On October 29, 2008, Lakeshore Law Group LLP filed an involuntary bankruptcy petition against Salman Ibrahim individually.

“Salman Ibrahim personally guaranteed the obligations of Sunrise Equities Inc. to many of its investors, and because he was personally involved in many of the subsidiary business entities that we believe were set up using investor funds,” said Salman Azam, partner in Lakeshore Law Group LLP. “Our intent in adding Salman Ibrahim personally is to make sure that we use all available means to obtain compensation for the victims of Sunrise Equities,” added Rozina Gilani, partner in Lakeshore Law Group LLP.

Those investors who have loans with Guidance Financial Group LLC and have a hardship to pay them should do the following:

1.  Call Guidance FInancial Group LOSS MITIGATION department at (888) 395-3997 and request a HARDSHIP PACKAGE.  When calling please have your Loan # for reference.

The Hardship Package will require you to:

a.    Fill out a financial form

b.    Provide copies of your last 2 pay-stubs

c.    Provide copies of your past 3 months bank statements

d.    Provide copies of your past 2 years tax returns.

Guidance will then review your information and determine if you qualify for hardship assistance from the institution.  Assistance from them can vary from applicant to applicant and there is no guarantee that filling out a hardship application will result in guaranteed assistance in Guidance. They deal with Hardship requests on a case by case basis.

We urge all victims of Sunrise Equities with loans from Guidance to initiate this process.

Lakeshore Law Group’s attorneys attended the initial hearing in the United States Bankruptcy Court regarding the Sunrise Equities involuntary bankruptcy petition. The Honorable Judge Jack Schmetterer, the judge presiding over this case, ordered that further measures be taken to serve Sunrise Equities with the summons for the case, and set a follow-up status date of December 4, 2008.

We will continue to provide updates as developments occur in the litigation process.