“Bespoke Financial Advisory”
ELIZABETH NELSON:
Welcome to Episode 16 of Hollow Hype. In Episode 15, Ann Arbor police never traced the source of the medication that caused Marge’s death. In bankruptcy court, Heidi is under pressure to confirm investors for Southtown.
Heidi has presented two different plans that would resolve the bankruptcy of Southtown. Plan A would be led by an entity called Agile Solar. This is the CEO of Agile Solar, advertising a previous business.
[Video recording]
PHILIP AHMADZAI:
Hello, I am Philip Ahmadzai with Debt Solutions Service LLC. We are a debt solution company, which means that we find solutions to any kind of debt you may have, whether that's mortgages, student loans, IRS tax liens, or businesses that are having uh issues. Uh with their Uh month to month debt service and staying in business and paying their employees.
We can discuss different ways about how we can help you and how we get through those uh those muddy battles of debt and uh on the road back to financial freedom. Uh we can help nationwide, so anybody that's in a different situation, no matter what state they're in, we can help.
[MUSIC]
ELIZABETH NELSON:
My name is Elizabeth Nelson. From 2018 to 2022, I served on Ann Arbor City Council. That experience taught me a lot. Mostly, I learned: people will say just about anything if they think you’ll believe it. This is HOLLOW HYPE.
In a letter submitted to the bankruptcy court, the CEO of Agile Solar committed to a direct investment of $54 million in Southtown. That sum is enough to pay off all of Southtown’s debt, and buy out Marge’s interest for $13 million. In August, Heidi helped explain the arrangement to a judge in bankruptcy court.
[Court hearing 2026]
HEIDI:
those funds would come from Agile, right?
LAWYER:
Okay. Yes. And this Scenario, Your Honor, the the funding for that multiple seven-figure amount would come from Agile.
JUDGE:
And is that the same thing as in the Agile's commitment that's attached? So that's the whole amount of what Agile's putting in?
LAWYER:
Yeah, I think there's a purchase price for the equity from the estate, so that money would stay in the estate. And then separately there's an investment.
JUDGE:
Fifty-four million investment. So that's under…
HEIDI:
But I think actually, Your Honor, if I may.
JUDGE:
Yes.
HEIDI:
I think we attached Agile’s follow up letter. And they actually do a very good job of breaking down what their commitment is. We asked them to recommit and supply that for the um when you ask for more
JUDGE:
It’s exhibit E and it's fifty four million
HEIDI:
Total
JUDGE:
Total. How much of… so that's total? That includes the multiple?
HEIDI:
Yes, yes, and the number that you've been looking for is actually in that letter.
JUDGE:
That's the fifty-four million.
ELIZABETH NELSON:
Under that plan, Heidi will inherit $13 million through Marge’s estate. Heidi is also among the creditors of Southtown. She has filed a claim for almost $2 million. Additionally, the plan for reorganization of Southtown includes payments to Heidi as a “co-developer”, through a new company, “Blue Phoenix.”
[MUSIC]
ELIZABETH NELSON:
My friend Ralph, who worked in bankruptcy law, talked me through all the money that Heidi stands to receive.
RALPH MCKEE:
In exit A, Heidi Poscher gets $13 million for purchase of the equity of whatever Southtown owns.
She also would get $2 million, $1,985,012 to be exact, for her unsecured claim, and the potential $2 million additional in co-development fees that Blue Phoenix would receive over a two-year period. So, if this is all successful, closes, and is successful, Heidi could receive a total of $17 million, plus keeping a substantial portion of the equity in the project
ELIZABETH NELSON:
The amount of money offered by Agile Solar is enough to pay both secured creditors and unsecured creditors. Heidi’s almost $2 million claim is unsecured. Her claim is a long list of numbers stacked on a single page in two columns. One column lists the cash amounts that Heidi says she gave to Southtown. A second column lists what Heidi says that she paid to vendors on behalf of Southtown. At the bottom of the page, it says “Supporting documents will be provided upon request.”
