From calftalk Subject: he blew his cover with an offshore company- M Patten Holdings
From: CALIFTALK
The house is tied up with legal actions, thru the Federal Bankruptcy Court.
Oilex claims an interest in the $300,000 deposit, as the money was taken from the Debenture cash deposited into an Oilex bank account,then Allen Burditt had the money moved to a bank account controlled by Allen Burditt, of Phoenix Reserves, then Allen Burditt had the money moved to the Escrow for the benefit of M. Patten Holdings, a offshore shell company owned by Burditt. (A method of hiding income
if it remains a secret)
End result, without the approval of the Directors or Officers of Oilex, Allen Burditt
used Oilex money to acquire a house on contract, in which he resided without paying rent for one year, then he had the furniture moved by his daughter into storage while he was on vacation during the first week of August, and then filed a
complaint with the police that the items were stolen, and then filed a claim with the insurance company ( a policy that Burditt had Oilex pay) claiming that he had a
insured loss. Quite a plan that went wrong, as his daughter left a note in the house
that she was up all night packing, and that note was picked up by the party that
Burditt had charged with stealing his possessions in the house, and the note was given to the police dept and the insurance company.
The party who sold the house on the original sales contract, now wants to keep the
$300,000 deposit and forfeit the contract. The contract called for a final payment of $250,000 to complete the contract within one year. The Court has given an officer of Oilex authority to advance the money to complete the contract and protect the interests of Oilex shareholders and creditors. The original seller has refused to close the transaction and pass title, therefore Oilex has filed a lawsuit for recovery.
M Patten Holdings has joined in the lawsuit. |
