The receiver recovering money for First Liberty investors held about $4.83 million in cash as of Sept. 30 and is pursuing two settlements totaling $4.9 million, according to a report filed Oct. 30. But the settlement money had not been reported as received, and investors had received no distributions from the receivership through Sept. 30. The latest quarterly report from court-appointed receiver S. Gregory Hays outlines progress in collecting loans and selling assets, along with the costs and obstacles facing the recovery effort. It does not estimate how much investors will ultimately recover or set a date for their first payments. The receivership involves First Liberty Building & Loan, the Newnan-based lending company founded by Edwin Brant Frost IV, who was sentenced Oct. 26 to 15 years in federal prison. One potential recovery is a $1.3 million settlement with Full Circle LLC, also known as Normal Recovery. A federal judge approved that agreement Sept. 23. Hays said he expects the settlement to close in early November, with an initial $1 million payment that month. The report does not say the money has been received. A separate proposed settlement involving Lisa Brown and related Haven companies would bring $3.6 million into the receivership. That agreement, announced at an Oct. 8 hearing, still requires court approval, according to the report. Under the proposal, Hays would release claims against Brown and the companies and transfer a property at 169 W. Athens St. in…
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