After a brief delay, some creditors of Tacoma real estate developers Tom Price and Hyun Um have removed their objection to the appointment of a Seattle forensic accountant to run the men's financial affairs.
Last week, federal bankruptcy judge Paul Snyder agreed to put a trustee in charge of the men's estates, saying that after three years the men have shown no real progress toward settling their debts. Moreover he called them out for fraudulent behavior and questionable business practices.
The creditors removed their objection Tuesday, according to court records. On Wednesday morning, the judge ordered Orse to begin his work.
Trustees stand in for the business owners, have the power to hire, fire and reorganize the business in the best interest of creditors. They also have the power to investigate and refer for prosecution fraudulent behavior.
Price and Um filed for bankruptcy in August 2010 with about $300 million in debt related to their real estate empire, Prium Cos. They contend they have little cash available to pay creditors. Creditors contend the men are playing a shell game with their byzantine organization comprised of dozens of limited liability companies.