“It's a disgrace that such a symbolic memorial, which represents the best of America, is caught in a corporate scandal. We are hoping to bring honor back to the memorial by rededicating it, but first we need a willing donor," said Huddleston.
Kennesaw, GA (PRWEB) May 11, 2010
A national memorial created to honor the fallen firefighters of September 11, 2001, will soon be up for auction on eBay in an attempt to find a new donor. The 40-foot, 15,000-lb bronze sculpture, “To Lift a Nation,” recreates the historic moment when three firefighters raised the American flag at Ground Zero, memorialized in the now world-famous photograph by Thomas E. Franklin. The sculpture, which was purchased with proceeds from a Ponzi scheme devised by Coadum Advisors, Inc., has been put up for auction on eBay by Huddleston Law Firm under the title “Sept. 11, 2001 Nat’l Memorial 40 ft Bronze Sculpture” to generate proceeds to the receivership in an attempt to recover lost funds for the defrauded investors, many of whom lost their life savings as a result of the scam. The 10-day auction begins May 12, 2010 at 5 a.m. PDT.
In 2008, an investigation revealed that Coadum Advisors, Inc. fraudulently raised in excess of $30 million from more than 150 investors, much of which was used for operating costs and various expenditures, including the purchase of the “To Lift a Nation” memorial sculpture. The sculptor, Stanley J. Watts, was unaware that the project was commissioned with fraudulent funds and is not being charged in the case. The receiver is now responsible for finding a worthy donor, whether an organization or an individual, who would like to honor the firefighters of our country, including the fallen firefighters of 9/11, by becoming the new donor of the sculpture. Recognition will be given to the new donor, and the sculpture will remain on permanent display at the National Fallen Firefighters Memorial Park in Emmitsburg, Maryland, after the ownership rights have been transferred out of the receivership to the donor.
“Many of the investors are retirees who have lost their life savings because of this scandal,” said court-appointed receiver Pat Huddleston, founder of Huddleston Law Firm. “It is a disgrace that such a symbolic memorial, which represents the best of America, is caught in the middle of a corporate scandal. We are hoping to bring honor back to the memorial by rededicating it, but first we need a willing donor who would like to become the new benefactor.”
Prior to purchasing the sculpture, potential donors must read the donor’s packet, which outlines the rights and obligations the receiver will transfer to the successful donor upon the donor’s acquisition of the sculpture. Please note that the sculpture will remain on permanent display at the National Fallen Firefighters Memorial Park and cannot be transferred to another location even after purchase. Please note that donors must also be added to a pre-approved bidders list prior to placing a bid. Acceptable payments options include wire transfer or certified check. The donor’s packet is available upon request for serious donors. Please send an email to ToLiftaNation(at)huddlestonfirm(dot)com to request a packet. For inquires, call 678-557-2735. For more information about the auction, visit http://members.ebay.com/ws/eBayISAPI.dll?ViewUserPage&userid=hlf-2010.
Huddleston Law Firm in Kennesaw, Georgia, is a civil litigation firm that provides aggressive representation on behalf of defrauded investors, ranging from individual victims of the securities industry to large groups of investors in federal fraud cases. Huddleston Law Firm also represents those injured by the misconduct or negligence of others. In the courtroom and in arbitration proceedings throughout the southeastern United States, Huddleston Law Firm has won cases involving securities fraud, wrongful death, product liability, nursing home negligence, medical malpractice, and bad faith insurance denials. For more information, visit http://www.huddlestonfirm.com.
Contact: Stephanie Richards
For Huddleston Law Firm