Leasing News

Drayer Fires Attorneys, Trial Postponed until March, 2005

Leasing News has been unable to confirm with lead attorneys Stephen L. Cohen or U.S. Attorney Geoffrey Richard Kaiser this information, and evidently Pacer does not have this information, but it appears the trial has been postponed for a third time, going on three years from the original complaints filed by the US Attorney's office on June 27,2002.

This is from a very reliable source who is named in the transaction:

“The RW Professional case has been moved to March, 2005 at the earliest. Barry ran out of money and his attorneys were granted permission to resign. They were replaced by court appointed attorneys who promptly said they needed additional time to review the materials. Judge agreed and case moved to March. If it goes to trial in March, it will have been almost three years since he was arrested. Final verdict projection: Guilty and sentenced to time served. More good stuff to follow since one defendant in the case is really stirring up the water trying to get off the hook without waiting for Barry's trail. For example--I did not know that Barry and associates had three companies (RW Professional, Professional Leasing Services and Professional Finance). When Barry "hit the wall" with cash flow, he wrote letters to the banks he defrauded and asked for cash advances to help him overcome his short period of cash flow difficulties. Talk about big balls. Have a nice day. Loyalty to Barry by some of his staunch supporters in the industry is slipping away as they find Barry told them deals did not fund, but they did and Barry kept all the commissions.”

There are several civil cases pending, such as the $20 million dollar from American Express and Crawford and Sons and others, put “on hold” by court order until a judgment is made in the criminal case.

Through the many depositions and motions it does appear Barry Drayer has sold his original house, then bought another house, plus used his brother's house as collateral for bail. Both Drayer's have been under “house arrest,” not serving time in jail awaiting this criminal trial. They do travel, at the specific approval of the court.

It was reported several defendants have been willing to discuss turning state's evidence, while others believe the stalling tactic is to postpone the enviable: jail time.