Bond v. McHenry, Jr.

CourtUnited States Bankruptcy Court, S.D. Mississippi
DecidedJanuary 26, 2021
Docket20-00024
StatusUnknown

This text of Bond v. McHenry, Jr. (Bond v. McHenry, Jr.) is published on Counsel Stack Legal Research, covering United States Bankruptcy Court, S.D. Mississippi primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Bond v. McHenry, Jr., (Miss. 2021).

Opinion

SO ORDERED, 2 EP Sy Vp Aa □□□ ne w= Judge Neil potad OM ae AS, United States Bankruptcy Jud one AE Date Sane 26 20 STRICT The Order of the Court is set forth below. The docket reflects the date entered.

UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF MISSISSIPPI IN RE: WILLIAM BYRD MCHENRY, JR., CASE NO. 20-00268-NPO DEBTOR. CHAPTER 7 ROBERT BOND, BIRDIE COOPERWOOD, BLAKE ENDRIS, PLAINTIFFS CRAIG ENDRIS, JOHN ENDRIS, EMILY ENDRIS, PAT GALLINA, COLONEL JAMES GARNER, MARY GARNER, HARRY GIBSON, MYNETTE GIBSON, MACEY HAWKINS, TIP JACOB, JEAN JACOB, ANNA MOOREHEAD, VICKI MOOREHEAD, JAMES NUTT, KATHY NUTT, ERIC ORTH, LORI ORTH, AND SHERRY RUSSELL, INDIVIDUALLY AND ON BEHALF OF THE ESTATE AND WRONGFUL DEATH BENEFICIARIES OF HAROLD RUSSELL VS. ADV. PROC. NO. 20-00024-NPO WILLIAM B. MCHENRY, JR. DEFENDANT MEMORANDUM OPINION AND ORDER SETTING ASIDE ENTRY OF DEFAULT AND DENYING PLAINTIFFS’ REQUEST FOR DEFAULT JUDGMENT AGAINST WILLIAM BYRD MCHENRY, JR. This matter came before the Court for telephonic hearing on January 14, 2021 (the “Hearing”) on the Plaintiffs’ Request for Default Judgment Against William Byrd McHenry, Jr.

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(the “Motion for Default”) (Dkt. 28)1 and the proposed Judgment by Default (#28) (Dkt. 35) filed by the plaintiffs, Robert Bond, Birdie Cooperwood, Blake Endris,2 Craig Endris, John Endris, Emily Endris, Pat Gallina, Colonel James Garner, Mary Garner, Harry Gibson, Mynette Gibson, Macey Hawkins, Tip Jacob, Jean Jacob, Anna Moorehead, Vicki Moorehead, James Nutt, Kathy Nutt, Eric Orth, Lori Orth, and Sherry Russell, individually and on behalf of the estate and

wrongful death beneficiaries of Harold Russell (collectively, the “Plaintiffs”), in the Adversary Proceeding. At the Hearing, William Byrd McHenry, Jr. (“McHenry”) represented himself and John F. Hawkins (“Hawkins”) represented the Plaintiffs. The Plaintiffs are represented in the Adversary Proceeding by both Hawkins and Edward Gibson (“Gibson”). (Dkt. 1). In support of the Motion for Default, the Plaintiffs attached Edward Gibson’s Affidavit in Support of Default (the “Affidavit”) (Dkt. 28-1). The Court denied the Motion for Default from the bench and set aside the Entry of Default (the “Entry of Default”) (Dkt. 29) issued by the Clerk of the Bankruptcy Court (the “Clerk”). This Opinion memorializes and supplements the Court’s bench ruling. Jurisdiction

This Court has jurisdiction over the parties and the subject matter of this proceeding pursuant to 28 U.S.C. § 1334. This is a core proceeding pursuant to 28 U.S.C. § 157(b)(2)(A), (I), (J), and (O). Notice of the Hearing was proper under the circumstances.

1 Citations to the record are as follows: citations to docket entries in the above-referenced adversary proceeding (the “Adversary Proceeding”) are “(Dkt. ___)”; citations to docket entries in the above-referenced bankruptcy case (the “Bankruptcy Case”) are “(Bankr. Dkt. ___)”; and citations to the related adversary proceeding Mills v. McHenry, Adv. Proc. 20-00022-NPO (the “Receiver Adversary”) are “(No. 20-00022-NPO Dkt. ___)”.

