First NLC trustee: $8.37 million of $14.8 million in receipts remains

By Caroline Salls

Pittsburgh, Nov. 12 – First NLC Financial Services LLC Chapter 7 trustee Deborah C. Menotte reported that $8.37 million of $14.8 million in gross receipts is remaining for distribution, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

Of the gross receipts total, Menotte said $297,034 was paid under an interim distribution, $5.99 million was used to pay administrative expenses, and $144,550 went to bank service fees.

According to the report, $7.32 million of the balance will be used to pay timely filed general unsecured claims.

The trustee said $16.53 million in general unsecured claims have been allowed. As a result, these creditors are expected to recover 44.4% of their claims. Those claims can only be paid after all allowed administrative and priority claims.

First NLC, Friedman, Billings, Ramsey Group, Inc.’s mortgage origination subsidiary, filed for bankruptcy on Jan. 18, 2008. Its Chapter 7 case number is 08-10632.

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