DOWNLOADS

Click here to view Certificate of Service on all Orders

Click here to view Order Approving Receiver's Final Report and Accounting and Dismissing the Receiver

Click here to view Final Order for Compensation to Edward P. Bowers

Click here to view Final Order for Compensation to Grier Furr &
Crisp, PA

Click here to view Receiver's Motion for Approval of Final Receiver's Report and Accounting and Dismissal of the Receiver and Notice of Receiver's Motion

Click here to view Receiver's Final Report and Accounting

Click here to view Final Notice of Motions for Compensation to Grier Furr & Crisp, PA and Edward P. Bowers

Click here to view Final Motion for Compensation to Edward P. Bowers

Click here to view Final Motion for Compensation to Grier Furr & Crisp, PA

Click here to view

Order Granting Receiver's Motion to Make Final Distribution and to Establish Distribution Amounts/Barki

Click here to view Receiver's Motion to Make Final Distribution and Establish Distribution Amounts / Notice of Motion & COS

Click here to view Order Granting Receiver's Motion to Make Third Interim Distribution and to Establish Distribution Amounts

Click here to view Receiver's Motion to Make Third Interim Distribution and to Establish Distribution Amounts with Notice of Motion

Click here to view
Order for Compensation to Edward P. Bowers and Middleswarth, Bowers & Company, Accountants for the Receiver

Click here to view Order for Compensation to Grier, Furr &
Crisp, PA, Attorneys for the Receiver

Click here to view Certificate of Service

Click here to view Notice of Motion For Compensation for Grier, Furr & Crisp, PA and Motion for Compensation to Edward P. Bowers, Accountant for the Receiver

Click here to view Motion for Compensation to Edward P.
Bowers, Accountant for Receiver

Click here to view Motion for Compensation to Grier Furr &
Crisp, PA, Attorneys for the Receiver

Click here to view Receiver's Eleventh Report

Click here to view Receiver's
Report

Click here to view Order for Compensation to Edward P. Bowers and Middleswarth, Bowers
& Company
, Accountant for the Receiver

Click here to view Order for Compensation to Grier Furr & Crisp, P.A., Attorneys for the Receiver

Click here to view Certificate of Service

Click here to view Notice of Motion for Compensation for Grier, Furr & Crisp, P.A. and Motion for Compensation to Edward P.
Bowers, Accountant for the Receiver

Click here to view Receiver's Tenth Report

Click here to view Order
Granting the Motion for Compensation
to Edward P. Bowers and Middleswarth, Bowers
& Company, Accountants for the Receiver

Click here to view Order
Granting Motion for Compensation for Grier Furr & Crisp, PA, Attorneys
for the Receiver

Click here to view
Order Granting Receiver's Motion
to make Second Interim
Distribution and to Establish Distribution Amounts

Click here to view
Receiver's Ninth Report

Click here to view
Reciever's Motion to make second interim distribution and to establish distribution amounts

Click here to view
Motion for Compensation for Grier Furr & Crisp, PA, Attorneys for the Receiver

Click here to view
Sixth Motion of Receiver for compensation to Edward P. Bowers and Middleswarth Bowers and Company, Accountants for the Receiver

Click here to view
Notice of Motion for Compensation for Grier Furr & Crisp, PA and Motion for Compensation to Edward P. Bowers, Accountant for the Receiver

Click here to view
Order Granting Receiver's Motion for Approval of Settlement

Click here to view
Order Granting Receiver's Motion for Order (1) Confriming Distribution Priority Scheme; (2) Declaring that the Receivership Estate is held in a constructive Trust for the Benefit of the Barki Customers; (3) Declaring that, except for Taxing Authority Claims, a Claims Review Process for any Pre-Receivership Claims of Creditors of Defendants and Relief Defendants is unnecessary; and (4) Setting a Deadline for any Pre-Receivership Tax Calim by the United States Treasury and the North Carolina Department of Revenue.

