Grosjean busted Griffin!

[zengrifter]

Griffin Investigations, Inc. files for bankruptcy
Posted By: Al Rogers

Chapter 11 bankruptcy filed September 7, 2005, District of Nevada case number 05-19178. The largest creditor listed is Griffin's attorneys in the Grosjean/Russo case, listed as being owed $106,868.15. Mr. Grosjean and Mr. Russo are listed as being owed $105,000.00. Nine other unsecured creditors are listed, with the smallest one being Office Depot for $131.72.

 

[Anon]

Pinch me.

 

[Sonny]

Are they liquidating their assets?

Imagine the hoard of card counters that would show up for that auction! How much would you pay to see your page and the photos they took? How about their computers? How much would you pay to sit in Andy Anderson's chair in your office?

Thank God almighty we're free at last!

-Sonny-

 

[BlackJackHack]

Griffin Bankruptcy

I took a look at the petition.

I have downloaded the petition (in .pdf format). If the Mayor would like to put it on the site, I can email it to him.

If anybody is interested, the two 50% shareholders of Griffin are:

Beverly S. Griffin
10336 Luxembourg Ave.
LV, NV 89145

Robert R. Griffin
1607 Sombrero
LV, NV 89109

With respect to the 20 largest creditors, as you noted, there is the $106k Grosjean et al judgment, a $105k debt to defense counsel, $124k in alleged loans from the Griffins, and a $21k debt to Bank of America. The rest of the debts listed are quite nominal (<$5k).

While I'm not a bankruptcy specialist, it seems like a highly questionable bankruptcy filing, inasmuch as the petitioner listed its assets as between $100k-$500k, and its debts appear to be around $350k, which includes $124k in alleged loans from the two shareholders. I assume Mr. Nersesian will be actively involved in the proceeding on behalf of his clients.

We'll learn more when the full schedules are filed - they are due on 9/22/05. They will have to list all assets, creditors, contracts, and various other information.

If anybody wants to meet the Griffins, go to the Foley Bldg, Rm 1500 on 10/12/2005 at 01:00 PM for the meeting of creditors.

 

[BlackJackHack]

Chapter 11 vs. Chapter 7

Not so fast.

This is a Chapter 11 filing, not a Chapter 7 filing.

In a Chapter 7 proceeding of a business entity, the property of a corporate debtor is essentially liquidated by a trustee, with distributions made to the various creditors, all subject to Court approval.

In a Chapter 11 proceeding, a corporate debtor attempts to "reorganize." During the course of the proceeding, the Chapter 11 debtor typically operates as a "debtor in possession," which operates its business with strict monthly reporting requirements, and requiring court approval for anything but the most routine expenditures/business decisions. There are some circumstances, however, in which a trustee may be appointed.

The objective in a Chapter 11 proceeding is approval of a Plan of Reorganization, pursuant to which the debtor is permitted to emerge from bankruptcy while paying its creditors some percentage of the debtors' obligations. Sometimes, a plan is agreed upon by the creditor group - in other circumstances, the matter is hotly contested.

 

[Victoria]

chapter 11 is not chapter 7

Not sure of all the differences but I believe they will be allowed to restructure debt or something and stay in business.

I also believe that a judgement gives some sort of priority to Grosjean and Russo and perhaps gives them the ability to take part in future management of the agency. Now that would be real interesting.

Having contracts with 150 casinos and operating out of a shack makes me wonder what kind of secured creditors they have and how much they are hiding! Probably worth investigating.

Victoria

 

[learning to count]

We met Bev at the trial and we found her

to be quite the dish! She was greedy, vane, and had the ability to be evil and cruel! We caught the last couple days of the trial and were able to witness cardcounting history. We salute the victors! Carpe Diem!

 

[Automatic Monkey]

Do you think they'll be allowed to do this?

Continue to libel advantage players as cheaters and expose them to danger and rough treatment by casino security personnel?

I would think that the very first thing the creditors would want them to do is immediately cease the behavior that caused them to incur about half of their debt.

In my estimation, if a company like Griffin, which has no inventory and minimal overhead has all that debt OTHER than what was caused by the Grosjean/Russo case, something is wrong. Very wrong. Think "loans to the Griffins". In other words, they will probably soon be visiting a different courthouse.

 

[Victoria]

suspicious

First off: I can name two creditors who would not want them to continue to slander honest people.

The whole thing stinks. They operate out of a shack on Beverly's property, they have what, 5 employees, a few vehicles and computers and 150 casinos pay them. No idea of what kind of salary the two owners give themselves but to me their whole deal sounds like a cash cow and not a sinking ship in debt.

It will be interesting at least as information gets known.

Victoria

 

[Winnie Wong]

Griffin walks on water

Could this all be a ploy on Griffin's part.
Maybe they want to lure all the AP's out of the
woods and capture them all at once in a huge net.

Reason: they had contracts with 150 casinos each paying
at least $2,000?? How much is that per/yr?
I think they will open the coffin and walk on water in
a year under another name. Beware, it could be a trap!
regards
Winnie Wong

 

[MJ]

What goes around comes around!

Wonderful post Grifter!

Griffin ruined the dream life for so many professional teams such as the Hyland teams, MIT teams, Czech teams, and Uston teams...not to mention numerous other professional players. Griffin deliberately instills fear into the casinos just so they will subscribe to their online database of suspected cheats and card counters.

I reckon even if Griffin never came along the net total of what these professional teams won/could of won playing BJ would pale in comparison to what the casino would earn from the avg ploppy. Well we all knew Griffin would go down sooner or later in a lawsuit...it was only a question of time. It just goes to show you, WHAT GOES AROUND COMES AROUND!!! The only question is whether or not some other detective agency will try and replace them. Keep your fingers crossed fellows...

-MJ