Author Archives: Michael J. Berger

Earlier today, United States District Court Judge Steven D. Merryday signed an Order granting preliminary approval to the proposed class action settlement with Student Loan Xpress. A copy of the docket entry is set forth herein: The following transaction was entered on 11/19/2009 at 2:04 PM EST and filed on 11/19/2009 Case Name: Holman v. […]

The proposed class action settlement applies to eligible class member students in all 50 states, regardless of whether or not their State Attorney General is a party to the Assurance of Voluntary Compliance Agreement entered into by Student Loan Xpress and the Attorney Generals for 12 states.

NOTICE OF SALE OF ESTATE PROPERTY In re: Armorlite Roofing Technology, LLC United States Bankruptcy Court for the Central District of California Case No. 2:09-bk-22974-SBSale Date: December 16, 2009 Sale Time: 11:00 a.m.Sale Location: 255 E. Temple Street, Courtroom 1575, Los Angeles, California 90012DESCRIPTION OF PROPERTY TO BE SOLD Armorlite Roofing Technology, LLC (the “Debtor”), […]

CIT Group, the owner of Student Loan Xpress, filed a Chapter 11 bankruptcy Sunday night, November 1, 2009. CIT’s bankruptcy filing will be the fifth largest in U.S. history. The 101 year old lender received a $2.33 billion taxpayer-financed bailout in December 2008. This taxpayer money will most likely be lost. The effect of CIT […]

2 BIG Developments today in the Silver State Helicopters matter. First, papers were filed in Federal Court in Tampa, Florida confirming that class counsel reached a proposed settlement with SLX whereby the loans of students enrolled at SSH when it ceased operations will be significantly reduced depending on the number of Federal Aviation certifications or […]

The proposed class action settlement agreement with Student Loan Xpress will be submitted to the Court tomorrow or Friday for preliminary approval. I will post detailed information about the proposed settlement as soon as it is filed with the Court. If and when the proposed settlement agreement is approved by the Court, as I expect […]

Ex-sheriff candidate accused of fraud tied to bankruptcy. Trustee: Silver State Helicopters sought cash, students as finances worsened. Steve Marcus Jerry Airola, president of Silver State Helicopters, poses on a MD500 jet helicopter in early 2008 piloted by Topper Nelson at the North Las Vegas Airport. By Steve Green (contact) Thursday, Oct. 8, 2009 | […]

Predicting exactly when a proposed class action settlement agreement will be submitted to the Court has proven to be difficult. This proposed agreement will cover most former SSH students who obtained loans from Student Loan Xpress to attend Silver State Helicopters and were still enrolled at SSH at the time that it filed bankruptcy. It […]

On September 15, 2009, James F. Lisowski, Sr. Chapter 7 Trustee for Silver State Helicopters, LLC (“SSH”) and Silver State Services Corporation, filed an Adversary Proceeding Complaint (“The Complaint) against Jerry Airola (“Airola”), Steve Pickett (“Pickett”), First American Equity, LLC (“First American”) and Stars & Stripes Heliplex, LLC. The Complaint seeks the avoidance of preferential […]

Final documents are being prepared now regarding the proposed class action settlement between Student Loan Xpress and many of the former Silver State Helicopters students who received loans from Student Loan Xpress to attend Silver State Helicopters schools throughout the country. My best estimate is that these documents will be submitted to the Court on […]