HILTON HEAD ISLAND, S.C., Aug. 27, 2005 - - The South Carolina
Bankruptcy Law Association on Friday night presented a special
award to Charleston School of Law Professor Ralph C. McCullough
II for his 30 years of service as one of the state's top bankruptcy
trustees. The award was presented by Assistant U.S. Trustee Joseph
F. Buzhardt III of Columbia.
Columbia lawyer George Cauthen, a co-founder of the association,
said McCullough showed compassion and dignity that helped debtors
get through particularly tough economic times as a bankruptcy
trustee for the past 30 years. McCullough, who stepped down as
trustee when he became provost of the Charleston School of Law
earlier this summer, has been similarly helpful to lawyers.
"Whenever the bankruptcy Bar had a question on an issue,
he would always take the time to respond and assist them - all
the while with the goal of improving the level of bankruptcy practice
in the state," Cauthen said. "It's for this special
service that we thought we should do something for Ralph because
he has been such a mainstay and important person to the bankruptcy
Bar."
Trustees are appointed by the U.S. Department of Justice to administer
the estates of debtors. McCullough served as U.S. Bankruptcy Trustee
in the recent Carolina Investors case, the state's largest ever,
to sort out the finances of Carolina Investors and its parent,
HomeGold Financial.
More than 8,000 people lost $278 million when the company ran
out of cash in late 2003. While experts predicted it would be
difficult for McCullough to generate a return of 8 cents on the
dollar to victims, he was able to recover more than $56 million
and return 18 cents for every dollar invested.
McCullough, a distinguished professor emeritus at the University
of South Carolina School of Law where he served as a faculty member
from 1968 to 2002, graduated from Tulane University Law School
in 1965. A member of the Louisiana and South Carolina Bars, he
most recently has been a managing partner of Finkel and Altman,
a business law firm with locations in Charleston, Columbia and
Georgetown. While at USC, McCullough served as assistant dean
from 1970 to 1975.
For more information on the Charleston School of Law, its foundation,
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