PinnLease $6.7 Million suit

PinnFund was doing leasing business out of Carlsbad with PinnLease. But it

was a relatively new venture and investors, while they had been approached,

had not put money into it yet.

The Receiver in the case filed a lawsuit against Tommy Larsen, related companies and a law firm, in bankruptcy court. It's a preference that may climb to $6.7 million. Leasing

News is seeking Mr. Larsen’s response to the Bankruptcy Receiver.

Filed February 28, 2002, it is public information and now available to Leasing News.

It pertains to Tommy Larsen as president and CEO of PinnLease from June, 1999 through March, 2001.  Leasing News had attempted to contact Mr. Larson for his response, which we would gladly publish.

It involves not only himself, but “CopyFax”, which shows payments over $3,9995,502,

which claims he was the owner while he was CEO of PinnLease.  It also claims “ fraudulent, non-existent or sub-standard service or products,” stating it receive more than

$1.4 million in “direct payments.”

The claim also alleges $108,200.999 in transfer of assets, plus $1,000,000 in compensation above his contracted salary of $180,000, plus non-payroll of $419,940.87, not including $713,292.97 in American Express Credit Card payments from 1999 to 2001.

” Plaintiff alleges that T. LARSEN received within one year of PINNFUND filing bankruptcy, the following preferential payments in excess of $508,273.2---an an amount

well beyond his exorbitant salary (see Exhibit “F”):

 a.1. Cashier Checks: $50,000

  b. Non-Payroll Checks $13,264.88

 c. American Express Charges $424,592.83

 d. BMW Financial Payments: $10,315.56

   total of $508,272.27

This is a 19 page filing.  Mr. Tommy A. Larsen is definitely due his day in court.

In this country, everyone is innocent until proven guilty, and we will print

any comment he or his attorney would like to make.