Slatkin claims homestead exemption on property

8/11/01

Bankrupt money manager Reed Slatkin supports the anticipated sale of his Hope Ranch house by a court-appointed trustee, one of his attorneys said this week.

Mr. Slatkin is claiming a $75,000 homestead exemption on the home but is not trying to stop its sale, the attorney said.

When it is sold, after the payment of any deeds of trust and the costs of sale, Mr. Slatkin would receive his exemption and the remaining proceeds would go into the bankruptcy estate to pay creditors. The home is worth an estimated $4 million.

The trustee in the bankruptcy case is contending that Mr. Slatkin failed to file a timely claim and has therefore waived his right to claim any estate assets as exempt, according to papers filed Thursday in U.S. Bankruptcy Court in Santa Barbara. Also Thursday, Mr. Slatkin's wife, Mary Jo Slatkin, filed an exemption request for the same items in what attorneys described as a precautionary tactic.

Separately, a commercial property in Florida of which Mr. Slatkin is part-owner is being sold this month to a school board for $1.65 million, according to a recent court filing.

The court trustee is supervising the sale of Mr. Slatkin's assets in an attempt to recover some of the money that creditors claim they are owed.

q=r-- Mark van de Kamp