Oct. 4, 2007 — With Jeffrey Prosser, former CEO of Innovative Communications Corp, forced into Chapter 7 bankruptcy, John Ellis was appointed interim trustee Thursday for Prosser’s personal finances.
Ellis will oversee the sale of parts of Prosser’s estate to pay his personal creditors. When the one-time tycoon filed for personal bankruptcy last year, the largest single itemized debt was $100 million he personally owes the Rural Telephone Finance Cooperative.
Donald Walton, the acting U.S. trustee for Region 21 made the appointment. Walton wrote that unless Prosser’s creditors object and choose another trustee the first time they meet, Ellis will remain trustee without any further action of the court.
The U.S. Trustee Program is the arm of the Justice Department that protects the integrity of the bankruptcy system by overseeing case administration and enforcing bankruptcy laws. Region 21 is headquartered in Atlanta with additional offices in Macon and Savannah, Ga.; Miami, Orlando, Tallahassee, and Tampa, Fla.; and San Juan, Puerto Rico.
Thomas Alkon, Prosser’s attorney of record, asked the bankruptcy court to allow him to withdraw from the case because it has been converted to Chapter 7, involuntary bankruptcy proceeding, and “counsel is not prepared for such a different role.”
Below are the itemized debts listed by Prosser last year when he filed for Chapter 11 bankruptcy protection:
– Rural Telephone Finance Cooperative $100,000,000
– Greenlight Capital, Undetermined
– Redwood Domestic Fund, L.P., Unknown
– Caribbean Property Management, $9,000
– Kendrick’s Restaurant, $7,000
– Buccaneer Hotel, $4,500
– Tamarind Reef Hotel, $2,000
– Florida Power and Light, $1,901
– Wild Orchid Flower and Gift Shop, $1,500
– Schooner Bay Market, $1,200
– El Patio Flower and Gift Shop, $1,200
– Caribbean Cooling Inc., $1,000
– Bell South Telephone, $840
– Roof Top, $350
– DirecTV, $115
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