Thinkstream creditors, equity interest holders total 700; include Shaquille O’Neal and D.C. lobbying firm The Livingston Group
Financially troubled Thinkstream has roughly 200 creditors and more than 500 equity interest holders—with retired NBA star Shaquille O’Neal and D.C. lobbying firm The Livingston Group among them, a federal bankruptcy trustee reports.
In a motion pending before Baton Rouge bankruptcy court, trustee David Rubin asks a judge to set an Oct. 30 filing deadline for proofs of claim or interest against Thinkstream. An updated listing of Thinkstream’s 20 largest unsecured creditors now includes The Livingston Group, a Washington, D.C., global government relations and advocacy firm founded in 1999 by former Louisiana Rep. Bob Livingston.
The trustee also has filed a creditor matrix that offers insight into the scope of those whom Thinstream may owe, although it does not indicate which of those listed are creditors or equity interest holders. In addition to hundreds of law enforcement agencies around Louisiana, the list reads somewhat like a who’s who of Baton Rouge: On it are O’Neal; members of the Pennington family; CPA Jake Netterville; Pizzolato Investment Co., which lists as its managers members of the family behind Tony’s Seafood and Louisiana Fish Fry; former sheriffs Elmer Litchfield and Greg Phares; former District Attorney Doug Moreau and former first assistant district attorney John Sinquefield; and Louisiana Association Chiefs of Police Executive Director Fabian Blache. Those on the list represent multiple states.
Also this week, a federal bankruptcy judge signed off on a trustee’s request to hire Barry “Lee” Bellue Jr. to manage Thinkstream while the company settles its financial troubles. Bellue owns 3.69% of the outstanding stock in the company, founded by his father, Barry Bellue.
Thinkstream is widely known for building an impressive network that allowed criminal justice agencies to instantly access information from one another’s databases—arrest warrants, criminal histories, mugshots, fingerprints, aliases and more—from laptops and mobile devices. Thinkstream’s apps are used by nearly every law enforcement agency in Louisiana, as well as those in six other states. It’s also used at the federal level by the ATF, FBI, Drug Enforcement Administration, U.S. Marshal and the Coast Guard.
Earlier this year, creditors dragged Thinkstream into bankruptcy for the second time in two years. TSB Ventures, a Folsom investment firm, is allegedly owed nearly $10 million; First National Bank of Commerce in New Orleans allegedly is owed $6.9 million; and a Texas group of creditors known as Grossman Group has a court judgment in its favor for $531,762. Thinkstream was later allowed to convert the case into a voluntary reorganization.