Investors who want to file a claim against Lubbock-based Ferrum Capital now have a deadline – September 3 – called a bar date.
The deadline for non-investors, for example someone who is still owed money for a product or service, is August 3.
The company is accused in court records of running a Ponzi scheme costing hundreds of people millions of dollars.
What people need to know:
- The deadline is September 3 for investors and August 3 for non-investors.
- Previous claims in other cases are not enough.
- This is the exclusive way to file a claim in the Ferrum Receivership.
- Anyone who lost money in Ferrum can submit a claim – not just those who sued in San Antonio.
- Look below for links to the forms and where to send them.
The most recent documents said Ferrum took roughly $68 million from more than 300 victims – many of whom are in the Lubbock and San Antonio areas. Company co-founders Joshua Allen and Michael Cox are under federal indictment for security fraud and other charges – with a trial date in August.
In one of many lawsuits against Ferrum, a judge took control of the company away from Allen and Cox – putting it under control of court-ordered receiver John Patrick Lowe. He’s been working since early 2024 to get at least some portion of money back for the victims.
Lowe’s attorney, Royal Lea, told LubbockLights.com, “Anyone who believes they have a claim against the Ferrum receivership, follow the procedures. Be mindful of the bar dates. There’s a different bar date under each order, but the receiver encourages everyone who thinks they have a claim to submit a claim.”
Previous claims are not enough. And the deadline cannot be ignored.
The notice from the court said, “For the receiver to consider your claim … from the Ferrum Receivership Estate, the receiver must receive your claim form on or by 5 p.m. on the bar date … ”
“You may already have submitted a claim in the Collins Asset Group LLC bankruptcy case or in the Mike Cox bankruptcy case. If so, submitting a claim there is not sufficient for submitting a claim in the Ferrum Receivership Estate,” the notice also said.
Anyone who lost money in Ferrum can fill out the form – not just those who participated in the Musgrove v. Willy lawsuit.
Here are the forms in the links directly below:
- Click here to read the judge’s order for investors. It includes the claim form.
- Click here to read the judge’s order for non-investors, which also includes a claim form.
- Click here for the investor claim form by itself.
- Click here for the non-investor claim form by itself.
Forms can be sent to:
John Patrick Lowe, Receiver
2402 East Main Street
Uvalde, Texas 78801
Or by email: pat.lowe.law@gmail.com and royal@royallealaw.com
This is the “exclusive forum” to make a claim against Ferrum according to the judge’s order.
Lowe has the authority to determine the legitimacy of the claims. He can also extend the deadline for an investor who requests it “for good cause” before the deadline.
Click here or use the display below to see our complete coverage of Ferrum Capital.
