The ongoing saga of the Involuntary Bankruptcy of Jack Jaffa’s National Field Network has been a nearly five year saga with no end in sight. All the usual suspects have been rounded up and sent along their way with a delicate slap on the wrist. The NFN Bankruptcy has begun to present as the quintessential case to teach the American Public what is truly wrong with the legal system today. I’ll get to that in just a moment. First, though, I want to recap the true horror of how the NFN bankruptcy victims have been silenced and forced to watch much like a hostage for years, how financial terrorism operates.
To date, nearly three quarters of the monies owed by those whom have defrauded Labor have been legally retained by the very same parties whom, well, defrauded Labor. What I mean is that the Trustee has waived the magic pen of law around granting 50 – 99 percent off deals to any and all owing money much like a tv game show in the 1980’s.
Chris Crandell, whom owed $1,349,087.09 was granted a pass by the Trustee and ended up owing “$15,000, payable over 6 months, commencing on June 15, 2021,” according to court records. That means that the Trustee settled for roughly one percent of that which was owed. Fifteen grand for over a million in damages? Not too bad. American Express was sued for $1,590,997.86 and settled for $434,510.46. The Trustee here settled for about 25 percent of that which was owed. Bank of America was sued for $1,469,000 and settled for $700,000. The Trustee settled for about 50 percent of the debt owed. And for Jack Jaffa, the owner of NFN, Let’s Make A Deal was in high gear: Out of the $1,850,000 owed, Jaffa was allowed to settle for $300,000 and then only $60,000 paid up front and $240,000 in 12 monthly installments. The Trustee settled for about fifteen percent of that which was owed.
And they say that Crime Doesn’t Pay?!
Shari Nott, whom in my opinion was, has, and continues to be the primary architect of the NFN con which crossed state lines, using electronic means, and in the furtherance of artifices and schemes deserves the headline, though. The Fraud Four, including Mohamed Seif, pushed out work orders while simultaneously clawing back monies owed to Labor under a spurious chargeback scheme. These actions allowed Nott to draw a salary of $350,000 plus other benefits including additional salary advances of $1,088,517.55. While this, in and of itself, was heinous, Nott’s receiving of $6,039,586.10 from NFN was the straw that broke the camel’s back. This is how it was described in federal court documents,
The Nott Loan is comprised of various personal expenses, e.g., funds in excess of $500,000 made available to Nott to purchase a residence in Long Branch, New Jersey, to funds advanced related to vacation homes in the Bahamas, luxury vehicles, including a Thunderbird, multiple Audi vehicles, a specialty Tesla vehicle and a Ford Explorer, to payment of contractors who did personal work for Nott at her various residences and/or other business ventures.
And all the while lawyers have been gorging themselves on $400 and $425 an hour billing, submitted at a blinding speed, and it would appear that Nott has been able to sell off virtually each and every asset. We were curious about how it was that everyone — including Jack Jaffa himself as you will read later — is allowed to claim a piece of the pie except the victims themselves. Here is how it was explained by the Trustee’s lawyer — a lawyer representing yet another lawyer — to Foreclosurepedia,
[T]he administration of a bankruptcy estate is highly regulated, subject to the Bankruptcy Code, the Bankruptcy Rules and the policies published by the Executive Office of the United States Trustee. It is highly unusual for a trustee to make an “interim distribution” and can only be done if authorized by the Bankruptcy Court. In this case it would be impossible to seek to do that as the claims are not yet established with any level of certainty. As you will see from the docket, I have started the process of challenging claims that are unsupported, duplicative or claim a level of priority to which they are not entitled. With an uncertain claims body, there is no mechanism to make any sort of distribution, even if cause existed to do so.
I work within a bankruptcy system; I did not design it. The complaints that you are referencing have to do with the way in which the system is designed. If anyone has a problem with it, they should seek to change it through Congress. I am administering this case in accord with applicable law, rules, and policies. I cannot address how people feel about this process, but simply explain the process to them.
Really? The Law Made Me Do It?! Are you fucking serious?! Did the Law force the $400 and $425 an hour billings that were submitted? I mean no pro bono here, right? Sounds much like the Nuremberg Defense, if you ask me. First, and as Counsel concedes, there is no law that the victims cannot be paid along with the lawyers. If no claims can be verified then how in the holy fucking hell can lawyers take any money for themselves?! Because I will guarantee you one thing: If the lawyers whom are billing in this case were forced to take their money AFTER the victims were paid, these sweetheart deals and I submit the nature of how the case is being prolonged, would dramatically change.
Even this, though, comes nowhere near to the latest height of victim assault as the recent filing by Jack Jaffa. As we all remember, the Trustee cut Jaffa — an extremely wealthy New Yorker whom has controlled Non Profit companies such as the Jaffa Family Foundation — that sweetheart deal for less than 15 percent of that which was owed and even that was stretched out over a year. Did I forget to mention that there is a good chance it all writes off on taxes as well?! Well, dear ‘ol Jaffa stepped right back up to bat after realizing that the Trustee had no bite to go along with the bark and filed the below Motion several days ago.