Click here to view
Receiver's Eighth Report

Click here to view
Withdrawal of Objection to Receiver's Motion for Order Declaring that the Receivership Estate is held in a Constructive Trust for the Benefit of the Barki Customers

Click here to view
Order Granting Receiver's Motion for Approval of Settlement

Click here to view
Receiver's Motion for Approval of Settlement and Notice of Motion

Click here to view
Order Allowing Accountant's Fees of Middleswarth, Bowers and Company

Click here to view
Order Allowing Grier Furr & Crisp, PA Motion for Compensation

Click here to view Receiver's Reply to Notice of Objection to Receiver's Motion to Approve Settlement Agreement

Click here to view Notice of Seventh Motion for Compensation to Grier Furr & Crisp, Attorneys for the Receiver and Fifth Motion for Compensation to Accountants for the Receiver

Click here to view Fifth Motion of Receiver for Compensation to Accountants for the Receiver

Click here to view Seventh Motion for Compensation to Grier Furr & Crisp, PA, Attorneys for the Receiver

Click here to view Receiver's Seventh Report

Click here to view Notice of Objection to Receiver's Motion to Approve Settlement

Click here to view Objection to Receiver's Motion for Order Declaring That the Receivership Estate is Held in a Constructive Trust for the Benefit of the Barki Customers

Click here to view Receiver's Motion for Approval of Settlement

Click here to view Receiver's Motion for Order (1) Confirming Distribution Priority Scheme; (2) Declaring that the Receivership Estate is Held in a Constructive Trust for the Benefit of the Barki Customers; (3) Declaring that, except for Taxing Authority Claims, a Claims Review Process for any Pre-Receivership Claims of Creditors of Defendants and Relief Defendants is Unnecessary; and (4) Setting a Deadline for any Pre-Receivership Tax Claim by the United States Treasury and the North Carolina Department of Revenue

Click here to view Order Allowing Accountant's Fees

Click here to view Order Allowing Attorneys Fees

Click here to view Fourth Motion of Receiver for Compensation for Edward P. Bowers and Middleswarth, Bowers & Co. Accountants for Receiver

Click here to view Sixth Motion for Compensation for Grier, Furr & Crisp, PA

Click here to view Notice of Sixth Motion for Compensation for Grier, Furr & Crisp, PA and Fourth Motion for Compensation for Edward P. Bowers and Middleswarth, Bowers & Co. Accountants for Receiver

Click here to view Receiver's Sixth Report

Click here to view Order Granting Motion for Approval of Offer to Purchase and Contract as to Real Property and Personal Property

Click here to view Order Granting Receiver's Motion for Approval of Settlement

Click here to view Order Approving Settlement

Click here to view Receiver's Motion for Approval of Offer to Purchase and Contract and for Authority to Consummate Sale of Real Property and Personal Property Free and Clear of Liens and Encumbrances and Notice of Same

Click here to view Receiver's Motion for Approval of Settlement and Notice

Click here to view Text Order allowing Motion to Approve Settlement Agreement filed on February 18, 2009

Click here to view Receiver's Motion to Approve Settlement

Click here to view Order Allowing Second Fee Application of Middleswarth, Bowers & Co.

Click here to view Order Allowing Fourth Motion for Compensation of Grier, Furr & Crisp PA

Click here to view Motion for Approval of Settlement and Notice of Motion

Click here to view Receiver's Fifth Report w/Certificate of Service

Click here to view Notice of Motions with Certificate of Service

Click here to view Motion for Compensation to Edward P. Bowers

Click here to view Motion for Compensation for Grier Furr & Crisp, PA, Attorneys for Receiver

Click here to view Motion to Approve Settlement

Click here to view Order Granting Receiver's Motion to Make Interim Distribution and to Establish Distribution Amounts

Click here to view Receiver's Motion to Make Interim Distribution and to Establish Distribution Amounts

Click here to view Notice of Sale of Assets

Click here to view Receiver's Fourth Report

Click here to view Notice of Motions for Compensation for Attorneys for Receiver and Accountant for Receiver

Click here to view Fourth Motion for Compensation for Attorneys for Receiver

Click here to view Second Motion for Compensation for Accountant for Receiver

Click here to view Order for Claims Distribution Method

Click here to view Notice of Filing of Receiver's Report

Click here to view Order Requesting Receiver's Report

Click here to view Motion for Compensation to Grier, Furr & Crisp, PA, Attorneys for the Receiver

Click here to view Response by Steve Harris Concerning Claims Distribution Method

Click here to view Memorandum of Law in Support of Receiver's Proposed Distribution Method

Click here to view Reply by Receiver to Memorandum of Law in Support of Response (Objection) of Harris, Wray, Boyles and Puckett

