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First Magnus News and Information (Newest Information is First)
  • First Magnus Financial Corporation - Motion for Destruction of Documents
    On June 19, 2013, the Liquidating Trustee filed 2 related documents. The first is a Motion To Authorize Destruction of Documents In Storage with Exhibit A, the proposed order, and the second is a Notice of Filing and Opportunity To Object. The Notice sets forth a 21 day time period in which any interested party can file with the court, and serve on the Liquidating Trustee, an objection to the Motion.
  • First Magnus Financial Corporation - Implementation of Confirmed Second Amended Plan
    The Second Amended Plan was confirmed by order dated February 28, 2008, and the effective date of the plan has been established as May 1, 2008.  The following recently filed documents relate to the steps being taken to perform the confirmed plan.   The Joint Motion filed by the Liquidating and Litigation Trustees on June 5, 2008 sets forth the steps taken since the effective date of the plan (May 1, 2008) to resolve and pay claims.  If you have questions regarding your claim, you may contact the attorneys for the Liquidating Trustee at Gallagher & Kennedy PA (602) 530-8000.
  • First Magnus Financial Corporation - 2nd Amended Plan Has Been Confirmed
    The bankruptcy court held confirmation hearings in early February and on February 15, 2008 entered its Memorandum Decision. On February 28, 2008, an Order Confirming the Debtor's 2nd Amended Plan of Reorganization was signed and entered. The plan replaces the Debtor's current management with an advisory board, consisting of impartial representatives from the unsecured class of creditors. The board's principal duty will be to oversee the operation of two trusts. The Liquidation Trust is designed to most effectively manage and/or sell the Debtor's assets; the Trustee is Morris C. Aaron. The Litigation Trust is designed to analyze the numerous legal issues associated with the Debtor's pre-bankruptcy operations, as well as review claims for payment. The Litigation Trustee is Larry Lettig.
    The Confirmation Order indicates on page 11, paragraph 24: "Through a posting on the Court's web site, Creditors and parties in interest will receive notice of the entry of the Confirmation Order and notice of the occurrence of the Effective Date.
    Update: On April 28, 2008, notice was filed setting the effective date as May 1, 2008.
    Associated Documents:
  • First Magnus Financial Corporation (Case No. 4:07-bk-01578) has filed a second amended plan and disclosure statement. These documents may be viewed by clicking on the links below. At a hearing held on January 4, 2008, the court set a date of Friday, February 1, 2008, as the deadline for filing an objection to the second amended plan. Plan confirmation hearings are set to commence on Thursday, February 7, 2008, at 9:30 a.m.
  • First Magnus Claims Register: An online version of the Claims Register is now available for creditors in the First Magnus case (4:07-bk-01578-JMM). Use this online facility to check receipt of your claim, and get to the claim number. Please allow 30 days for processing. To use the application, simply click on the "First Magnus Claims Register" link in the menu on the left.
  • First Magnus Financial Corporation filed a voluntary bankruptcy petition under chapter 11 on August 21, 2007. The case number is 4-07-bk-01578-JMM.

    The case file for First Magnus, which contains all the pleadings and other documents filed in the case and any orders that have been entered, is maintained electronically and can be viewed over the internet. To view the case file and the documents over the internet, will require you to set up a subscription with the Pacer Service Center at which charges 8 cents per page viewed. If you wish to view pleadings that are electronically filed in a bankruptcy case at no charge, you may visit the Bankruptcy Court Clerk’s office in Phoenix, Tucson, or Yuma between 9 a.m. and 4 p.m.  For further questions, you may contact the Court Clerk’s office at (520) 202-7500, and press "0".

    The court is unable to consider e-mails sent concerning the First Magnus bankruptcy case or any other bankruptcy case, it is judicially improper and unethical for the court to read or consider any statements or requests for legal relief made out of court or not filed with the court as public record.