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investors to recover assets.6 She filed additional proceedings
in September 1993.
At the time Ms. Jobin filed the adversary proceedings
against M&L's investors in 1992, there was little case law on
point within the jurisdiction of the United States Court of
Appeals for the 10th Circuit. Nonetheless, by June 1995, she had
collected approximately $8.5 million for the bankruptcy estate.
She anticipated collecting a total of $14 million at the
conclusion of all proceedings. Ms. Jobin estimated that
unsecured creditors would recover approximately 30 percent of
their claims and that distributions to unsecured creditors would
probably be made by the end of 1996.
Petitioners Zahirudeen and Carol M. Premji
The Premjis are husband and wife who filed a joint Federal
income tax return for the year 1990 on which they reported a
theft loss of $58,000 from their investment in M&L.
Mr. Premji has a degree in mechanical engineering and is a
systems engineer. He is not an accountant or financial analyst.
Mr. Premji learned about M&L from Scott Brayer, a friend of
a neighbor. He knew that Mr. Brayer had invested in M&L for
several years and thought his lifestyle supported his claimed M&L
earnings. Several other individuals, including Karen Marx and
6 Ms. Jobin was delayed in filing these proceedings because
M&L's records had been removed from its offices. The records
were recovered pursuant to a search warrant and made available to
her in July 1992.
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