Click here to view Memorandum of Law in Support of Response (Objection) of Harris, Wray, Boyles and Puckett to Receiver's Motion

Click here to view Receiver's Report of Claims, Objections to Claims and Recommendations Regarding Claims

Click here to view Notice of Additional Authority Relative to Distribution Methodology

Click here to view Notice of Hearing

Click here to view Order Granting Receiver’s Motion for Authority to Retain Broker and to Sell Vehicle Free and Clear of Liens and Encumbrances and to Deposit Net Proceeds into Receivership Bank Account

Click here to view Notice of Motion for Compensation to
Grier Furr & Crisp, PA, Attorneys
for
Receiver

Click here to view Motion for Compensation to Grier Furr & Crisp, PA, Attorneys for Receiver

Click here to view Receiver's Third Report

Click here to view Motion to Sell 2005 Lexus

Click here to view Order granting Relief Defendant Rhonda Kramer's Motion for Return of Pre-Barki Insurance Proceeds

Click here to view Relief Defendant Rhonda Kramer's Motion for Return of Pre-Barki Insurance Proceeds

Click here to view Amended Order on Motion for Compensation

Click here to view Supplement to Receiver’s Motion Relative to Proposed Claims Distribution Method

Click here to view Notice of Claims Deadline and Claim Verification Form for Investors in Barki, LLC.

Click here to view Claim Verification Form for Investors in Barki, LLC.

Click here to view Order Granting Receiver's Motion Relative to (1) Approval of Proposed Claims Verification Procedures and Claims Bar Date; and (2) for Authority to Make Interim Distributions to Customers; and Reserving Judgment as to Receiver's Proposed Claims Distribution Method.

Click here to view the Amendment to Notice of Lis Pendens related to Cabarrus County Real Property

Click here to view Order Granting Motion to Intervene by Joseph W. Grier, III, Receiver for Defendants Bruce Carlton Kramer; Rhonda Ann Kramer; Barki, LLC; and Forest Glen Farm, LLC

Click here to view Order Granting Motion for Order Directing Amendment of Notice of Lis Pendens

Click here to view Receiver's Second Report filed July 17, 2009.

Click here to view Motion for Compensation to Grier Furr & Crisp, P.A., Attorneys for the Receiver filed July 17, 2009.

Click here to view Notice of Motion for Compensation for Grier Furr & Crisp, P.A

Click here to view Reponses of Frederick T. Danser, III and Bonnie Danser Appearing Pro Se, to Receiver's Motion for (1) Approval of Proposed Claims Verification Procedures, Claims Bar Date, and Proposed Claims Distribution Method; and (2) for Authority to Make Interim Distributions to Investors.

Click here to view Order Granting Receiver's Motion for Authority to Enter into Exclusive Right to Sell Listing Agreements with Julie R. Breedlove, Realtor/Broker, and Coldwell Banker United Realtors to Market and Sell Real Property.

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by George Cox, Elliott Cox and Adam Cox

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by Lloyd Lambeth

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by Marianne Lambeth

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by Rick Lambeth

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by L&J Family Limited Partnership

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by Steven D. Harris / The Harris Investor Group, LLC

Click here to view Objection to Receiver's Motion for Approval of Proposed Claims Distribution Method by Jeffrey A. Brotherton / JAZAC, LLC

Click here to view Response to Receiver's Motion filed 6-23-09 filed by Samuel Cox

Click here to view Response to Receiver's Motion filed 6-23-09 filed by Lucinda Chaney

Click here to view Response to Receiver's Motion filed 6-23-09 filed by Brian Evans and Alice Houle-Evans

Click here to view Response to Receiver's Motion filed 6-23-09 filed by Michael Anderson and Diane Anderson

Click here to view Response to Receiver's Motion filed 6-23-09 filed by Robert Johnston

Click here to view Response to Receiver's Motion filed 6-23-09 filed by William Maye and Teresia Maye

Click here to view Response filed by Gene Maye and Helen Maye

Click here to view Response (Objection) of Harris, Wray, Boyles and Puckett to Receiver's Motion for (1) Approval of Proposed Claims Verification Procedures, Claims Bar Date, and Proposed Claims Distribution Method; and (2) for Authority to Make Interim Distributions to Investors

Click here to view Response of D. Hunter Edwards, Jr., Don H. Edwards and Nancy T. Edwards to Receiver's Motion for (1) Approval of Proposed Claims Verification Procedures, Claims Bar Date, and Proposed Claims Distribution Method; and (2) for Authority to Make Interim Distributions to Investors

Click here to view Order Granting Rhonda Kramer's Motion for Additional Interim Allowance

Click here to view Receiver's Motion for Authority to Enter into Exclusive Right to Sell Listing Agreements with Julie R. Breedlove, Realtor/Broker and Coldwell Banker United Realtors to Market and Sell Real Property.

