Regency Stamp Auctions In St. Louis

Kols (succeeded by his estate) was sued as an individual co-defendant, in addition to RS. This is consistent with the plaintiff seeking any available "deep pocket". The claims are in the nature of civil conversion (basically the civil equivalent of larceny or theft). If proven, the personal assets of the Kols estate will be available to satisfy a judgment.

fraud is created in this case by paying your close friends and major consignors who are your long time friends or even APS MEMBERS , and then forgetting about the widow and orphans who trusted you with their estate . That is how I would go about it ......the good'ole Bernie Madoff CLAWBACK method . This is so easy to track and reconstruct on the books .

In all businesses - most often meaning small & family businesses - an intermingling of personal & corporate assets & activities can sometimes allow plaintiffs to "pierce the corporate veil"; if the owner/operators were not careful to operate the business at arms-length at all times, they may be found personally liable.

Cheers,

/s/ ikeyPikey

yes, maybe you can pierce the corporate veil, but that still won't get the creditors anything. If I remember correctly (and I'm not going back through 29 pages of comments to verify) the bank had a personal guarantee and a security interest from Kols and the bank represented these would not be enough to satisfy its debt. Assuming this is true, even if a creditor pierces the corporate veil, the bank would have already taken all of the assets of Kols' estate. Furthermore, I have not seen anything saying that there has been a bankruptcy action. Even if there could be a clawback of transfers prior to the bankruptcy, it is now going on two years since the bank took control, and I think it is too late for that to do any good (but bankruptcy is certainly not my area of knowledge).

The research would really tell us what happened and who possibly benefited if there was favoritism on who got paid.

Sure, discovery could develop a factual record, but who is going to incur the cost of lawyers and forensic accountants without a reasonable prospect of recovery?

I heard the state has issued 2 subpoenas for testimony *I don;t feel comfortable naming who they have requested to testify), so something is proceeding. I could have heard or been told wrong, but if it is the state, doesn't that imply a criminal case rather than a civil case? Against who I don't know.

The jury trial was rescheduled to 4 February 2019. It will be interesting to follow.

There must be some official record online on what is going on.

Another court case was filed on 28 December 2018 by N.A. of America Bank this time naming Penny Kols, David's wife.

https://stlrecord.com/stories/51172...penny-o-kols

The Jury Trial has been rescheduled yet again to 18 March 2019.

Jury trial rescheduled yet again to 6 May 2019.

Neverending story! But wait - the truth is out there…..

Did the jury trial ever take place or were there more continuations? If it did take place, what was the outcome?

I checked the case and it is scheduled for jury trial on 10/7/19. There was some attempt to dismiss but denied.