HAMPTON COUNTY, S.C. (WCBD) – Lawyers appointed by the court to oversee the allocation of Alex Murdaugh’s assets are hoping to conclude the recovery process and begin the disbursement process.
Hampton County court filings show that Co-Receivers John T. Lay Jr. and Peter M. McCoy Jr. have recovered $2,163,396 from Murdaugh’s assets. Assets include a portion of proceeds from the sale of Murdaugh’s Edisto Beach House, the liquidation of his 401K, and more. The receivers said that they are still in the process of liquidating some of Murdaugh’s smaller assets, but do not expect to recover more than $100,000 total.
The receivers are requesting the court to disburse $242,295 to cover fees and $10,998 to cover expenses.
After repaying attorney and receiver fees and reimburses out-of-pocket expenses incurred by the legal teams, the net total of assets recovered amounts to $1,755,242.
The remained of the funds will be split among Murdaugh’s victims. The receivers proposed that anyone who believes they have a claim against Murdaugh be required to file proof of the claim by October 15, 2023. If the judge agrees to the process, requirements for submitting the claims will be “published in a newspaper of general circulation in Hampton County and Richland County for 10 consecutive days.”
However, the receivers noted the “available Receivership Funds will be less than the total value of all claims, judgements, and damages of the claimants and creditors” who file claims against Murdaugh. Because the funds will be insufficient to settle all claims, the receivers are asking the judge to appoint a mediator to ensure equitable allocation of the funds.
A special referee will decide whether a hearing is necessary for each claim, then decide how much should be allocated to each claimant.
The process is contingent upon the judge’s approval.