First NLC trustee distributes all funds, applies to be discharged

By Angela McDaniels

Tacoma, Wash., April 24 – First NLC Financial Services LLC Chapter 7 trustee Deborah C. Menotte reported that the company’s estate has been fully administered and submitted an application to be discharged, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Florida.

The liquidation of the property of the estate yielded $14.8 million of net receipts. All funds on hand have been distributed. In total, $7.89 million was distributed to claimants and administration expenses totaled $6.91 million.

The estate paid $20,898 of secured claims, $5.77 million of Chapter 7 administrative fees and charges, $1.14 million of prior chapter administrative fees and charges, $598,807 of priority unsecured claims and $7.27 million of general unsecured claims.

According to the filing, $11.97 million of assets were abandoned.

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. The case was originally filed under Chapter 11. It was converted to Chapter 7 on May 9, 2008.

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