Tornado Masters customers to get 7 percent of claims - WAFF-TV: News, Weather and Sports for Huntsville, AL

Tornado Masters customers to get 7 percent of claims

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CEO Les Holt did not attend the Tornado Masters hearing on Friday. CEO Les Holt did not attend the Tornado Masters hearing on Friday.
Tornado Masters just doesn't have enough money to return more to the customers. Tornado Masters just doesn't have enough money to return more to the customers.
MADISON COUNTY, AL (WAFF) -

Customers of Tornado Masters can expect to get back seven percent of their claims after the company got shut down for building unsafe shelters.

Tornado Masters just doesn't have enough money to return more to the customers.

An attorney was hired to track all of Tornado Masters assets. More than a million and a half dollars were claimed by victims and other people that Tornado Masters owed money to. The attorney only found $119,000 in assets.

Here's a breakdown of how this is likely to work.

Of the $119,000, Tornado Masters owes more than $13,000 in taxes to the state of Alabama. That money is priority number one.

Because the state shut the company down, most of its employees also filed claims for unpaid wages. That came out to roughly $23,000, and under this proposal they'll likely receive half of that.

The attorney is also being paid $20,000 for his services in finding these assets.

That leaves somewhere in the neighborhood of $70,000 to $80,000 for victims.

If the judge accepts this proposal, each victim will only earn seven percent of what they claim they lost.

It is interesting to note, Tornado Masters CEO Les Holt was not in attendance of the hearing on Friday. However, more than a dozen of his victims were there, and they had a lot to fume about after.

Copyright 2012 WAFF. All rights reserved.

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