Schwab Update
The Indiana Attorney General’s office was successful Friday in filing a preliminary injunction to freeze the assets of the Olin B. & Desta Schwab Foundation Inc., in addition to Asset Funds, LLC, a subsidiary company of the foundation:
Defendants involved with the case must identify all the assets held by Schwab-Nevada, Schwab-Indiana and Asset Funds, LLC. Other stipulations include:
? Defendants must preserve all books and records of Schwab-Nevada, Schwab-Indiana and Asset Funds for the Attorney General to review.
?Any business expenditures made by Schwab-Indiana, Schwab-Nevada and Asset Funds must first be approved by the court.
Local attorney F. John Rogers was also named the temporary receiver for the Schwab Foundation. A temporary receiver “functions as the party responsible to the Court for supervision of a legal entity that has come under the control of the Court,” Rogers said.
February 16th, 2006 13:44
[...] Attorney Richard Blaich, the director of the Schwab Foundation, a former Indiana charitable foundation that had recently pulled up stakes and booked to Nevada, has died: An autopsy today determined Richard H. Blaich, 59, of Roanoke, died of carbon monoxide poisoning, according to the Allen County coroner’s office. The manner of death has not yet been established.Link (News-Sentinel)The Foundation is facing a cooperative effort by the Nevada and Indiana attorneys general to freeze its remaining assets and determine if any wrongdoing was involved in the transfer of the foundation from its roots in Indiana to Nevada, where Blaich had purchased a $1.5 million dollar home, allegedly with the foundation’s assets: In December the attorney general’s office sued directors of the $7.5 million Olin B. and Desta Schwab foundation for what it called an illegal merger of Indiana and Nevada foundations. In January the state seized a $1.5 million home in Henderson, Nev., near Las Vegas, which Blaich, “publicly indicated was his residence,” Carter said in December. Previously on Kemplog: A mater of trustNews updatesAG Moves to Freeze Assets of Schwab FoundationNevada Files Against Schwab FoundationCharitable AccountabilitySchwab Update [...]