MIAMI (CelebrityAccess MediaWire) -- Creditors waiting for money from the resolution of Jack Utsick's Worldwide Entertainment may be starting to see a glimmer of light at the end of the tunnel after court appointed receiver Michael Goldberg's December 10th court filing.
The filing constituted a request for the court to authorize an initial disbursement to creditors with claims that have been reconciled as undisputed. This category covers 2727 of the 2,924 claims, leaving just 197 claims as disputed. All told, the claims total up to approximately $300 million.
The legal imbroglio surrounding Jack Utsick's Worldwide Entertainment began in 2006 when the Securities and Exchange Commission alleged that Utisck had been improperly traded in unregistered securities, and was in essence, operating a "ponzi" scheme along with several other violations.
At that time, the court appointed Michael Goldberg to act as a receiver as Worldwide Entertainment was unwound and the claims of creditors were evaluated. This latest filing signals that the court proceedings in the matter may be nearing completion, although Utsick and his legal team still dispute several of the allegations leveled by the SEC. - CelebrityAccess Staff Writers