Court Orders Miles Guo to Transfer the “18F Apt.” Trust To Chapter 11 Trustee

On Aug 4th, before the court hearing ended, through a video conference, Miles Guo told his fellow fighters that under the compulsory order from the U.S. Bankruptcy Court for the District of Connecticut, he has just signed the agreement to transfer the trust of the 18th floor Sherry Netherland apartment to the appointed Chapter 11 case trustee, Luc A. Despins.

According to the court files, the 18th floor Sherry Netherland apartment (“the Apartment”) was acquired in 2015 for the total sum of approximately 70 million US dollars, largely with funding provided by Bravo Luck Limited (“Bravo”) according to a certain trust agreement, plus approximately 5 million US dollar advanced by Qiang Guo. According to a trust agreement between Miles Guo and Bravo, the trust recognizes Bravo as the beneficial owner of the Apartment based on its funding of most of the purchase price. Bravo is a company owned by Qiang Guo, the son of Miles Guo, who serves mainly in a representative capacity as the manager of Genever Holdings LLC (“Genever US”) and the trustee under the trust agreement. Since the acquisition of the Apartment, Bravo has also chiefly funded maintenance charges and assessments. 

Genever US is reportedly currently working on its own Chapter 11 case. On Apr 18, 2017, the day before the Voice of America “419 cut-off incident”, Pacific Alliance Asia Opportunity Fund ( “PAX”) filed a lawsuit against Miles Guo for a loan transaction dispute. In Sept 2017, the Supreme Court for the Southern District of New York dismissed the lawsuit stating it was beyond its jurisdiction; in April 2018, PAX appealed and was granted a retrial, since then PAX has been seeking to impose alter ego liability on Genever US even though it had no relationship with the aforementioned “loan transaction dispute” between Miles and PAX; in June 2018, the Court denied PAX’s motion to freeze the property of the Apartment due to PAX’s failure of providing evidence proving Genever US’ involvement to the case; in April 2019, subject to a motion filed by PAX, the NY State Supreme Court recognized the case as within its jurisdiction, and ordered Genever US to provide prior notice to PAX of any future dispositions related to Miles and the Apartment; on Oct 12, 2020, Genever US filed for Chapter 11 bankruptcy to U.S. Bankruptcy Court for the Southern District of New York. 

Miles explained that although he does not own the 18F Sherry Netherland apartment, and it’s “questionable” for the Court to order him to sign the agreement, he respects the court order. He emphasized that the “mistake” of the court was not the fault of the court or the judge, but the “manipulator” behind the scenes, namely the CCP. His Chapter 11 bankruptcy case in fact originated from a harassment lawsuit filed against him five years ago by the CCP’s representative entity, “PAX”, over a $30 million dispute in Hong Kong, which was later turned into a $200 million fine on himself in New York City, the United State; the lawsuit is only one out of the 72 cases filed against Miles by the CCP, which is considered as “a tip of the iceberg” of the CCP’s unrestricted legal warfare against Miles Guo and the U.S.

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Translator: MOS English team
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