accrue interest at the federal funds discount rate. The stock portfolio was aquired in 2004 at a total cost of $12,000, 000 and the liquidation value in 2009 is only $900,000.
The entire portfolio was invested in high risk energy stocks with an emphasis on shale extraction and tertiary drilling. The risk was well known and many wildcat drillers in texas and arkansas have already filed bankruptcy. The deficiency is fully owed and is the personal liability of the holders of the account.
The accounts are held in the form of:
Limited Partnerships
Limited Liability Companies
Corporations
Personal Holding Companies.
The General Partners signed personal guarantees and the spouses waived their community property rights. The QDRO provisions will not apply and the pension plans will be liquidated under ERISA with a cliam under the federal pension benefit agency. Client's of steven sears cpa, steven sears attorney, steven sears attorney cpa, steven sears cpa attorney, steven sears irvine, will be required to post a bond in the amount of $50,000. This amount will be held for distribution to broker or brokers with negative balances.
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