Unsecured Creditors Receive 40% of Claims in Alison Gem Case

 

Liquidated Alison Gem Corp. has just completed a third round of distributions to the unsecured creditors totaling 40% of their allowed claims, one year following the first 25% distribution, according to the Alison Gem Corp. Liquidating Trustee, Donald A. Palmieri.

 

Pamieri says that a successful sealed bid auction at the June JCK Las Vegas Show, coupled with a recent favorable and substantial settlement of a claim, prompted this distribution. A statement from his office says that recovery of this size by unsecured creditors is particularly remarkable since Palmieri recovered and paid amounts in excess of $9 million to Alison Gem’s secured lender shortly after his appointment.

 

The Alison Gem Corp. filed for bankruptcy in January 2005 opened up a new opportunity for Palmieri, the founder of GCAL lab.

 

Palmieri Group Vice President, Angelo Palmieri, has been responsible for research, monthly reports to the US Trustee, litigation support, collections and sales for the Trustee for the last three years.

 

Palmieri was assisted by the law firm of Pick & Zabicki LLP. BDO Seidman LLP for forensic accounting, Lankler & Carragher LLP for special counsel for investigations, and Lipton & Associates for Tax Accounting.