Posted on May 21, 2018 in In The News
Bast Amron LLP and Philip J. von Kahle have negotiated a $12 million payout on a performance bond issued by Fidelity & Deposit Company of Maryland, guaranteeing Brenda Nestor’s faithful conduct as the former personal representative of the mega-million-dollar Probate Estate. Bast Amron and Brett M. Amron, Esq., Jeremy S. Korch, Esq. and Hayley G. Harrison, Esq. represented von Kahle as Curator of the Estate of Victor Posner, with The Cochran Firm and Scott W. Leeds, Esq. serving as von Kahle’s co-counsel. Becker & Poliakoff, P.A. and William Strop, Esq. represented Fidelity.
Nestor reigned over the Estate from 2002 until April, 2015, when the Probate Court removed her as personal representative, finding that she had violated numerous orders of the Court and posed a danger to the Posner Estate. Following his appointment, von Kahle and his team of professionals discovered that the Posner Estate, once valued in excess of $100 million, had little, if any, assets remaining and creditors who were owed approximately $50 million.
After 20 months of litigation and with trial looming, von Kahle settled his claims against Fidelity after a full-day mediation session, with Fidelity agreeing to pay $12 million for damages caused by Nestor’s malfeasance and mismanagement of the Posner Estate.
This $12 million recovery for the Posner Estate will be used to partially pay two of the Estate’s largest creditors, the Pension Benefit Guaranty Corporation, and the Internal Revenue Service, as well as millions of dollars in administrative professional costs racked up by Nestor. It also means that the never-ending saga of the Victor Posner Estate may, finally, be nearing its end.
The law firm of Bast Amron LLP specializes in bankruptcy and bankruptcy avoidance, receiverships, corporate reorganization and complex litigation, representing trustees, receivers, fiduciaries, developers, corporations, individuals, creditors’ committees, secured and unsecured creditors and debtors-in-possession. The firm has significant experience handling a wide variety of state and federal claims at both the trial and appellate level. For more information on Bast Amron LLP and their services, please visit www.bastamron.com.
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