The bankruptcy of 1031 Tax Group leaves individuals in the lurch. Exactly why you should examine the track record of your 1031 sponsor closely.
To help you, we created http://www.1031-tic-exchange.net/
We're also putting together a 1031 sponsor review site that should be launching soon so investors can add and review other people's feedback.
The 1031 Tax Group Files for Reorganization
Chapter 11 initiated to aid return of funds to customers; James M. Lukenda named Chief Restructuring Officer
NEW YORK, May 14 /PRNewswire/ -- The 1031 Tax Group, LLC ("1031 TG"), a privately held consolidated group of qualified intermediaries for deferred like kind property exchanges, filed today for chapter 11 reorganization in U.S. Bankruptcy Court for the Southern District of New York (case number 07-11448-alg) in order to provide it with the necessary time to reorganize its affairs.
In addition, 1031 TG announced today that it has named James M. Lukenda of Huron Consulting Group ("Huron") as Chief Restructuring Officer. The Huron team led by Mr. Lukenda replaces five 1031 TG executives who recently left the company.
"Huron is moving forward with the full support of The 1031 Tax Group to address the companies' business and liquidity issues in an orderly way," stated Mr. Lukenda.
1031 TG cited liquidity issues in the decision to file, including the actions taken by several financial institutions in blocking access to 1031 TG's funds.