RALPH MCKEE:
There's no note here. There's no terms of repayment. There's no interest. There's no nothing. None of the things that you would expect in a debt instrument, none of that exists here. This is just transfers of money from what is claimed to be Heidi's personal accounts. Whether that's her personally or her entities, that's not disclosed here. There's no way that from this filing that you could tell.
If somebody contested this claim, the first step would be to ask for all the backup documentation, all the bank records, the invoices from these creditors, the checks or wires from Heidi to the creditor of Southtown.
There are dozens of transfers here. There's just, I don't know, maybe close to 100 of them. So you'd have to ask for and get all of those records to prove that these payments actually occurred and weren't just fabricated.
ELIZABETH NELSON:
It’s significant that Heidi could present an almost $2 million claim with virtually no receipts to back it up. No one in bankruptcy court has questioned Heidi’s claim, because she has promised that there’s enough money available to pay everyone.
RALPH MCKEE:
That's a lot of money, in a typical bankruptcy where people weren't getting paid in full. That $2 million unsecured claim would very likely be challenged as being equity, the creditors would be looking at the bank records and trying to verify all of the monies allegedly paid on behalf of Southtown by Heidi Poscher.
There would be a very high motivation for those creditors to attack that claim. That doesn't exist here because those other claimants are supposed to get paid in full.
[MUSIC]
ELIZABETH NELSON:
In the bankruptcy of Southtown, Heidi directs the work of multiple lawyers, representing very different interests. As the principle for Southtown, Heidi directs the lawyer for the debtor. With her unsecured claim of $2 million against Southtown, Heidi directs another lawyer who represents her personal interests.
RALPH MCKEE:
The debtor entity is a corporate entity, and the principles of that entity are allowed to run it in a chapter 11.
And there is often tension between what's good for the principal and what's good for the creditors of the estate. And the debtor, the principals who remain in place have a fiduciary obligation to do the right thing for the company.
There's zillions of potential conflicts there. And the debtor, the individual lawyer who's representing the debtor company often has problems because the debtor, what's right for the debtor company is not what's good for the principal and you have the principal who's the client, but in corporate form.
ELIZABETH NELSON:
For the last ten months, Southtown’s legal expenses have been carefully tracked by the bankruptcy court. Ralph found an example where Heidi filed a claim, essentially jumbling which attorney represented which interest.
RALPH MCKEE:
She describes monies being paid to Madden-Hauser as being money paid on behalf of the debtor Southtown. But that's her personal counsel. They're not representing the debtor,
Yeah, it says, "Legal Madden-Hauser $29,671." That's her own legal expense and she's charging it to Southtown. I mean, it's just, to me, that's as much of an indicator of what's going on here as anything else that exists. She's charging her own legal fees to file a claim against the debtor to the debtor.
There are problems. Anybody who's been a bankruptcy lawyer in any difficult case has seen that. Maybe the CEO is a big stockholder, and they want to do what's good for them. And a lot of times, what's good for them is because they have personal guarantees, which is the case here, I'm assuming. That's a difficult problem if Agile, Mr. Debt Solution there doesn't come through with the money.
ELIZABETH:
Agile Solar offers the plan that Heidi prefers, but there’s a second option. Exit Plan B brings in a different investor, an entity called Provizia capital, based in the United Arab Emirates or UAE. This is the cofounder and managing partner of Provizia Capital
[Video recording]
RITESH BHARTIYA:
I'm a finance professional who was born and brought up in India. I spent most of my education years in India and wanted to grow my horizon, expand my horizon. So I decided to move overseas and decided to come to Dubai in 2005 and that's where my journey in the UAE started uh where I enriched myself on a personal and on a professional capacity.
I would like to invite you to share a message of appreciation and gratitude to the UAE and its rulers. I think uh a lot of success for myself and most of my peers who came 20 years or longer in the UAE uh goes to the vision of the ruling uh you know ruling families and the rulers. They have given us the ability to think big, achieve big and give us the assurance and safety that our families can grow and nurture uh without fearing their life or their wellbeing.
