Friday, February 24, 2012

Disgraced Real Estate Magnate Files Chapter 7 Bankruptcy, Flees Authorities Plus Associate of Disgraced Real Estate Magnate Forced into Chapter 7-Part I

Following is actually a 2-part saga of living the high-life, swindling clients and associates, cheating on a fatally-ill wife—you name it, former Seattle real estate tycoon-turned fugitive, Michael Mastro has lived it. The scenario, right out of a Dashiell Hammett plot, now centers on Michael & Linda Mastro, who filed Chapter 7 bankruptcy in July 2009 with liabilities of $570 million, one of Washington’s all-time largest bankruptcies. The couple then vacationed in Italy, Paris, Switzerland, New York City, Palm Springs and Jackson Hole.

Then (cue the music), the twosome disappeared last summer after failing to comply with a court order to relinquish two diamond rings valued at $1.4 million. Warrants were issued for their arrest, but their whereabouts remain unknown, reports Eric Pryne for www.seattletimes.nwsource.com, who has been covering the story since its inception.

Reports show the couple fled to Canada and are currently living under-cover. (It’s a small world, folks, they will probably surface sooner rather than later).

An article by Rick Anderson on www.blogs.seattleweekly.com, states that the Palm Desert, California, estate of the 86-year-old tycoon and his 61-year-old wife will soon undergo auction. Included in the ultra-high-end sale are a Bentley convertible, Steinway baby grand piano, fur coats and 25 Chihuly glass pieces.

Anderson also reports that the Mastros have ceased paying their attorneys, “effectively limiting if not ending their legal challenges to the bankruptcy case, which has left some of their creditors high and dry”.

Federal Bankruptcy Judge Marc Barreca has recently approved distribution of $2.8 million in recovered funds to Mastro’s many creditors, about 1% of what the less-than-honorable multi-millionaire actually owes.

Although your financial situation is probably not as serious as the Mastro’s, you should not take overwhelming debt lightly. Filing for Chapter 7 or Chapter 13 personal bankruptcy is complicated. You need a knowledgeable and experienced bankruptcy attorney from Macey Bankruptcy Law at your side. Log onto www.maceybankruptcylaw.com or call toll-free 800-260-1402 for your free initial consultation. Don’t spend another sleepless night, call us today.

Read more for Part II: Bankruptcy of Thomas Hazelrigg III, Associate of Michael Mastro

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