III.
FACTS

        7.    Debtor is a renowned eye surgeon. Based upon records produced by Debtor, his annual income is in the range of $600,000. Based upon Debtor's representations, only a fraction of this income was attributable to salary, the rest is derived from distributions from corporations formed by the Debtor. Debtor valued his interests in these extremely profitable corporations on Schedules Debtor filed March 25, 2003 at $100.00 and $1,000.00

        8.    Debtor owns two homes; one in Bellaire, Texas (the "Bellaire Home"), and one in Lake Nona, Florida ("the Florida Estate"). The Bellaire Home and the Florida Estate are valued by Debtor at $1,800,000. Debtor submitted in his Schedules, under penalty of perjury, that these two extravagant homes contain personal property worth only $8,835.00.

        9.    Debtor has insured the personal property in his Bellaire Home at a value of $501,000.

        10.    Despite repeated requests, Debtor finally produced information relating to his insurance on his Florida property (after Mrs. Holladay's 2004 examination) which shows that Debtor has insured what he claims to be $2,000 worth of property for approximately $300,000.

        11.    HEA took a 2004 examination of Mrs. Sharon Holladay, the Debtor's wife, on June 23, 2003. Mrs. Holladay testified that Debtor owned a number of assets that were not listed on his original Schedules.

        12.    Debtor attempted to hide assets by failing to list a number of personal property items he owns, including, a golf cart, a number of sets of golf clubs, sports equipment, a new grill, silver pieces, a laptop computer, cameras and camcorders and other personal property. Mrs. Holladay testified that an interior decorator assisted her in purchasing all new furnishings for the Florida Estate after the 3800 - 5500 square foot (depending on whether you include the lanais) estate was purchased in May, 2000 and that Debtor spent $2,000 (the same value he places on the furnishings) to move these furnishings to Florida.

        13.    Mrs. Holladay testified that their Bellaire home contains a baby grand piano that was purchased a couple of years ago for around $25,000, that just one piece of the debtor's exercise equipment cost in the range of $2,000 - $3,000 and that the pictures that the Debtor valued at $25 on his Schedules are actually original works of art by a local artist and pictures purchased from an interior designer.

        14.    Debtor used an interior decorator at a company by the name of Insides, Etc. to assist in furnishing both the Florida Estate and the Bellaire Home.  More than $26,000 was paid to Insides Etc. in just the checks (let alone any credit card payments) produced by Debtor for the past two years.

        15.    Debtor has made transfers in contravention of paragraph 7 of his Statement of Financial Affairs.  In the past year, Debtor has transferred tens of thousands of dollars to a trust established for his children.  Mrs. Holladay testified that she thought her son paid part of this amount back, but she had no recollection (or documentation produced) regarding any amount repaid.  Debtor also contributed to a down payment on a $300,000 condominium for his son, as well as furnishings, inspections and other items related to his son's condominium shortly before filing bankruptcy.  Mrs. Holladay was unable to recall how much money had been given to their son on the brink of the bankruptcy filing.

        16.  The Debtor claims to own only $2,500.00 in furs and jewelry, but spent almost half that amount on a single piece of jewelry from Tiffany's on February 8, 2003.

        17.    Debtor rushed out and spent a significant amount of money to register the Holladay Trademark prior to filing bankruptcy, then lists its value as $1.00 and attempts to exempt the trademark so that his bankruptcy estate cannot utilize this asset.  He attributes minimal values to companies in which he holds a significant interest and which have yielded substantial distributions.  Debtor takes inconsistent positions with the Internal Revenue Service and the Bankruptcy Court regarding what income is salary versus distributions from companies in which the estate has an interest.