2 The Court notes that the surname Endris is sometimes spelled “Endriss.” The Court makes note of this discrepancy but does not find it of consequence with respect to the Motion for Default. Facts I. Background The Adversary Proceeding arises out of an attempt by defrauded investors to recoup their losses from McHenry who they allege personally recruited them to invest in a Ponzi scheme.3 A brief overview of other litigation relating to the Ponzi scheme is necessary to provide context to

the Court’s decision on the Motion for Default. A. Madison Timber Ponzi Scheme From 2011 until April 2018, Arthur Lamar Adams (“Adams”), through his wholly-owned company, Madison Timber Properties, LLC (“Madison Timber”), operated a Ponzi scheme. United States v. Adams, No. 3:18-cr-00088-CWR-LRA (Dkt. 1) (S.D. Miss. May 1, 2018). Investors in Madison Timber were led to believe that their money was used to purchase timber from landowners; that Madison Timber sold the timber to lumber mills at a higher price; and that Madison Timber repaid investors from the profits. The investments appeared to be secured by timber deeds and cutting agreements, but the documents were fake. There were no timber rights

or contracts with lumber mills except in limited instances. Adams used the invested funds for his personal benefit and to make monthly payments to other investors on previously existing notes, a classic Ponzi scheme (the “Madison Timber Ponzi Scheme”). Adams pleaded guilty to the federal crime of wire fraud and was sentenced to a term of imprisonment of 235 months. United States v. Adams, No. 3:18-cr-00088-CWR-LRA (Dkt. 11, 21) (S.D. Miss. May 9, 2018). B. SEC Litigation The Securities and Exchange Commission filed a complaint against Adams and Madison

3 Cunningham v. Brown, 265 U.S. 1, 7-8 (1924) (describing pyramid scheme of Charles Ponzi, whose name later became synonymous with investment fraud). Timber in the U.S. District Court for the Southern District of Mississippi (the “District Court”), alleging securities fraud in a matter styled Securities and Exchange Commission v. Arthur Lamar Adams and Madison Timber Properties, LLC, No. 3:18-cv-00252-CWR-FKB (the “SEC Litigation”). On June 22, 2018, the District Court issued the Order Appointing Receiver, appointing Alysson Mills to serve as the Receiver (the “Receiver”) for Adams’s and Madison

Timber’s estates. See Secs. & Exch. Comm’n v. Adams, No. 3:18-cv-00252-CWR-FKB (Dkt. 33) (S.D. Miss. June 22, 2018). C. Recruiter Litigation On October 1, 2018, the Receiver filed a lawsuit against McHenry and his wholly-owned company, First South Investments, LLC (“First South”), in the District Court in a matter styled Alysson Mills v. Michael D. Billings, et al., No. 3:18-cv-00679 (S.D. Miss) (the “Recruiter Litigation”), seeking the return of more than $16 million paid in commissions by Madison Timber.4 The Receiver alleged that between 2010 and April 2018, McHenry recruited twenty (20) investors for Madison Timber for which he received commissions, through First South, totaling

$3,473.320.00. The Receiver asserted claims against McHenry and First South under Mississippi’s Uniform Fraudulent Transfer Act, Mississippi Code Annotated § 15-3-101 and, in the alternative, claims for unjust enrichment. Mills v. Billings, No. 3:18-cv-00679-CWR-FKB (Dkt. 1) (S.D. Miss. Oct. 1, 2018). On August 16, 2019, the District Court entered an Order (the “District Court Judgment”), granting the Receiver’s motion for summary judgment on her fraudulent transfer claims against McHenry and First South. Mills v. Billings, No. 3:18-cv-00679-CWR-FKB, 2019 WL 3877853,

4 The Receiver named two other individuals along with their respective companies as defendants in the Recruiter Litigation. She eventually reached a settlement with all defendants except McHenry and First South. at *1 (S.D. Miss. Aug. 16, 2019). Finding that the transfers were made as part of the Madison Timber Ponzi Scheme, the District Court entered summary judgment against McHenry and First South in the amount of $3,472,320.00. Id. at *2. II. Bankruptcy Case On January 24, 2020, McHenry filed a voluntary petition for individuals (Bankr. Dkt. 1)

under chapter 7 of the U.S. Bankruptcy Code. In his bankruptcy schedules, McHenry identified the Receiver as a creditor holding an unsecured claim of $3,472,320.00. (Bankr. Dkt. 26 at 5). McHenry did not disclose any other claims arising from the Madison Timber Ponzi Scheme in his schedules. A.

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