Evergreen Security creditors receive seven per cent dividend
Evergreen Security Ltd., which perpetrated a massive investment fraud, has emerged from bankruptcy proceedings and made an initial distribution of $13 million to 1,900 creditors.The October 1, 2004 dividend represents a pay-out of just seven cents in the dollar, or $6,842 each, to creditors with claims totaling $185 million. Future distributions will depend on the success in recovering assets mainly through litigation with Evergreen's owners, managers, brokers, consultants and others, according to a press release issued by R. W. (Bill) Cuthill, Jr., whose status has changed from Bankruptcy Trustee to President.