Alanar Receivership
March 1, 2010
Court Grants Receiver's Motion to Terminate Guardian Services Individual Retirement Accounts (IRAs)
As part of the winding up of the operations of Alanar, Inc. and its related entities, including Guardian Services, LLC, the Receiver believes it is now necessary to begin the process of terminating the Guardian Services, LLC Individual Retirement Accounts ("IRAs"). On February 26, 2010, the U.S. District for the Southern District of Indiana granted the Receiver's motion for authorization to send out an Information Packet to all Guardian Services IRA account holders advising them that the Guardian Services IRA accounts will be terminated within 60 days from the date of the mailing. All Guardian Services IRA account holders will be asked to send an election form to the Receiver advising whether their IRA should be transferred to a new IRA custodian of the investor's choosing or distributed directly to the IRA account owner. Information Packets will be mailed to Guardian Services IRA account holders during the month of March. A copy of the Court’s order may be viewed here.
Important Update: Court Grants Receiver's Motion for Authorization to Make a Second Disbursement of $10 Million in Pooled Funds to Eligible Investors and Approved Trade Creditors.
On December 17, 2009, the U.S. District Court for the Southern District of Indiana granted the Receiver's request for authorization to make a second disbursement of $10 million of pooled funds to eligible investors in the Category B and "Other" bond issues and the Churchmen's Bond Funds and approved trade creditors. A copy of the Court's order may be viewed here. Payments will be sent to eligible investors and trade creditors in January.
Notice to Investors
The Receiver has learned that many Alanar investors continue to receive solicitations and communications from organizations that purport to provide recovery services to victims of fraud. Please be advised that these organizations are not affiliated with, nor have they been endorsed by, the Receiver, the Court or the U.S. Securities & Exchange Commission.
Criminal Charges Filed Against the Reeves Defendants
On June 30, 2009, the Sullivan County (Indiana) Prosecutors office filed criminal charges alleging securities fraud against the four Reeves Defendants. The filing of these criminal charges was a collaborative effort of the Securities Division of Indiana Secretary of State Todd Rokita’s Office, the Office of Sullivan County Prosecutor Robert Hunley and the Indiana State Police. Information regarding the status of the criminal proceedings may be found on the following websites:
Sullivan County Prosecutor’s Office
http://www.sullivancountyprosecutor.com/alanar-information
Securities Division, Indiana Secretary of State
Bradley W. Skolnik
Alanar Receiver