August 12, 2009
The Chapter 7 Trustee, Mr. Lam, has confiscated the documents
and other materials that were stored in the TAI warehouse
in Blair, NE. Those records will be reviewed and used in the
administration of the bankruptcy case. Several items of "personal
property" were also retrieved, transported to Cedar Rapids
including a vehicle and many equipment items (computers, etc.)
These items will be sold in order to help finance the case.
Not very much money has actually been retrieved by the Trustee
Despite the filing of a contempt complaint by the Trustee
and despite the court order to do so, TAI and Travel America
have not supplied the Trustee with the requisite meaningful
information as to the whereabouts of assets. Nor has TAI provided
the Trustee with a status report on the several pending bankruptcy
The Trustee's counsel, Mr. Childers, has managed to locate
a small boat in Florida and has engaged a dealer to sell it.
He has also discovered the transfer by TAI of a 78 foot yacht
that is considered by the Trustee to be a fraudulent transfer
from the estate of TAI. Action has been initiated to recover
the asset for the benefit of the estate.
Several adversary complaints will be initiated by the trustee
in the next 90 days. These actions will include proceedings
against Travel America, Inc. for recovery of dues and one
against RV Holdings for recovery of stock. These last two
proceedings are set for January 20, 1999.