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The Board of Directors of Indianapolis-based Jim Clark Retirement TM announced today that its Founder, Jim Clark, has been recognized for his integrity in his response to the failure of Progressive Alliance, Inc.
In 2001, Progressive Alliance Inc., dba Progressive Alliance of Retirement Planners, of which Clark was Chairman, was forced into Chapter 11 bankruptcy. In an almost unprecedented act of generosity and integrity, Clark notified the investors that he would personally reimburse them for the monies that they had invested. Clark had no legal obligation to do so.
Charles Traylor, the attorney who handled the conclusion of the bankruptcy said: “From day one of the aforementioned events, Mr. Clark has maintained his personal commitment to make sure every investor and every creditor receives every penny that is due. Much of my practice has to do with bankruptcy, and in my experience, Mr. Clark’s attitude is most unusual.”
Ed Snyder, former member of the Board of Directors, said: “Jim Clark is a unique individual. Not many people would use their own money to make investors whole. His integrity speaks for itself.”
Clark is Founder, Chairman, and CEO of Jim Clark Retirement TM and Jim Clark Foundation TM.
Clark Recognized for Integrity