Click here to view Order Granting Receiver's Motion for Authority to Sell Horse Trailer Free and Clear of Liens and Encumbrances, to Retain Broker to Sell Vehicle and to Abandon Statue

Click here to view Notice of Receiver's Motion for (1) Approval of Proposed Claims Verification Procedures, Claims Bar Date , and Proposed Claims Distribution Method; and (2) for Autorrity to Make Interim Distribution to Investors

Click here to view Motion for (1) Approval of Proposed Claims Verification Procedures, Claims Bar Date, and Proposed Claims Distribution Method; and (2) for Authority to Make Interim Distributions to Investors

Click here to view Second Supplement To Receiver’s Motion For Authority To Sell Horse Trailer Free & Clear Of Liens And Encumbrances, To Retain Broker To Sell Vehicle And To Abandon Statue.

Click here to view Motion for Additional Interim Allowance for Living Expenses.

Click here to view Supplement to Motion to sell Horse Trailer free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Order Granting Motion to Sell Irish Sport Horse free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Receiver's Motion to sell trailer, truck and abandon statue free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Order granting Receiver's Motion to sell Jumper Horse free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Receiver's Motion and Order to sell Irish Sport Horse free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Notice of Sale
of Estate Asset.

Click here to view Receiver's Motion for Authority to Sell Jewelry and to deposit net proceeds into Receivership Bank Account.

Click here to view Supplement to Receiver's Motion and Order to Sell Jumper Horse free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Receiver's Motion and Order to sell Jumper Horse free and clear of liens and encumbrances and to deposit net proceeds into Receivership Bank Account.

Click here to view Notice of Motions for Compensation for Grier Furr & Crisp, PA and for Edward P. Bowers, Middleswarth, Bowers and Company' allowing through June 4, 2009 for any objection

Click here to view Motion for Compensation to Grier Furr &
Crisp, PA, Attorneys for the
Receiver

Click here to view Motion of Receiver for Compensation to Edward P. Bowers, Accountants for the Receiver

Click here to view Receiver's First Report Filed with the
Court May 19, 2009

Click here to view
Barki-Notice of Sale 5-13-09

Click here to view Order Granting Receiver's Motion for Authority to Sell Vehicles Free and Clear of Liens and Encumbrances and to Deposit Net Proceeds into Receivership Bank Account,
entered on 4/27/2009

Click here to view Consent Order Resolving Manzella Plaintiffs' Request for Intervention, the Opposition and Response by the Receiver and the Opposition and Response by the Commodity Futures Trading Commission, entered on 4/24/2009.

Click here to view Consent Order Granting Interim Allowance for Living Expenses to Relief Defendant Rhonda Kramer, entered on 4/23/2009.

Click here to view the Receivership Order.

Click here to view the Order appointing Mr. Grier as Receiver.

The USCFTC’s Complaint was filed on March 17, 2009 and is available at the Commission’s website >>

Click here to view Barki FAQs

 

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Disclaimer:
The information on this webpage is provided solely for the convenience of Barki, LLC customers and other interested parties and does not reflect all of the proceedings in the Barki, LLC receivership case pending in the United States District Court for the Western District of North Carolina. This information is not intended to be and should not be taken as legal advice as to any particular set of facts or circumstances. You should contact an attorney for advice on specific legal problems.

 

 

BARKI, LLC RECEIVERSHIP

To Barki Investors:

On April 14, 2010, the Receiver completed the sale of all real property in the Receivership Estate described as 55.282 acres in the names of Forest Glen Farms, LLC and Bruce and Rhonda Kramer (the "Real Property"), along with all remaining personal property located there for the gross sales price of $995,000.00. After payment of expenses, including realtor commission, a home warranty and other expenses, the net sum of $935,808.94 was deposited in a segregated Receivership Bank Account pursuant to the terms of the Order Granting Motion for Approval of Offer to Purchase and Contract as to Real Property and Personal Property, a copy of which is attached to this webpage. Given the continuing claim by D. Hunter Edwards, Don H. Edwards and Nancy T. Edwards (the "Edwards") that an order of attachment they obtained prior to the initiation of the Barki case creates a valid lien on the Real Property, and to accomplish the sale, it was agreed that to the extent the Edwards Plaintiffs’ lien on the Real Property was valid, such lien would transfer to the proceeds pending resolution of the issues between the Edwards Plaintiffs and the Receivership. The Receiver is working to address the claim of the Edwards so that the court can authorize the distribution of a second interim distribution to Barki customers.