Incredible! Jaffa, has now filed a Claim against his own company under bankruptcy for $34,544.41 — that is not a typo. To rub salt in the wounds, this Claim is to be paid before any victims receive a penny. And while I am sure that the lawyers, one and all, are going to say, Oh gee this is just how the system works, I submit that the system is being weaponized to specifically target the victims whom placed their faith in it. And let me expound, for just a moment, because the victims have had ZERO opportunity to publicly voice their concerns for the Judge to hear in the matter,
The Trustee should have, at minimum, ensured that Jaffa had no opportunity to continue violating the victims in the manner that he is currently. It would have been a simple stroke of the pen to ensure that this tragedy never occurred, but I guess in the heat of the billing cycles that option never crossed the Trustee’s mind. The Trustee should have never cut the deal with Jaffa to begin with and allowing Jaffa to continue his financial terrorism upon the victims needs to be closely examined by the New Jersey Office of Attorney Ethics.
It is easy to hide behind the law and pretend that all is well while billing at the maximum rate allowable. The reality is that there is the letter and spirit of the law and in the NFN Bankruptcy, there is no doubt in my mind that the public perception is a veritable House of Horrors. This is not simply my opinion. A simple read through of Foreclosurepedia will open the eyes with respect to how the victims feel including an upcoming Foreclosurepedia Podcast Interview of an African American woman whom the Trustee attempted to prevent filing a Claim against Jaffa and NFN.
Simply because one has a law degree does not excuse even the most basic conveyance of humanity to the victims. The quote by the Trustee’s lawyer that, I cannot address how people feel about this process, is a testament to the Sadducees whom are currently running the show. To that point, it begs the question of why the lawyers are all billing at top dollar rates? I mean in the obvious spirit of reconciliation — err bullshit — why not take the 50 percent or so discount to Bank of America; the 75 percent or so discount to American Express; the 85 percent discount or so granted to Jaffa or the NINETY NINE PERCENT DISCOUNT given to Crandell and apply it to the lawyer’s own billing? Why? Because the fact of the matter is the victims have no voice and the lawyers know it. It is far easier to spend victim’s money than it is your own.
You think I am bullshitting or that my opinion holds no merit? Here is what the Court just awarded to the Trustee’s law firm,
McManimon, Scotland & Baumann, LLC, counsel to the Trustee, is hereby granted first interim allowance on account of legal services rendered to the Trustee in the sum of $118,284.50 together with the sum of $5,192.53 for out-of-pocket disbursements, for a total allowance of $123,477.03 without prejudice to said counsel’s right to seek additional allowances.
If there ever was a perversion of justice more acute than that which we are witnessing in the NFN Bankruptcy, I haven’t been sent a copy it. And mark my words on this, the SIX MILLION PLUS DOLLARS that Shari Nott owes and all the debts that she racked up with the movement of monies into automobiles, real estate, and spurious loans to other companies will be settled for less than a penny on the dollar — if that. And how is good ‘ol Shari Nott doing these days? Not bad at all once she figured out that there wasn’t much to fear from the Trustee. Nott — or as she has changed her last name again back to Oglensky — is doing plenty of business at Spartan Capital as an Alternative Financier, a Licensed Real Estate Agent/Property Manager, and as a Licensed Mortgage Loan Originator. This, in addition to being the CEO at PMI Jersey Shore, according to her LinkedIn profile.
When Foreclosurepedia initially filed to Intervene in the NFN Bankruptcy it was due to all the hands in the pie and a complete refusal of transparency on the part of the lawyers, vis-à-vis the depositions. And when the lawyers got tired of getting their proverbial noses bloodied in court documents they went to the victims and convinced them that if I dropped my Intervention everyone would get paid rapidly and the world would be a better place. That was in 2018. The only thing that has remained constant since my withdraw is the billable hours by the lawyers chiseling away at monies owed to the victims while simultaneously cutting sweetheart deals for the perpetrators.
In closing, these lawyers are no one special. Do they have a degree? Sure, but they also have a responsibility to the victims. They are being paid with the victim’s money for Christ’s sake! And while the Trustee may not like to discuss the reality of public perception at the cocktail parties, the sobering cold, hard fact is that allowing Jaffa to re-victimize his victims is a bridge too far from an ethical point-of-view. If you are a victim in the NFN Bankruptcy, Foreclosurepedia would love to have you on the Foreclosurepedia Podcast to talk about your reaction to the case, thus far.
Editor’s Note: I rarely add notes to my articles, but I felt that in this case it was important. I have been advised by the Trustee and her Counsel that they do not receive any physical money until the end of the litigation. Their Claims and Awards are considered priority over all others, though. This was the specific quote,
[T]he bankruptcy code gives my firms fees priority over all creditors. It is the structure. I, on the other hand, receive no payment for my services as trustee until the case is over. So, the outcome you are seeking, i.e., that payment is delayed to the end of the case, is, in fact, in place.