http://ecf.paeb.uscourts.gov
This is a long-expected filing for those subcontractors, suppliers and customers with whom Shawn Gerety has been discussing his bankruptcy plans for at least a year. For victims from whom BuildTrend collected deposits and payments this summer for construction work that still has not started, this filing may be a surprise.
Shawn Gerety and BuildTrend are represented by: Barry Solodky
(717) 299-3726 bsolodky@n-hlaw.com
Stephen Raslavich is listed as the judge.
The Trustee is: Office of the U.S. Trustee, 833 Chestnut Street, Suite 500, Philadelphia, PA 19107 (215) 597-4411
Current status is "Awaiting First Meeting"
From boxes checked on the voluntary petition form, the debtor estimates more than 100 creditors, between $100,000 and $500,000 in assets and between $1,000,000 and $10,000,000 in liabilities.
He notes the Department of Justice and Pennsylvania Bureau of Consumer Protection as creditors. Shawn also lists Trend Consulting Group (Vincent Cottrell's company) as a creditor! There is more information about Vince and his role at BuildTrend elsewhere on this blog.
Among the many questions this Chapter 7 filing raises:
- What's the status of other entities owned and operated by Shawn Gerety, including his other residential construction contracting businesses?
- Is a Chapter 7 bankruptcy for BuildTrend in 2015 legal if BuildTrend has been a single member LLC owned exclusively by Shawn Gerety who previously discharged all debts in a 2010 bankruptcy?
- If the projects customers paid and contracted BuildTrend to complete were not even started in many cases nor completed in any cases, and if many sub-contractors and suppliers were also not compensated fully for their services, then where did all the money actually go?
This follows a post from early September when customers started to see BuildTrend project manager Jamie Wermuth and attorneys giving formal notice of intent to file Chapter 7.
This is a move from the contractor fraud playbook. Start new LLC, bankrupt old LLC and tell everybody you have no money. Still in business with new names and same old tricks!
ReplyDeleteTrue!!! He has a new business already!
DeleteLook over this list of creditors. Lord & Taylor? BonTon? Credit card issuers? This looks like he is mixing personal debts with BuildTrend debts. However, he is not filing for personal bankruptcy or even for ALL of his companies.
ReplyDeleteSo when you look up Shawn T. Gerenty, besides this blog, a couple of things come up, including a website by the name of buildzoom. On this website, it says Shawn is the owner of Trend Investment Group, Inc. hhhhhmmmm, does the name sound familiar?!? On the website there's a number 888-959-7725. And if you do more research on this Trend Investment Group, there's a website by the name of TIGConstruction that looked very similar to his old website and the number in this website matches the number on buildzoom. I cannot believe he has already started his new scam. Why isn't nobody doing nothing. I am so livid right now. Please do a new blog on this!!!!
ReplyDelete