NABT MEMBER PROFILE Q & A
Member Name: Larry D Compton
Email: LarComAK@comptontrustee.com
What year did you join the panel?
16
What did you do before you became chapter 7 trustee?
Worked in a large CPA firm in Seattle for 5 years, and held the positions of Controller, CFO and CEO for various companies for 12 years. Came to Alaska as CFO for Alaska Commercial Company, a general merchandise chain with 24 stores in rural Alaska (from Barrow to Dutch Harbor). They were outfitters during the Gold Rush in the Yukon and originated as the Russian American Fur Trading Company. We sold everything from groceries to snow machines.
How many cases are you typically assigned each year?
750
How many people make up your staff?
2
What was your most memorable case in which you served?
Raejean Bonham operated “World Plus Travel”, $50 million Ponzi scheme in Fairbanks, AK. There were 1,400 investors from 42 states, Puerto Rico and an employee in the US Embassy in Nairobi. Debtor told investers she bought millions of air miles from Corporations such as Sony, Magnavox, Xerox, Apple, etc. and could repackage them and sell them to mileage brokers at a huge profit. She generally offered a 50% return in 6 months unless she was desperate for funds. She never bought a single mile (Corporations are not frequent flyers). I filed 618 adversaries and recovered about $18 million. Sold her Corvette, 40’ yacht, Harleys, home, etc. A 1995 case that I will wrap up this year after distributing about 55% to allowed unsecured claims.
What is the most interesting case you are working on at present?
A Logging company in Kodiak. Many arguments over preferences, ownership of equipment and tugboat, and there were settlements with stockholders over loans.
What was the most interesting asset you discovered and liquidated?
Hard to choose between the $1.2 million condo in Monte Carlo with $500k in Switzerland (got 3 trips to Europe out of it) or the fish hatchery whose inventory was millions of salmon that had been released into the Pacific ocean and would be returning (to be harvested) each year for 4 years (about 1 million pounds per year).
What is the most difficult part of the chapter 7 job?
Getting debtors attorneys to do their job and collecting from debtors for non-exempt assets.
What is the most enjoyable part of being a chapter 7 trustee?
Trips to Monte Carlo? Seriously, I get to work with my wife, Sally, in a team effort to collect money for the benefit of poor downtrodden creditors… the non-institutional creditors that are victims of someone else’s bad luck or poor decisions. As a Chapter 7 Trustee I feel like I am wearing the white hat regardless of the adversary actions.
If you were to give one piece of advice to a new trustee what would that be?
Never forget that you are a fiduciary. Make decisions as though you were one of the creditors waiting to be paid (and of course you ARE).
Any suggestions on what NABT can do to help you in your practice?
1. Continue educational seminars that offer practical and useful information.
2. Continue to stay in touch with AUST developments so that they get
Trustee input PRIOR to implementing policy.
3. Maintain a high profile in the US Congress.
What other areas or businesses are you involved with?
I am the Chapter 13 Trustee for the District of Alaska (only 300 cases), I have real estate investments in Alaska and Washington, and I am a CIRA (Certified Insolvency and Restructuring Advisor). I am currently Trustee for the EVOS Native Minors Trust (non-bankruptcy matter) to distribute funds to Alaskan Native Minors that have claims in the Exxon Valdez Oil Spill lawsuit. Occasionally serve as Trustee or liquidating agent in other non-bankruptcy matters.
What are your hobbies?
Do you mean what would I do for fun if I had time? Family excursios such as canoeing wilderness lakes and rivers in Alaska, camping, fishing, and world travel. Photography.
What book did you just finish reading?
Birthplace of the Winds" by Jon Bowermaster, but enjoy Robert Service poetry and other history and Alaskana literature.
What is the one thing Trustees would be surprised to learn about me?
I operated heavy equipment in the Arctic Circle building the haul road and work pad for the Trans-Alaska pipeline for 3 summers to pay my way through the University of Washington.