Oct. 26, 2007 — The first thing that Jeffrey Prosser, one-time owner of Innovative Telephone, lost was the control of his companies. Then it was the $30,000-a-week salary, then the $9 million worth of art and jewelry. Now it's the cars.
In each instance, Stan Springel, the court-appointed trustee in the bankruptcy case, has filed papers with the U.S. Bankruptcy Court claiming possession, for the creditors, of the items in question. The most recent motion of Springel's sought control of a "Bentley Arnage, year 2005, color Peacock."
A Bentley is generally regarded as a Rolls-Royce with a slightly different radiator treatment; "peacock" is a bright turquoise; and an Arnage is a Bentley model — according to a Google Internet search — worth $221,990 to $263,990 new. Prosser's car, now two years old, is presumably worth a little less.
In addition, in the same motion before the court, Springel also sought control of two Mercedes-Benz vehicles, one a 2003 model S600 and the other a 1999 model 600.
All three vehicles are owned by Innovative Communications Corporation (the New ICC, in the court's terminology), and have been leased to Prosser for "fair and just consideration," according to the lease. The motion says: "The trustee is skeptical that any consideration has been paid by Prosser with respect to the lease and doubts that the document is, in fact, a lease."
The trustee also said no monthly payments seem to be required. He wants the cars to be held as the creditors' property.
The trustee suggests that the transfer of the three vehicles will not leave Prosser without wheels.
"Further, upon information and belief, there are certain other vehicles that are titled
in the debtor's name (i.e. that of the new ICC) but that are in the possession of Prosser or his family and are being used solely for personal purposes," Springel wrote.
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