RALPH MCKEE:
This says, "The exit financing lender is a private investment company that lends from a debt fund in conjunction with the sovereign wealth fund and two major European family offices.
If you get on their website, one of the first pages says, "Never lose sight of the bigger picture, but lose is spelled L-O-O-S-E. Never loose sight." Interesting. Headquartered in Dubai, we leverage on our global network of capital providers to cater to our clients across the Middle East, Asia, and Europe. Your destination for Bespoke Financial Advisory.
ELIZABETH NELSON:
Under Exit Plan B, Provizia capital would not be buying out Marge’s equity in Southtown. Instead, Heidi would own a larger share of the future development.
RALPH MCKEE:
In exit B, she does not get the $13 million, but instead gets a bigger portion of the equity. She also would get the $2 million in cash up front for her unsecured claim, and would get the $2 million ultimately over the two years after bankruptcy from the co-development agreement.
ELIZABETH NELSON:
As recently as September 25, the bankruptcy court heard that Plan B, with Provizia, is still on the table as an option.
[Court hearing 2026]
TRUSTEE:
I just have one question I want to make sure I understand that the debtor is stating affirmatively that it is going forward with option A and option B is no longer on the table. Is that accurate, Mr. Wolford?
LAWYER:
That is not accurate. Option B is still alive and well as well and is still being pursued. Because we don't want to have all our eggs in one basket.
[MUSIC]
ELIZABETH NELSON:
Under both Plan A and Plan B, Heidi remains involved in Southtown. In Plan B, she maintains majority ownership of the development. Under both plans, Heidi’s company, Blue Phoenix, will be paid $2 million as a co-developer.
I find this fascinating– investors in Southtown aren’t just buying into the project. They’re signing on to be business partners with Heidi.
RALPH MCKEE:
This is a major project. You would want for a project of this size an experienced construction management. I have never heard that Heidi Posher managed a construction project that was costing over $100 million. I'm not aware of any construction projects other than the Henry Street building that she's ever been involved in.
ELIZABETH NELSON:
In July 2026, a letter of commitment from Agile Solar explained that Reynolds Asset Management - or RAM - would be a codeveloper of Southtown.
RALPH MCKEE:
In the earlier plan, the plan touted RAM's construction background, essentially saying that RAM was a very experienced construction management firm and would provide needed skills. Blue Phoenix would need someone like Mr. Reynolds and RAM to actually manage the project, because Blue Phoenix didn't have the capacity or skill set to do it.
ELIZABETH NELSON:
At the end of September, Agile Solar filed an amendment to their letter of commitment. That amendment suggests that RAM may no longer be a codeveloper of Southtown
RALPH MCKEE:
The co-development agreement prior to this filing was supposed to be between Blue Phoenix and RAM. And now it says the role of Reynolds Asset Management is to be renegotiated, and pending such renegotiation, section 5(f) shall not be a condition to Agile's obligation.
In other words, Agile is saying they will perform their obligations, which include funding the plan, with or without RAM, is what this says. So this is a pretty major change.
You know, if you're a--if you're a bank lender lending on a hundred million plus--hundred and forty-five million plus project, you would expect that they would demand an experienced construction manager to be in place before it closed. That would be standard practice.
What this would suggest is that Mr. Reynolds is having cold feet, and doesn't want to provide that support for that loan.
In exit B, it appears that Provizia is at least at a minimum providing a bridge loan and probably financing the project. And under Agile's terms--or under exit A, that's not clear who's going to ultimately pay to build it.
ELIZABETH NELSON:
I found some clues.
[Video recording]
PHILIP AHMADZAI:
Hi, my name is Philip Ahmadzai. I'm a senior debt solutions advisor with Debt Solutions Service, LLC. Uh we do debt restructuring for people that have student loans, that are unable to afford them, or folks that have credit card debt, or businesses that are not sure as to how to continue to keep going because they have too much debt service dragging them behind. Uh in addition we also do home mortgage restructuring and we do have attorneys available in the event it's necessary.
