The receiver in the Madison Timber ponzi scheme filed the first third-party action yesterday. It’s a doozy. Here’s the Complaint filed against Michael Billings, Terry Kelly, Jr., William McHenry, Jr. and related entities. It’s a good read.
The Complaint alleges Defendants received $16 million in Madison Timber commissions. I repeat, $16 million!
The Receiver also filed a Motion for Entry of Scheduling Order for Summary Proceedings.
The Receiver is posting the case pleadings on the Madison Timber Receiver website.
$16 million? In commissions? For timber? Timber? For real?
The only way that would sound legit would be if the timber was stuffed with cocaine or heroin. Illegal, yes. But the amount of the commissions would make sense.
It will be interesting to see how the stupid defense plays.