Tom Martino bankruptcy: Troubleshooter sues bank, may accuse Fox31 of wrongful termination

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Tom Martino.
Update: Another day, another development in Troubleshooter Tom Martino's bankruptcy.

The latest? Martino is suing the bank that floated the possibility he'd shifted assets in his filing -- and he hints in court paperwork that he may whack Fox31, the station that employed him until this summer, with a claim of wrongful termination, possibly based on age discrimination.

As you'll recall, International Bank, which wrote a $2.83 million loan on which Martino and his wife Holly allegedly defaulted, filed paperwork reading in part: "International Bank believes the Debtor (Martino) may have transferred certain assets to Ms. Martino with the intent to hinder, delay, or defraud International Bank and other creditors and/or without receiving reasonably equivalent value in exchange." Among the assets listed by the bank, according to the Denver Post, were "a house worth $4.3 million, furnishings and art worth $750,000, three aircraft with combined value of $725,000, Friesian horses worth $100,000, a Bentley Arnage car worth $200,000, cash accounts holding $4.6 million and real estate equity of $11.7 million."

In response, reports the Denver Business Journal's Heather Draper, who's doing the heaviest lifting on this story, Martino is suing International Bank for "'willfully' violating a stay... put in place once Martino filed for bankruptcy."

In addition, Martino submitted an amended personal property list that upped the value of said property from $821,085 to $2.06 million.

Note that in Holly's 2004 bankruptcy, the amount of property was readjusted upward after her ex-husband, Mike Willis, complained that she hadn't included anything she'd been awarded in their divorce, whose value he estimated at the low hundreds of thousands.

In addition, Draper reveals that the property's worth could grow even more as the result of what the Martino filing describes as "a possible claim against Fox31-Denver, for wrongful termination, age discrimination, other statutory and common law claims including loss of future wages, breach of contract."

Looks like the Troubleshooter aims to make more trouble. Check out previous coverage below -- and note that KHOW program director Dan Mandis has yet to respond to our inquiry about a key hour of Martino's radio show that's missing from the outlet's online archive.

Original item, 12:16 p.m. September 29: Self-proclaimed Troubleshooter Tom Martino's bankruptcy claim, on alleged liabilities of $78 million (a figure he disputes), continues to play out in public. But amid new reports about an order that he and wife Holly give de facto depositions in the case comes an odd development. An hour from Martino's KHOW radio show in which he publicly attacked Mike Willis, Holly's former husband, is missing from the station's public archives.

Willis learned of the situation after reading a Monday Westword post in which he alleged document-shifting in Holly's 2004 bankruptcy filing that echoed allegations made by International Bank, a creditor in her husband's current Chapter 7 filing. As is noted in the piece, Martino began attacking the item even before its publication and called Willis "evil" at one point during the first hour of his KHOW broadcast, which gets underway at 9 a.m. He also said Willis lied about the claim -- but Willis later produced a document from the bankruptcy that backed up his story.

Curious to discover what else Martino said about him on the air, Willis visited the show's online archive. But when he clicked to play the 9 a.m. hour of the Monday broadcast, the first hour of Martino's program from the previous Friday, September 23, popped up -- and that's still the case at this writing.

We've left a message for KHOW program director Dan Mandis asking if this situation is a technical glitch, or if the hour was removed for another reason -- like, perhaps, the fear that Willis, who's not a public figure, might take legal action based on the attack. If and when we hear back from him, we'll update this post.

In the meantime, the Denver Business Journal reports that U.S. Bankruptcy Judge Michael Romero granted a motion by International Bank to essentially depose Tom and Holly. The DBJ adds that International Bank also requested:

• all documents related to or reflecting any transfers of any assets; all documents related to real property the Martinos have owned -- individually, jointly or otherwise -- in the four years prior to the bankruptcy filing.

• all documents related to the ownership of automobiles, boats, airplanes, helicopters or any other vehicles.

• profit/loss statements for Martino's businesses and a list of all shareholders, members, officers and/or managers for any business entity Martino had been involved with for four years prior to his filing.

One more thing: Jay Leno made sport of the Troubleshooter on the September 19 Tonight Show in a monologue snippet that appears on KHOW's Martino page. It's a gentle swipe that uses the Troubleshooter's financial troubles as a way to needle the White House. Watch it below.

More from our Media archive: "Tom Martino, bankrupt Troubleshooter, to be featured speaker at wealth-building convention?"


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15 comments
rockiesfever
rockiesfever

i had some guy pass on hiring my company cause i wasnt on tom martinos extortion list.....i mean preferred  list.......tom martino, if your reading this, i want you to know there is a lot of us who believe without a doubt that you are NO DIFFERENT than the scams you reported on. rot in debt hell

Frank Lucas Harlem
Frank Lucas Harlem

These dopes didn't hear his show where he admitted he had a "vacation" in the Cayman Islands recently. If he doesn't go down for swiching most of his cheese to his third wife I'll do the Martino method and do the same. This is pathetic. Obvious and open.

Frank Lucas Harlem
Frank Lucas Harlem

Maybe he was selling some of pyramid energy drink to the Caymanese?.....hiding a few million from some daffy duck Colorado bank is not the Martino style, hell I hid 22 million but got caught.

Frank Lucas Harlem
Frank Lucas Harlem

He was in the Cayman Islands just recently, he said so on the air. Gee I wonder why? Might be some wrapped up cheese down there Holly didn't get.

Newman8520
Newman8520

Regarding the lost audio where Mike Willis’ accusations aredenied by Martino, and where Michael Roberts’ reporting is mentioned, I’d liketo blame KHOW for another instance of their selective censorship, like whenthey closed down and deleted the KHOW Forum message board.  But this particular lack of audio may bedifferent and probably wasn’t purposeful. 

