Three limited liability companies managed by controversial businessman Ezri Namvar have been put into involuntary bankruptcy.
Bradley Sharp, the trustee in the Chapter 11 bankruptcy of Namvar's main company, Namco Capital Group Inc. of Los Angeles, filed the petitions with the U.S. Bankruptcy Court that put the companies into Chapter 7 bankruptcies on June 19. The three limited liability companies Dimes LLC, Beshmada LLC and Beshmada of Delaware LLC hold real estate investments and in total owe $79.4 million in unsecured loans to Namco, according to the filings.
Sharp did not return phone calls seeking comment.
Namvar, 57, is the subject of a federal investigation. His creditors have accused him of running a Ponzi scheme after his real estate investments soured.
Namvar solicited investments, mostly from fellow Persian Jews, and loaned the money to LLCs that he mostly controlled. The LLCs would use the money to buy real estate.
The involuntary Chapter 7 petitions were filed because a handful of Namco creditors have obtained court judgments that would allow them to foreclose on the interests of the three LLCs, according to R. Todd Neilson, the trustee in Namvar's personal bankruptcy; and Benjamin Efraim, a Namco creditor. The bankruptcy filings will prevent what could be considered preferential payments.
According to bankruptcy filings, Namco Capital owes more than a half-billion dollars to 464 creditors. Namvar, who had a local real estate empire valued at $2.43 billion last summer, also apparently owes a large amount.
Namvar and Namco were forced into bankruptcy in December by a small group of creditors who feared he was disposing of assets to pay back some creditors preferentially.
Namvar's legal team also did not return calls. A legal response to each filing is due next month.
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