David L. Ray, Receiver for Marshal Plan, Inc. v. Bernard Silver, et al.
Published: Sep. 17, 1994 | Result Date: Aug. 31, 1994 | Filing Date: Jan. 1, 1900 |Case number: SC016126 – $4,381,000
Judge
Court
L.A. Superior Santa Monica
Attorneys
Plaintiff
Defendant
Eric Olson
(Baker Olson LeCroy & Danielian)
Experts
Plaintiff
W. Scott Scott Mowrey Jr.
(technical)
Willie Barnes
(technical)
Alfred E. Osborne Jr.
(technical)
Frank W. Sweeney
(technical)
Defendant
Peter A. Salomon
(technical)
Facts
In 1980, Nell Marshal, began an organization and an investment plan, called the Marshal Plan a Santa Monica-based mortgage and second trust deed brokerage firm. More than 200 investors lost their money -- as much as $2,000,000 in one case -- when beginning in the mid-1980's that Marshal began taking investors' money to settle corporate debts, as well as pay for personal expenses -- "the ponzi scheme." In April of 1991, Nell Marshal disappeared. In May of 1991, the state Department of Real Estate closed down the Marshal Plan, Inc.. The state was acting on complaints from investors that their dividend checks were bouncing; when the state investigated the group, officials found that company trust funds were depleted. Plaintiff is the receiver for the Marshal Plan, Inc. The Defendants in this instant case were Bernard and Betty Silver and Edwin Feigin, directors and/or officers of the Marshal Plan, Inc.
Settlement Discussions
Plaintiff contends they demanded $1,000,000 and Defendants offered $100,000.
Damages
Although $13,500,000 total investments were lost, the damages that could be claimed within the Statute of Limitations was $4,381,000.
Other Information
On January 6, 1990, Bernard Silver won $10,300,000 in the state lottery, payable in sums of $415,000 per year.
Deliberation
4 days
Poll
9-3
Length
16 days
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