Posted Nov 02, 2010 01:03 pm CDT
A South Carolina lawyer known for his TV commercials and billboards has turned over $994,000 in cash kept in a closet of his Myrtle Beach law office after a court-appointed bankruptcy investigator stressed the important of disclosing his assets.
Harry Pavilack, who urged clients to “Call Pavilack Today!” in his advertising, says he owes about $72.5 million to creditors, most of it in mortgages and personal guarantees on loans on his real estate investments, the Sun News reports.
Pavilack, 70, initially estimated he had assets of $50,000 or less in documents filed with the bankruptcy court in September, the story says. Less than two months later he told the court he has about $8.9 million in assets.
Bankruptcy examiner George DuRant says in a report that Pavilack’s financial records are incomplete and it may never be known how much money he has, the story says. According to the report, Pavilack has taken cash out of his real-estate corporations, transferred some assets to relatives and friends, and opened bank accounts in Peru. Since February, Pavilack has conducted mainly cash transactions, DuRant’s report says.