The financial woes of Tom Girardi’s law firm Girardi Keese are bigger than anyone could have ever imagined.
A new report reveals that Tom’s former law firm is more than $100 million in debt.
According to new documents obtained by PEOPLE, the total liabilities for the now-defunct Girardi Keese law firm come in at over $101 million. This amount is roughly $97 million more than the total assets of all listed property owned by the law firm.
The trustee handling Girardi Keese’s Chapter 7 bankruptcy case has filed documents to modify the list of the company’s assets and liabilities.
After reviewing the firm’s books and records, the trustee found that “the debtor’s accounting offices were not well maintained” and that “much of what the trustee found upon her appointment was very dated.”
The trustee determined that the total assets in personal property are listed at more than $4.1 million. In addition, the law firm’s assets and liabilities also included various bank accounts, the $25 million given to Erika Jayne’s company, EJ Global LLC, as well as the firm’s various debts.
The documents also noted that the trustee might “not have listed all of the debtor’s causes of action or potential causes of action against third parties as assets.” However, the “actual total may be different than the listed total.”
Tom and his firm’s assets were frozen in December 2020 after he was unable to explain where $2 million earmarked for the victims of the October 2018 plane crash went.
Earlier this month, it was revealed that on August 6, Tom signed an affidavit that he would follow the advice of his attorney and invoke his “constitutional right to stay silent.” A hearing is scheduled for mid-September.