Accountants for the Receiver mailed customer tax information packages on March 17, 2010 to each Barki, LLC customer. The packages contain the information necessary for your tax advisor or accountant to file returns and claim losses. The package includes the contact information for the Receiver's accountant. Although they cannot give you tax advice, they are available to answer questions.

On November 12, 2009, Judge Mullen entered his Order for Claims Distribution Method instructing the Receiver to use the net investment method for calculating distributions to Barki customers. The Receiver filed his Fourth Receiver’s Report on November 17, 2009, indicating that the Receiver has cash on hand of $2,056,811.80. On November 18, 2009, the Receiver’s Motion to Make Interim Distribution and to Establish Distribution Amounts was filed. In that Motion, the Receiver proposes to distribute a total of $1,650,000 to customers as an interim distribution. This proposed distribution amount takes into account several factors. First, certain investors claim to have a lien against the proceeds of Barki bank accounts totaling $188,669.72. While the Receiver disputes that lien, he is obligated to hold this amount in reserve until the validity of the lien has been determined. In addition, the distribution amount takes into account the fact that the Receivership estate continues to be responsible for the expense of maintaining Forest Glen Farm, including paying for upkeep, insurance, utilities and the like until that real property is sold. Further, there are expenses associated with the Receiver’s accountant’s fees for conducting a forensic accounting, preparing amended tax returns and seeking tax refunds. Finally, the Receiver’s attorneys are continuing to deal with pending litigation, identifying and liquidating additional assets, and seeking recoveries from the “net-winners” in the Barki scheme. The Receiver emphasizes that the proposed interim distribution will eventually be followed by a final distribution at the close of the Receivership case when all funds collected, less the costs of administering this case, will be returned, pro rata, to Barki customers.

On October 9, 2009, Judge Mullen conducted a hearing on the distribution methodology to be used in calculating distributions to Barki customers. Arguments on the rising tide and the net investment distribution methods were presented to the Court at that hearing. The Judge requested that one investor, Steve Harris, put his comments in a letter to the Court. The Court will then consider all the arguments that have been made and enter an order.

The Court has set a hearing on the distribution methodology to be used in calculating distributions to Barki customers. The hearing will be held on Friday, October 9, 2009, at 10:30 a.m. in Courtroom 3 of the United States Courthouse, 401 West Trade Street, Charlotte, North Carolina. The Receiver anticipates that the Court will hear arguments on the “rising tide” and the “net investment” distribution methods at this hearing.

"Car Broker Bill Sparks, 704-718-3783, has possession of a 2005 Lexus Coupe with approximately 26,000 miles which is for sale for the benefit of the Receivership. Please contact Bill with any purchase inquiries"

The Receiver has sent a Notice of Claims Deadline and Claim Verification Form to all Barki customers by email and regular mail. The deadline for customers to submit claims is Tuesday, September 8, 2009. Customers also may access the Notice and Claim Verification Form from this page. Customers who have already sent their Claim Verification Forms to the Receiver need not do so again.

On August 5, 2009, the U.S. District Court entered an Order granting, in part, the Receiver’s motion relative to procedures for filing claims against the Barki Receivership estate. That Order does not address the distribution method proposed by the Receiver or the responses and objections to that proposal filed by certain Barki customers. The Court may schedule a hearing on the issue of the distribution method, and if so, notice of the hearing will be provided to Barki customers.

The Receivership has had 55.282 acres of real estate in the names of Forest Glen Farms, LLC and Bruce and Rhonda Kramer listed for sale with Julie Breedlove of Coldwell Banker. The listings can be seen at www.realtor.com referenced at MLS #873489 and #873560. The Property can also be viewed on www.landandfarm.com, www.landsofamerica.com www.1horseproperty.com and www.newhorse.com . Julie Breedlove can be reached at 704-661-9619 or 704-664-3165.

