Thursday, December 17, 2015
Court-appointed receiver's message: Joplin is never going to get a dime out of Bajjali
Barring a miracle, the city is never going to get a dime out of former master developer Costa Bajjali.
In a status report filed December 1 with the U. S. Bankruptcy Court for the Southern District of Texas, attorney Thomas L. Taylor III, the court-appointed receiver for BizRadio investors who claim they were bilked out of at least $1.5 million by former Joplin master developer Wallace Bajjali, did not hold out much hope that the investors would ever receive any money from Costa Bajjali.
The City of Joplin recently won a judgment against Bajjali, which was filed after Bajjali's former partner, David Wallace, filed for Chapter 7 bankruptcy. The judge in the BizRadio case ordered a $1,536,271.39 judgment against Bajjali.
The receiver's assessment on the Bajjali judgment is bad news for the City of Joplin.
Based upon the information obtained through discovery, there is no current prospect for collection on the Bajjali Judgment -- although it remains an asset of the Receivership Estate should Mr. Bajjali’s financial condition improve in the future.
Meanwhile, the bankruptcy court, after determining that Wallace may have some hidden assets, has allowed adversarial actions against him to be filed. The deadline for doing so is in February.