General contractor Brian M. Marshall has asked the courts to dismiss his bankruptcies or convert them to liquidation cases under Chapter 7, following a $691,000 loss in equity by Initech, one of his many companies. Marshall filed for Chapter 11 bankruptcy for his now defunct Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others.
The North Carolina-based Branch Banking & Trust Co. has filed lawsuits to foreclose on much of Marshall’s real estate. BB&T is also attempting to repossess a Ferrari, Porsche, Bentley, and Land Rover, according to court records. This follows the repossession of Marshall’s 45-foot SeaRay by BB&T, as well as his Gulfstream jet last year by another lender. BB&T is seeking to collect $21 million in loans.
Marshall’s actions follow the discovery that his companies had executed a “fantasy land of fraud” to increase stock prices for his various company’s shares, according to the Securities and Exchange Commission.
If you are suffering financial difficulties and want to discuss your options when it comes to repossession, or in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.