It is anticipated that there will be at least one more distribution to General Fund participants once all remaining litigation has been concluded.
Joseph Blimline was sentenced to 240 months in federal prison on May 3, 2012 for his role in the Provident investment fraud.
LEARN MORE Brendan Coughlin, Henry Harrison, Russ Melbye, and Mark Miller are all serving terms of varying length in federal prison.
LEARN MORE The Trust is in the process of liquidating the remaining assets of the Provident entities including pursuing claims brought by the Trust against numerous third parties. Please consult a qualified tax advisor or the IRS regarding Revenue Procedure 2009-20 and other tax advice pertaining to your investment in Provident Royalties, LLC.
An outside company must perform the actual operation of the oil or gas field, or mine, and the trust itself, in the United States, may have no employees.
For example, the Trustee has resolved litigation against numerous different broker-dealers for their role in soliciting investors without conducting adequate due diligence on the Provident companies.
Currently, we own a diverse group of properties, loans, securities and other real estate related assets.
For more information, please see the Our Assets section.
A royalty trust is a type of corporation, mostly in the United States or Canada, usually involved in oil and gas production or mining.
However, unlike most corporations, its profits are not taxed at the corporate level provided a certain high percentage (e.g.