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Receiver still looking at claims against LV firm

Thursday, May 13, 2004 | 10:50 a.m.

James Donell, the receiver in control of the troubled Global Express real estate investment fund, said a motion is being prepared to begin gathering information on the number of claims against the Las Vegas company's assets.

A motion to establish a claims procedure with U.S. District Court could be filed on Friday. If accepted by Judge Kent Dawson, investors, landlords, vendors and other creditors would have several months to make claims against assets estimated by Donell at about $10 million.

The motion also will set a procedure for eventually returning money to investors and other creditors. In a Securities and Exchange Commission lawsuit halting operation of the Global companies, it estimated that its Real Estate Investment Fund I had 600 investors who had contributed $48 million.

Donell said he, at this point, had no estimate of the value of any outstanding claims against the fund. Donell also said he "can't confirm or deny" a report of an FBI investigation into the Global operations. The FBI could not be reached for comment.

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