NABT MEMBER PROFILE Q & A
Member Name: Steven R. Neuner
City and State: Marlton, New Jersey (Camden Vicinage)
Email: sneuner@nv-njlaw.com
What year did you join the panel?
20
What did you do before you became chapter 7 trustee?
General practice lawfirm with focus on bankruptcy for preceding 4 years. 3 years of practice before that in NJ and Philadelphia
How many cases are you typically assigned each year?
700
How many people make up your staff?
4
What was your most memorable case in which you served?
Furst Holdings Inc. This was filed 2 years after a complicated leveraged buyout in which FGI became the parent of the former company. Our investigation uncovered that in 1999 over $3 million in dividends and shareholder payouts had been made while the company was faltering. The operating company, Furst Group had been sold off about 16 months prepetition. The principal authorized the new owner to dispose of all the financial records before I could get them. Nevertheless, I waived the attorney client privilege for the debtor's counsel who had also handled the buyout, and got access to a roomfull of records. I also found a computer at the new owner's premises which had all the financial records backed up. After 10 months of investigation and after obtaining an order extending the bankruptcy of the debtor to the operating company, Furst Group and all its subsidiaries, we filed suit against all the shareholders for fraudulent transfers, breach of fiduciary duty, self dealing, deepening insolvency. We ended up with settlements totaling $1 million, in a case that started with $90,000.00.
What was the most interesting asset you discovered and liquidated?
See above re Furst Group.
What is the most difficult part of the chapter 7 job?
Trying to get creditors to file claims. Dealing with debtor's counsel who do not prepare or provide needed records. Dealing with pro se parties.
What is the most enjoyable part of being a chapter 7 trustee?
The forensics--investigating and finding assets.
If you were to give one piece of advice to a new trustee what would that be?
Develop a rolodex of sources and allies. Become an active part of the trustee community, through NABT and your local organizations. 70% of what I learned came in one way or another from other trustees. They are a great group to which you are privileged to belong.
What other areas or businesses are you involved with?
My law firm
What are your hobbies?
Woodworking, sailing, tennis
What book did you just finish reading?
Getting to Yes.