Federal court still running 6 Lbk businesses after Judah’s demise - KCBD NewsChannel 11 Lubbock

5/10/10

Federal court still running 6 Lubbock businesses after Judah’s demise

By James Clark | email

LUBBOCK, TX (KCBD) – A federal court still operates six Lubbock businesses formerly owned by Benny Judah, who is currently serving prison time.  Judah admitted to money laundering and sale of unregistered securities, for which the judge imposed the maximum penalty, 25 years. 

A federal Receivership Trustee, Fernando Bustos, updated the judge Monday.  The Receiver currently operates:

  • Excel Lease Fund, Inc.
  • The Falls Tennis and Athletic Center
  • Las Brisas restaurant chain, locations in Amarillo and Lubbock
  • Zoo-Kini's restaurant chain, locations in Lubbock, Abilene, and San Angelo
  • Harrigan's restaurant chain, locations in Lubbock and Odessa
  • Moose Magoo's restaurant, in Lubbock

 "For the most part, the employees of these businesses have been retained," the Receiver writes.  And employees are all being paid their salaries, Bustos further says.    

Of the six, only Moose Magoo's has not been publicly offered for sale.  Bustos tells the judge in his written report, "Final appraisals [for Moose Magoo's] cannot be completed until lease negotiations with the co-owner of the real estate entity, co-owned with Mr. Curtis Jordan, are resolved."

Bank stock and developments previously owned by Judah have been sold.   The Receiver says $2,517,926.08 of the Judah estate is available as "cash on hand."  The sale of businesses will be used to reimburse more than 250 investors, mostly from Lubbock.  Official statements say Judah ran a Ponzi scheme, and investors are not likely to get their full investment back.  The Receiver has a list of asking prices for five of Judah's six remaining businesses.  (CLICK HERE) to see more information and possibly make an offer.

Copyright 2010 KCBD. All rights reserved.

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