Almost precisely three years from the date he went bankrupt, self-proclaimed troubleshooting consumer advocate Tom Martino’s case is about to be settled and closed.
With more than $3.2 million distributed to creditors and the federal bankruptcy trustee who presided over the estate, Martino’s financial crumble spurred by a collapsed real estate market comes to a close nearly to the day he filed for personal bankruptcy.
Trustee Simon Rodriguez filed his final report last week, giving creditors until Aug. 26 to object before funds are distributed.
The report shows Martino settled a wrongful termination lawsuit he filed last year against former employer Fox 31-TV for at least $16,000, after attorney and court costs were paid. Under an agreement with the bankruptcy estate, Martino was to pay 20 percent of any settlement funds to the estate after those expenses were covered.
Although terms of the settlement were not disclosed in the lawsuit, Rodriguez’s report shows that the estate received $3,244.33 from the case.
In all, the report shows Martino, 60, shelled out nearly $1.5 million in cash to settle the bankruptcy, another $436,000 from bank accounts, and forfeited nearly $700,000 in federal and state tax refunds. Discounts were given for paying early, reducing the original $3.6 million figure.
Martino was discharged in April 2013 from the bankruptcy he filed Sept. 2, 2011, following lengthy court battles over how he handled his finances, some of which included unproven allegations he moved money into his wife’s name to avoid seizure.
Martino was heavily invested in real estate, deals that eventually collapsed with the financial meltdown.
Martino accused Rodriguez of unfairly running up his legal tab, which amounted to more than $120,000, according to the final report.
Eight months after he was discharged in the bankruptcy, Martino was arrested in Denver for allegedly punching his wife, Holly, during a Christmas-time altercation in their car near the Auraria Campus downtown.
He pleaded guilty to disturbing the peace in May, and a domestic violence assault charge was dismissed in return for a deferred sentence.
David Migoya: 303-954-1506, dmigoya@denverpost.com or twitter.com/davidmigoya