Posted on 10/27/2007 4:37:56 PM PDT by SmithL
# Transactions were made to defraud creditors of Your Black Muslim Bakery, trustee says
The bankruptcy court trustee in charge of liquidating Your Black Muslim Bakery is going after three properties worth $2.28 million that the bakery gave its CEO's mother in what the trustee claims was an attempt to hide those assets from creditors.
Attorneys for trustee Tevis Thompson filed a complaint Tuesday against Daulet Bey, who turns 50 on Monday and is mother to eight children of the bakery's late founder and patriarch, Yusuf Ali Bey. Among those children is Yusuf Ali Bey IV, 21, the bakery's current CEO, now in jail on kidnapping, torture and real-estate fraud charges.
Thompson's complaint says the transfers to Daulet Bey were an attempt "to hinder, delay or defraud creditors" and asks the court to revert the properties back to the bakery and trustee.
Daulet Bey disputed the trustee's charges: "Absolutely untrue. ... I have no comment, but I can definitely tell you it's not fraudulent."
Long an Oakland community institution, Your Black Muslim Bakery is now in ruins. Aside from its pending liquidation and the criminal charges against its chief executive officer, a bakery handyman is accused of the Aug. 2 murder of Oakland Post editor Chauncey Bailey, and other bakery associates are charged with a slew of other felonies.
Thompson's complaint says that on Feb. 9, 2006 -- eight months before filing for bankruptcy protection from about $1.1 million in debts -- the bakery transferred the properties at 5873 and 5877 San Pablo Ave. in Oakland to Daulet Bey free of charge, as a "gift;" Yusuf Ali Bey IV was the bakery's CEO at the time of the transfer.
These properties -- now assessed as having a total taxable value of $1,897,200 -- are storefronts with apartments upstairs, up the block and across the street from the bakery's headquarters at 5832 San Pablo Ave.
Property records show Your Black Muslim Bakery bought 5873 San Pablo Ave. in 1978 for $42,000.
And records show the other two properties the trustee is interested in have changed hands myriad times in a complex web of transactions -- often with no payment.
Property records show the building at 5877 San Pablo Ave. came into the family in August 2002, when Madeeah Bey bought it for $500,000. Four months later, Madeeah Bey -- another mother of children to patriarch Yusuf Ali Bey -- gave the property to Richard Stovall, who has lent the family money on several occasions and now is a creditor in this bankruptcy. Two months after that, Stovall gave the property back to the bakery.
The third property, a residential duplex at 539-541 Merrimac St. in Oakland, has been "gifted" at least five times between Daulet Bey, Your Black Muslim Bakery and Madeeah Bey, according to public records. By May 26, 2004, the bakery had given the property back to Daulet Bey, also without payment.
The duplex is now assessed as having a taxable value of $382,031.
The trustee's complaint says the 2004 and 2006 transfers to Daulet Bey "were done with the actual intent to hinder, delay or defraud creditors of the debtor."
Reached Friday, Daulet Bey said news of the trustee's complaint came as something of a surprise; she said they had spoken "only concerning options, not concerning filing anything toward me -- they know there's nothing fraudulent."
Alameda County property records indicate Daulet Bey and Your Black Muslim Bakery since 1999 have taken a total of $1.5 million in loans against the properties now at issue.
The last of those loans -- a meager $650 -- was taken against 5873 and 5877 San Pablo Ave. in December 2006, two months after Yusuf Ali Bey IV filed a voluntary petition for the bakery's bankruptcy.
Another member of the family, Ali Saleem Bey, has tried to halt the liquidation, arguing Yusuf Ali Bey IV never had proper authority to file for bankruptcy protection.
The bakery headquarters at 5832 San Pablo Ave., and a duplex on the same property at 1083-85 59th St., remain in the bakery's name and have been placed on the real estate market for sale to satisfy creditors. Paulette Arbuckle of North Oakland has offered $899,000 for the bakery property; there is no evidence of any direct link between Arbuckle and the Bey family.
A hearing on the sale is scheduled for Nov. 8.
The Chauncey Bailey Project is a consortium of news organizations dedicated to continuing the reporting Bailey, editor of the Oakland Post, was pursuing when he was killed Aug. 2. For more information about the project or its collaborators, contact Dori J. Maynard of the Robert C. Maynard Institute for Journalism Education at 510-684-3071. The public can e-mail tips to cbproject@bayareanewsgroup.com
bagels. by any means necessary.
... with or without cream cheese?
are you talking to me?
Your Black Muslim Corruption Bakery, where what stinks to high heaven is not the bread.
To hell with them.
Condolences to Chauncey Bailey’s family and friends.
http://www.debbieschlussel.com/archives/2007/08/its_official_mu.html
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