Barry Stokes, who died in prison a year ago, was a collector of Japanese art. The trustee for his bankruptcy believes some 80 pieces of valuable art were hidden, and is hoping to recover them to pay off Stokes’ debts.
Stokes was sentenced to 12 and ½ years in jail in 2008 for fraud. He was the benefits manager for 1Point Solutions in Dickson Tennessee and was charged for defrauding his clients of $19 million.
The trustee for his bankruptcy, John McLemore, believes Stokes stashed away 80 pieces of valuable art for his release from prison. The collection was comprised of 2,000 pieces, most of which was sold to pay off his debt. McLemore located some hidden pieces at the house of Stokes’ third wife, but is hoping to locate the remaining 80 works.
Stokes’ company still owes over $30 million creditors and the people defrauded by 1Point solutions.
There are a few different structures under which a person can file for bankruptcy. Selling off assets to pay off creditors is one way, but other options are available depending on circumstances. Should a person or business find they are headed for bankruptcy, they can speak with a bankruptcy attorney who will determine which structure works best for them.
Unfortunately, people and business may find they are overwhelmed with debt, and are faced with the reality that a bankruptcy lawyer may be the only person who can help. Bankruptcy lawyers have helped numerous individuals and businesses eliminate their overwhelming debt.
