James D. Sallah
Court Appointed Receiver

Jeffrey L. Cox, Esq.
Counsel for the Receiver

Sallah Astarita & Cox, LLC
Attorneys at Law
Telephone: (561) 989-9080

Important News

March 18, 2021

The Receiver is pleased to report that he recently received from the Clerk of Court the final receivership asset consisting of the Paul and Christine Schumack tax refund monies of approximately $517,000. Now that the Receiver has received these funds, he can now prepare for filing a Motion for Entry of Order Authorizing Second (and Final) Interim Distribution (the “Second Distribution Motion”). The Receiver has not decided what the total second distribution amount will be and does not know what will be the rate or percentage of return for the second distribution. However, the Receiver does know that the second distribution amount and rate of return will be less than the first distribution, given the fact that the first distribution was for $6 million and the vast majority of the remaining funds in the Receivership Estate. The Receiver anticipates filing the Second Distribution Motion in late March and will be mailing a notice letter to claimants regarding the filing. The Court will need to grant the Second Distribution Motion before the Receiver can mail out the second distribution checks. The Receiver intends to mail out the second distribution checks within two weeks of the Court granting the Second Distribution Motion.

September, 19 2016

Receiver files Motion for Summary Judgement and for Declaratory Relief Against Joseph Signore

April 20, 2016

The Receiver is pleased to announce that he has contracted to sell two (2) pieces of real property formerly owned by Craig Hipp, which the Estate obtained during the course of the Receivership. The Receiver is actively seeking qualified overbids in accordance with both applicable law and the terms of the “as is” residential contracts for the sale and purchase of real estate, both of which are available for download here and here. Further, please be advised that the court-approved notices for the sale of these real properties can also be downloaded here and here. All sales are subject to the contract terms, applicable law, and court approval after a public hearing on June 1, 2016 at 1:15 p.m. EDT at the United States District Court located at 701 Clematis Street, Second Floor, Courtroom 7, West Palm Beach, Florida 33401.

March 25, 2016

The Court entered Final Judgments in favor of the Receiver against both Paul and Christine Schumack, joint and severally, in the amount of $5,129,806.94 plus post-judgment interest based on their consents.

January 14, 2016

The Receiver has filed lawsuits in federal court against over 20 profiteers, seeking a return of funds for the Receivership Estate. Those lawsuits may be found in the "Lawsuits Filed" section of this website.

October 30, 2015

The Receiver is pleased to announce the absolute auction of JCS Enterprises Inc., My Geebo & T.B.T.I.

15132 Park Of Commerce, Suite 103, Jupiter, Florida 33478

Inspection Time:
November 16, 2015 from 10:00 AM – 3:00 PM
November 17, 2015 from 9:00 AM – 11:00 AM

Auction Date/Time:
November 17, 2015 at 11:00 AM

Please see the Navigation button "Assets for Sale" for a list of assets to be sold at the auction.

October 30, 2015

The Receiver is pleased to announce that we have listed two former Craig Hipp properties for sale. Please see the Navigation button "Assets for Sale" for a copy of the MLX listings.

October 16, 2015

The Court has approved the following Assets for Auction.

October 9, 2015

The Receiver is pleased to announce that the sale of the Schumack property closed on October 6, 2015. The sale increases the value of the Receivership Estate by $1.35 million.

October 2, 2015

The Receiver filed his Third Report to the Court, which is available here.

August 26, 2015

The Receiver is pleased to announce that the Court has approved sale of the former Schumack home for $1,425,000, subject to overbids of at least 10%. During the next 30 days, the Receiver is actively seeking overbids pursuant to the Court’s Order. Anyone interested should comply with instructions provided in the published "Notice of Sale".

July 10, 2015

On July 10, 2015, the Receiver filed a lawsuit in federal court against former JCS Enterprise, Inc. Chairman and President Joseph Signore and his wife, Laura Signore, seeking the return of over $4.4 million. The Receiver’s lawsuit is based, in part, on the Florida Uniform Fraudulent Transfer Act ("FUFTA"), Conversion, and for Unjust Enrichment. The Receiver has also moved for Preliminary Injunction and Other Relief Against Laura Signore, seeking to prevent Ms. Signore from dissipating assets that she owns individually, or jointly with her husband. Copies of the Complaint and the Motion are available under Lawsuits Filed.

May 29, 2015

Important Message Regarding Verification of Contact Information

Within the next coming months a representative who has been hired by the Court-Appointed Receiver, James D. Sallah, Esq., will be contacting you to verify your current contact information. During the duration of the Receivership, Mr. Sallah may need to send out correspondence or a court-approved claims form so it is vital that we have your correct contact information to work as expeditiously as possible.

If you would prefer to do so, you may respond to us via email (JCSInfo@sallahlaw.com) with your:

  • Full name
  • Mailing address
  • Telephone number(s), and
  • Preferred E-mail address.

In order to keep our records up to date, please let us know if you foresee your contact information changing in the next six months. In addition, as soon as your contact information changes, please advise us with the most current information.

Thank you very much.

April 13, 2015

On April 13, 2015, The Receiver filed a lawsuit in federal court against two defendants seeking the return of nearly $2 million. The Receiver’s lawsuit is based on the Florida Uniform Fraudulent Transfer Act ("FUFTA") and for Unjust Enrichment. A copy of the complaint is available under Lawsuits Filed.

April 1, 2015

Frequently Asked Questions (Taxes) is available here.

November 25, 2014

The Receiver has entered into a conditional asset purchase agreement (“APA”) to sell a combination of the Estate’s assets for $1,536,971.75. However, to ensure that the assets are marketed and that the Estate receives the highest and best price, the APA provides that the assets will ultimately be sold through a Court-approved auction-and-sales process. The APA provides for the asset sale to the proposed purchaser, or to a higher bidder, pursuant to bidding procedures set forth in the Receiver’s Motion filed with the Court and linked here. A complete list of important court documents and others related to this motion is available here.

August 19, 2014

The Receiver has scheduled a Town Hall meeting for investors. The meeting will be held on September 19, 2014, in West Palm Beach, Florida.

August 7, 2014

The Receiver has released a List and Description of Assets of JCS Enterprises, Inc.; T.B.T.I., Inc., and My Gee Bo, Inc. for Court-Approved Sale. Interested parties should contact the Receiver for further information.

July 31, 2014

On July 31, 2014 the receiver filed his First Report with the Court, which is available here.

May 1, 2014

On April 22, 2014, the Receiver filed a Motion to Stay Lawsuits and Expand the Stay. Currently, there are at least six pending lawsuits by creditors in various state courts. The Receiver does not believe, nor does the law provide, that any creditor should have a “leg up” on any other and believes that the lawsuits violate the Stay entered by the Court in connection with the Receivership Order. That is the purpose behind the Motion to Stay, which can be found under Court Documents.

In addition, the Receiver filed an Emergency Motion for an Order Seeking Court Approval to Sell and Assign Certain of TBTI’s Assets. This Motion should be read carefully by all investors, as it involves the sale of TBTI’s ATM business, a business line unrelated to the VCs. Nevertheless, the Receiver believes that this asset could become worthless and needs to be monetized quickly for the benefit of the Receivership Estate. This Motion can also be found under Court Documents