On July 23, 2009, the Mecklenburg County Superior Court entered an Order granting the Receiver’s motion to intervene in the case of Manzella, et al. v. Kramer, et al., case number 09-CVS-5546. The Manzella Plaintiffs had consented to this motion. Before the Receivership Case was initiated and in connection with their lawsuit, the Manzella Plaintiffs filed a notice of lis pendens relative to the real property owned by the defendants in Cabarrus County, effectively encumbering that property pending a judgment in their case. The Superior Court, after permitting the Receiver to intervene, entered an Order directing that this notice of lis pendens be amended so as to indicate that it applies for the benefit of all Barki investors, as determined by the United States District Court.

The deadline for filing objections or responses to the Receiver’s motion for approval of claims verification procedures and a proposed claims distribution method was July 13, 2009. Various investors filed responses either supporting the Receiver’s proposed distribution method or objecting to it. All responsive pleadings filed with the Court may be accessed from this page. The Receiver expects the Court to set a hearing on the Motion, and notice of any hearing on this matter will be posted here.

The Receiver has been informed by the Internal Revenue Service that Barki, LLC did not file a Form 1065 tax return for 2008. Therefore, the 2008 K-1s that were provided to investors earlier this year were not submitted to the IRS.

The Receiver has filed a Motion requesting approval of proposed procedures for investors to make claims against the receivership estate relative to their investments in Barki. The Motion also proposes a distribution method and asks that the Receiver be authorized to make an interim distribution on allowed claims. You may access a copy of the Motion from this webpage. Any objections to the Motion must be filed with the Court and served on the Receiver before July 13, 2009.

Counsel for Rhonda Kramer filed a Motion for Additional Interim Allowance for Living Expenses on June 23, 2009. The Receiver and the CFTC reviewed this Motion in advance and do not oppose it.

Receivership has had car broker Bill Sparks take possession of a 1999 Ford F-250 Truck historically used as a farm truck on Forest Glen Farm.  The Truck has approx. 85,850 miles on it.  Bill can be reached at 704-718-3783.

Receivership has consummated the sale of Jumper Horse Arnado and deposited $50,000 into the Receivership bank account as net proceeds from the sale.

The Receivership has sold the 2008 Toyota Tundra Truck previously owned by Bruce C. Kramer for the benefit of the Receivership Estate. The Truck sold for $32,500; after payment of expenses and fees, total recovered for the estate is $31,330.00 which has been deposited into the Receivership Bank Account.

The Receiver has collected $1,006,821.77 in life insurance proceeds from American General Life Insurance Company relative to policy purchased by Bruce Kramer after the Barki scheme began. The Receiver is also holding in trust $200,000.00 in proceeds from other life insurance policies; however, Rhonda Kramer may have a claim to these funds because the policies they relate to were purchased before the Barki scheme was initiated.

The Receivership has sold the 2008 Infinity QX-56 previously owned by Bruce and Rhonda Kramer for the benefit of the Receivership Estate. The Infinity was sold for $40,000; after payment of commission and expenses the total recovered for the estate is $38,635 which has been deposited into the Receivership bank account.

The CFTC and the Receiver took the deposition of Ryan Puckett on Friday, April 17th, 2009. A court reporter will be preparing a written transcript of the deposition and has the video recording of it. If you would like a copy of the written transcript and/or video tape, let us know via electronic mail. We will then provide you with the contact information for the court reporter. The court reporter will be authorized to provide you with a copy of the transcript and/or video tape at the court reporter's
normal fee.

The Receiver will hold an informational meeting for all Barki investors in Conference Room #1 at the Dowd YMCA, 400 East Morehead Street, Charlotte, NC 28202 on Friday, April 24, 2009, from 10:00 a.m. until noon. The purpose of the meeting will be for the Receiver to explain the receivership process, update investors on the status of the receivership, and take questions and comments from investors.

This will be an informational meeting only and investors are not required to attend. Investor claims will not be affected by attendance one way or another. Investors who plan to attend this meeting, should send their responses to barkireceivership@grierlaw.com and indicate the names of those who will be attending. Investors who have questions are encouraged to attend.

