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http://www.bloodyelbow.com/2016/4/2...nd-tarverdyan-wants-debts-disallowed-ufc-news
When last we left the bankruptcy story of Ronda Rousey's coach, Edmond Tarverdyan, Bloody Elbow had obtained audio tapes from two 341 hearings which seemed to contain a number of inconsistencies in his testimony under oath.
In Tarverdyan's original bankruptcy filing, he claimed to have over $700,000 in debts with only $3,300 in assets while earning "$0.00" in average monthly income. When asked how training "a very high-profile fighter" hasn't resulted in any income, Tarverdyan responded, "And that's what I'm saying. With my, I did not know what's been put. And then so I hired a new attorney and I did read the first page. I wasn't aware of most of the stuff, and I'm willing to fix it."
It appears now that one of the fixes is to try to exclude some of his creditors' claims based on the statute of limitations. Yesterday in the Los Angeles Division of U.S. Bankruptcy Court, Tarverdyan filed a motion to disallow the claims of five of his creditors "on the grounds that the Claims are barred by the four-year statute of limitations under California Civil Code § 337 and are unenforceable under California law."
The five claims in question total $178,458.86 with two coming from credit card debt in 2009, two from signature loans at California Credit Union in 2006 and 2008, and the final claim appearing to arise from an almost $12,000 visit to Glendale Memorial Hospital in 2010.
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According to Tarverdyan, "In each of the Claims, the most recent charges were well over four years before the [bankruptcy] petition date of July 29, 2015."
In trying to establish legal standing for his motion (described in court papers as an objection), Tarverdyan appears to reveal a change in the value of his assets.
"...in certain cases, ‘f the debtor can show a reasonable possibility of a surplus after satisfying all debts, then the debtor has shown a pecuniary interest and has standing to object to a bankruptcy order.'
...
"Here, [Tarverdyan's] case is rare enough to allow him to make such objection. If this Court agrees with this Motion and disallows the Claims based on the foregoing facts, there will be a surplus of assets to which [Tarverdyan] will be entitled at the close of this case."
Tarverdyan's original bankruptcy petition listed $725,045.00 in debts. If $178,458.86 is eventually cleared due to the statute of limitations, that would leave $546,586.14 of debt based on Tarverdyan's paperwork. For a surplus of assets, Tarverdyan's claimed asset values would have to have risen by more than $543,286.14 since Sept. 24, 2015, the date he filed an Amended Schedule B to increase his listed asset values from $1,800 to $3,300.
But the original petition numbers might no longer apply.
In a December hearing, Tarverdyan and his attorney said that the originally-listed debt levels were inflated and yesterday's filing revealed that creditors have filed seven claims, fewer than originally listed. With five claims presently being challenged, the two remaining creditor claims could range in value from as much as $357,945 to as little as $9,651, according to debt numbers from Tarverdyan's bankruptcy petition.
But based on the revelation at the same December hearing that Tarverdyan's wife owns Glendale Fighting Club and "all of the payments from the fighters go to the corporation," it also seems very likely that new assets are in play.
Bloody Elbow will keep readers updated as the case progresses.
When last we left the bankruptcy story of Ronda Rousey's coach, Edmond Tarverdyan, Bloody Elbow had obtained audio tapes from two 341 hearings which seemed to contain a number of inconsistencies in his testimony under oath.
In Tarverdyan's original bankruptcy filing, he claimed to have over $700,000 in debts with only $3,300 in assets while earning "$0.00" in average monthly income. When asked how training "a very high-profile fighter" hasn't resulted in any income, Tarverdyan responded, "And that's what I'm saying. With my, I did not know what's been put. And then so I hired a new attorney and I did read the first page. I wasn't aware of most of the stuff, and I'm willing to fix it."
It appears now that one of the fixes is to try to exclude some of his creditors' claims based on the statute of limitations. Yesterday in the Los Angeles Division of U.S. Bankruptcy Court, Tarverdyan filed a motion to disallow the claims of five of his creditors "on the grounds that the Claims are barred by the four-year statute of limitations under California Civil Code § 337 and are unenforceable under California law."
The five claims in question total $178,458.86 with two coming from credit card debt in 2009, two from signature loans at California Credit Union in 2006 and 2008, and the final claim appearing to arise from an almost $12,000 visit to Glendale Memorial Hospital in 2010.
According to Tarverdyan, "In each of the Claims, the most recent charges were well over four years before the [bankruptcy] petition date of July 29, 2015."
In trying to establish legal standing for his motion (described in court papers as an objection), Tarverdyan appears to reveal a change in the value of his assets.
"...in certain cases, ‘f the debtor can show a reasonable possibility of a surplus after satisfying all debts, then the debtor has shown a pecuniary interest and has standing to object to a bankruptcy order.'
...
"Here, [Tarverdyan's] case is rare enough to allow him to make such objection. If this Court agrees with this Motion and disallows the Claims based on the foregoing facts, there will be a surplus of assets to which [Tarverdyan] will be entitled at the close of this case."
Tarverdyan's original bankruptcy petition listed $725,045.00 in debts. If $178,458.86 is eventually cleared due to the statute of limitations, that would leave $546,586.14 of debt based on Tarverdyan's paperwork. For a surplus of assets, Tarverdyan's claimed asset values would have to have risen by more than $543,286.14 since Sept. 24, 2015, the date he filed an Amended Schedule B to increase his listed asset values from $1,800 to $3,300.
But the original petition numbers might no longer apply.
In a December hearing, Tarverdyan and his attorney said that the originally-listed debt levels were inflated and yesterday's filing revealed that creditors have filed seven claims, fewer than originally listed. With five claims presently being challenged, the two remaining creditor claims could range in value from as much as $357,945 to as little as $9,651, according to debt numbers from Tarverdyan's bankruptcy petition.
But based on the revelation at the same December hearing that Tarverdyan's wife owns Glendale Fighting Club and "all of the payments from the fighters go to the corporation," it also seems very likely that new assets are in play.
Bloody Elbow will keep readers updated as the case progresses.
