1Point filings reveal $12 million in debts

Bankruptcy trustee lays out findings after sifting through records of jailed entrepreneur's company

Email | Print By E. Thomas Wood

Barry Stokes

The beginnings of a reckoning are underway in the 1Point Solutions debacle.

In Nashville's U.S. Bankruptcy Court, trustee John McLemore today has filed statements and schedules detailing what 1Point and its now-jailed proprietor, Dickson businessman Barry Stokes, owe to creditors -- and what remains to be salvaged from the assets of the failed employee benefits company and Stokes himself.

Stokes has been in jail for a month on charges of embezzlement. His address in the records is now listed as Correctional Development Center, 5113 Harding Place.  

The filings show Stokes and 1Point with assets of almost $2.7 million and liabilities totaling just over $12 million. The assets do not include the liquidation value of Stokes' collection of Japanese block prints, which McLemore has not tried to estimate. But the liabilities may well be much greater than $12 million.

A 247-page schedule filed with the court lists 1,226 persons and companies as creditors in the case. The list includes Beck/Arnley Worldparts with the $7 million in missing retirement funds cited in that company's lawsuit against 1Point and Stokes, filed on September 13, that set in motion the collapse of 1Point.

Also on the list are Mastrapasqua Asset Management with $1.3 million in missing funds, Gonzales Healthcare Systems with $1.2 million, and other former 401(k) clients, employee benefit account holders and ex-employees of 1Point. But most of the creditors are owed unknown amounts, meaning that the $12 million total is only a starting point in calculating the company's debts.

Darlene "Cookie" Wilson, wife of Barry Stokes, is listed as having paid $25,000 in bankruptcy attorney's fees to Drescher & Sharp PC on behalf of 1Point.

Stokes' cat, Spike, is named in the list of his assets, but is said to be worth $0.00.