The Internal ProfitsIrs was the huge winner after three years of arrangingfiguring out the personal collection of THR amp; Associates creator Jeff Parsons in federal bankruptcy court.A bankruptcy judge in Springfield this month finalized a$ 334,133 settlement of nearly $3.2 million in back taxes owed by Parsons.Chief Judge Mary Gorman ruled that Internal Revenue Service tax liens versus Parsons personal estate took top priority over other claims, consisting of almost$ 1.4 million owed to the Illinois Department of Profits. Parsons and THR filedapplied for individual and corporate bankruptcy in September 2012. Thats about it, Peoria attorney Charles Covey said Friday. Covey is the trustee in Parsons personal bankruptcy case.Under the settlement, the IRS received 80 percent of funds remaining in Parsons estate, Covey stated. The continuing to be 20 percent will be shown other unsecured lenders, consisting of the Illinois and Minnesota departments of revenue.Theyll get a bit, Covey said.A series of auctions of Parsons individual building was conducted as part of the bankruptcy. According to court files filed with Gormans order, proceeds consisted of$425,000 from
242 acres of land in Pike County,$250,000
from Parsons share of his former home in Athens,$80,000 from a watercraft saved in Missouri,$41,500 from a Hummer and a Harley-Davidson motorbike, and $13,384 from a motor home.Parsons, who now stays in Sugarland, Texas, is scheduled to be back in another federal courtroom Nov. 16 in the separate case of $12.3 million in overtime and penalties owed to around 150 former THR amp; Associates employees.US District Judge Richard Mills in July reduced formerly bought monthly payments of$5,155 to $500 after an attorney for Parsons said that his customer did not have the cash for the higher payments.Mills warned that Parsons would go to jail if he failed to make prompt payments prior to the Nov. 16 hearing. He also stated results of a federal criminal examination into THR and Parsons might be understood by mid-November. THR, founded in Springfield, conducted buy-sell shows across the country before the business collapsed in 2012. Parsons also ran a retail shopa retailer, J. Parsons, in Parkway Pointe shopping center in Springfield. The store closed in 2012 after 6 months in company. #x 2014; Contact Tim Landis: email@example.com, 788-1536, twitter.com/timlandisSJR.