Diamond‘s bankruptcy is officially now in chapter 7 which means any remaining assets will be liquidated to pay back creditors. Individuals are appointed to handle the process and in December Morgan W. Fisher was named the interim chapter 7 trustee. On January 5, Fisher filed a motion to employ Zvi Guttman as the general counsel to the trustee in the case.  Now, Larry Strauss ESQ, CPA & Associates, Inc. has been nominated to act as the accountant to the trustee during the process.

Expected services include:

• analyzing prior financial transactions in order to calculate taxes, preparing necessary tax returns, communicating with taxing authorities regarding the Debtors tax obligations, drafting 505(b) communications, and filing tax returns for the estates;
• Assisting the Trustee with examining proofs of claim;
• Analyzing and reporting to the Trustee regarding any of the Debtors’ financial dealings, transactions, and other activities that may lead to the prosecution of causes of action or recovery of assets; and
• Providing other customary and usual accounting services as requested by the Trustee.

The below hourly rates are mentioned as well as expenses incurred:

Hourly Rates
Partners $ 580.00
Managers $ 455.00
Supervisors $ 405.00
Seniors $ 325.00
Staff $ 195.00

Strauss has over thirty years as an accountant specializing in bankruptcy accounting law and has experience with chapter 7 and chapter 11 cases.