Note To Investors: The Receiver understands that Barki mailed K-1's to investors earlier this year.
The Receiver believes that the K-1's sent to investors are inaccurate.
The Receiver cannot provide tax advice to any investor, but suggests that investors inform their tax advisors of this information. The IRS has recently issued some guidance for investors who may be victims of fraud, which can be found at:
http://www.irs.gov/pub/irs-drop/rp-09-20.pdf
http://www.irs.gov/pub/irs-drop/rr-09-09.pdf

GENERAL INFORMATION
On March 17, 2009, the United States District Court for the Western District of North Carolina (the “Court”), located in Charlotte, North Carolina, issued an Order (the “Receivership Order”) appointing a receiver for all of the assets, records, or other interests (the “Receivership Estate”) of Barki, LLC and Bruce C. Kramer, (the “Defendants”), as well as of the assets of Rhonda A. Kramer, and Forest Glen Farm, LLC (the “Relief Defendants”). The Receivership Order was entered on the motion of the United States Commodity Futures Trading Commission (the “USCFTC”). The Receivership Order appointed Charles E. Lyons, II as Receiver; however, Mr. Lyons later discovered a conflict that prevented him from continuing as Receiver. On March 24, 2009, the Court entered an Order appointing Joseph W. Grier, III Receiver for the Receivership Estate in Mr. Lyons place.

As Receiver, Mr. Grier is directed to, among other things, assume full control and take possession of and to operate the Receivership Estate, and to perform all acts necessary to conserve, hold, manage and preserve the value of the Receivership Estate. The Receivership Order also enjoins and restrains creditors and any other persons from engaging in the following activities without prior approval from the Court:

  • Commencing, prosecuting, litigating or enforcing any suit, except that actions may be filed to toll any applicable statute of limitations;
  • Accelerating the due date of any obligation or claimed obligation, enforcing any lien upon, or taking or attempting to take possession of, or retaining possession of, property of the Defendants or the Relief Defendants or any property claimed by the Defendants or Relief Defendants, or attempting to foreclose, forfeit, alter or terminate any of the Defendants’ or Relief Defendants’ interests in property, whether such acts are part of a judicial proceeding or otherwise;
  • Using self-help or executing or issuing, or causing the execution or issuance of any court attachment, subpoena, replevin, execution or other process for the purpose of impounding or taking possession of or interfering with, or creating or enforcing a lien upon any property, wherever located, owned by or in the possession of the Defendants or the Relief Defendants, or the Receiver, or any agent of the Receiver; and
  • Doing any act or thing to interfere with the Receiver taking control, possession or management of the property subject to the receivership, or to in any way interfere with the Receiver or the duties of the Receiver; or to interfere with the exclusive jurisdiction of this Court over the property and assets of the Defendants or the Relief Defendants.

The Receivership Order also froze all assets and property controlled, managed or held by or for the benefit of the Defendants or the Relief Defendants and granted a request by the USCFTC for a statutory restraining order that enjoins and restrains the Defendants or the Relief Defendants, their agents, servants, employees, assigns, attorneys or any persons in concert or participation with them, including any successors, from the following:

  • Directly or indirectly transferring, selling, alienating, liquidating, encumbering, pledging, leasing, loaning, assigning, concealing, dissipating, converting, withdrawing, or otherwise disposing of any Receivership Assets; and
  • Directly or indirectly opening or causing to be opened any safe deposit boxes titled in the name of, or subject to, access by the Defendants or the Relief Defendants.

Click here to view the Receivership Order.

Click here to view the Order appointing Mr. Grier as Receiver.

The USCFTC’s Complaint was filed on March 17, 2009 and is available at the Commission’s website, http://www.cftc.gov/newsroom/enforcementpressreleases/2009/pr5635-09.html.

The Receiver anticipates investigating the financial affairs of the Defendants and identifying and liquidating assets. Funds will then be distributed to those holding approved claims. The Court will establish a procedure for investors and other creditors to file claims with the Receiver, so that they may participate in the distribution, and will approve distributions to investors and other creditors. The Court has not yet established this procedure. Information with respect to the identification and liquidation of assets as well as the procedure and deadline for filing claims with the Receiver will be posted on this website as it becomes available. You may contact the Receiver by email at BarkiReceivership@Grierlaw.com. If you are an investor or creditor of one of the Defendants and believe that the Receiver does not have your name and address, you should notify the Receiver of your name and address, and indicate that you are an investor or creditor of one of the Defendants, at the email address given above.

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