They’ve had some kind of no man’s land in their archivessince Martino moved to the mornings after Boyles.  As they transition the shows and theyoverlap, it seems that Boyles show recordings may stop at 9AM, and Martino’sshow recordings don’t start until after Tom’s formal show introduction wheneverthat occurs later in the 9AM hour.

And I stand corrected after I re-listened to the audiolisted below.  Apparently Tom has claimedhe own(s) the aircraft(s), at least as of this audio’s date, and I thoughtotherwise. 

Here’s the half hour or so of that transition for those whodidn’t hear it.  There are quite a fewpronouncements.

Part one:  http://www.youtube.com/watch?v...

Part two:  http://www.youtube.com/watch?v...

Unlike KHOW and Clear Channel, I’m saying now that I might removethese youtubes after awhile.  Save themif you want them. Just my opinion.

rutgersgrad
rutgersgrad

This guy rails against liberals, saying they want government handouts. He goes on a tirade against government bailouts of banks. He says his bankruptcy will essentially effect no one but himself (check out his lengthy analysis on his own site). What a joke. His multiple lawsuits and bankruptcy will cost taxpayers (who pays for these courts to handle your cases, Martino?). Funny how he now wants a bailout (file bankruptcy, let the courts wipe away my company's debts, but keep millions of dollars in assets). He has called everyone a liar Sure, Tom, the whole world's against you. You're just an innocent consumer advocate who sticks up for the little guy...through paid endorsements that trick people into believing you actually have vetted these companies (a background check doesn't cut it, pal). The more I read about this guy, the more I seethe inside. He is a pompous joke, and I hope he gets his comeuppance. His involvement with the MLM company was so hypocritical. Martino is so blinded by his own arrogance. He thinks everyone is out to get him. He's just like all the other powerful people (though he's not so powerful) that think they're the smartest ones in the room. Guess what? Your shtick is up, and I can only hope these poor consumers that Martino claims to help will not fall for his BS any longer.

Frank Lucas Harlem
Frank Lucas Harlem

I heard Martino on his show say he was recently in the Cayman Islands for a vacation. I know I was there in 1972. I saw only walls and left in 2 days.

Mr Manumba Ney
Mr Manumba Ney

The Troubleshooter was in hot pursuit of off-shore bogus apartment rental insurance salesmen.

Light Rail Tattler
Light Rail Tattler

I listened to this once and that's enough. The Troubleshooter explains he kept borrowing with equity built up in property not paid for.The Troubleshooter says the house and airplanes are not paid for. He has no Title.He goes on to explain he didn't transfer assets to the Mrs because there were no assets, only debts.The Troubleshooter's explanation if true is more believable. The Troubleshooter says he kept buying real estate because he likes supporting real estate.The Troubleshooter's problems are the same problems the rest of the crashed financials experienced. Real estate especially housing and subprime were not worth anything near what mainstream Americans got suckered into signing the mortgage for and now commercial properties are taking a hit.The Troubleshooter is an example of all what went wrong with: Wachovia, Countrywide, Ameriquest, GMAC, Washington Mutual, AIG and the Title Companies owned by lawyers in a conflict of interest sold overpriced Title insurance underwritten by AIG and placed bids on properties they foreclosed on with the Public Trustee.The Troubleshooter goes on to explain his philosophy about making more money by buying debt now just like what got all the above listed financials in trouble, especially AIG.In the eighties the United States endured a crises in the annuities market by Baldwin United through Single Premium Deferred Annuities, then the Savings and Loan scandal then Junk Bonds.During Clinton's second term Subprime was invented in Chicago at Superior Savings and Loan. The F.D.I.C. lost about one billion dollars with the failure of Superior Savings and Loan; nothing was learned and that leads us back to The Troubleshooter having learned nothing and want's to do it again.This country needs financial reform. Canada's Banking system should be studied as an example for reform. Canada endured the financial meltdown without having to bail any Banks out. Canada's Banking system is the envy of the free world, the only country that did not have to bail any banks out. 

Sams2301
Sams2301

The Troubleshooter is seeking Bankruptcy Protection from creditorsI guess that's what it is, protection from creditors.I remember reading about The Troubleshooter in the Westword in the late 80's or early 90's.The Troubleshooter was a ruthless landlord of apartment buildings.When someone got behind on rent, The Troubleshooter took the apartment door off the hinges allowing anyone to steal the tenant's property. No three day notice. No going to court. The Troubleshooter is going to court a lot these days.He is getting plenty Due Process Of Law, hardly seems fair.

Light Rail Tattler
Light Rail Tattler

I don't get it, what does the Cayman Islands have to do with anything.The Denver Police changed the name of Edward "Eddie" Maestes Park to Seal Island.I watched the police raid Seal Island Wednesday about 7:00 p.m. from 2301 Lawrence St.The police make nickle and dime busts there but leave the suppliers alone. Somebody is making money. Denver is a very corrupt city. 

Mr Manumba Ney
Mr Manumba Ney

Light Rail Tattler forgot to mention Citi Group and mention Baldwin United was the piano company who's old office building is located in the 1600 block of California St Denver.The only thing that the Federal Reserve has to show for all these repairs made to these financial scandals is two broken Baldwin pianos placed on the 16th St mall directly across from the Federal Reserve in Denver

Samuel Stray
Samuel Stray

It is criminal aliens that are supplying Seal Island.They like that parking lot on 21st Street between Lawrence St and Larimer St.

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