[MUSIC]
ELIZABETH NELSON:
In May 2025, Agile Solar Group LLC was incorporated in Nevada, using the same Las Vegas address as Debt Solutions Services. In October 2025, just days after Marge died, two more entities were incorporated: Astrol Power LLC in Arizona and Agile Astrol Solar LLC in Nevada, using the Las Vegas address of Debt Solutions Services.
On September 3, 2026, Astrol Power filed a notice with the federal SEC for the issuance of securities. Related persons on that notice include Philip Ahmadzai, Agile Solar Group, Astrol Capital Partners, a Florida LLC called KME3, and various other individuals associated with Astrol companies. According to the notice, this offering already has eleven investors.
Philip Ahmadzai may have found eleven investors willing to pay the debts of Southtown and pay Heidi $13 million.
RALPH MCKEE:
Heidi Poscher did say in court recently that Agile was proceeding toward closing and that she expected them to put up the money and close. She said that, now whether, whether that's real or not, you find out when the date comes to put up the money.
ELIZABETH NELSON:
But if it falls through, what happens then?
For the last ten months, Southtown has been protected from foreclosure. The banks that are owed money could not foreclose on Southtown and take the property back. Filing for bankruptcy automatically puts everything on hold. In legal terms, this is called a “stay.” If neither of Heidi’s investors - Agile Solar and Provizia - come through with the money, the banks will react.
RALPH MCKEE:
The bank--the lead bank, they would have an opportunity then to ask that the-- either or both--that the case be dismissed or that the automatic stay be lifted so that they can recommence their foreclosure.
If the bank believes that it's better for them to foreclose, they would go into court and say, "Look, you've given this debtor almost a year. All of these commitments have fallen apart." "There's a very low likelihood that anyone's going to fund this in the way, you know, it had been contemplated and we want to foreclose."
If it just happens that the stay gets lifted and the foreclosure proceeds, the case would likely be converted to a Chapter 7, and there would be a trustee appointed to see if there are any adversary proceedings that could be filed against, let's say, Heidi Poscher or other folks that perhaps did something that damaged the company.
[MUSIC]
ELIZABETH NELSON:
Since January, Heidi has been directing the terms of a Chapter 11 bankruptcy. In Chapter 11, the debtor is in direct negotiation with creditors. For Southtown, Heidi has offered a plan for reorganization that would satisfy all the creditors. She’s promised to deliver so much money that none of them would have to compromise or accept less than what they are owed. There was virtually no negotiation at all.
Chapter 7 bankruptcy is very different. If Southtown is converted to a Chapter 7 bankruptcy, the court will assign a trustee and Heidi loses control.
RALPH MCKEE:
The first thing a trustee would be doing is looking at the bank records of Southtown and looking at their check register and their wires and all that to discover who Southtown distributed money to. So just as an example, if Southtown transferred a million dollars to Marge Poscher's personal account in the--say a year, you know, before the bankruptcy happened and that the trustee could prove that the company was insolvent, then the bankruptcy trustee would have a claim against the probate estate. And obviously, Heidi Poscher would never raise that while in charge of a Chapter 11.
ELIZABETH NELSON:
In a Chapter 7 bankruptcy, a trustee could demand to see records, to assess what has actually happened with Southtown
RALPH MCKEE:
Right. I mean, just as an example, the claim that Heidi Poscher filed shows all the transfers going from--allegedly from her bank accounts to Southtown bank accounts. You notice that there's no transfers listed going the other way. Those could exist. The--you know, Southtown could have paid Heidi's or Heidi's company's bills. I have no idea whether that happened or not, but a trustee would be looking at those bank records.
ELIZABETH NELSON:
What might a trustee find, if they had access to the records of Southtown? Marge signed personal guarantees for the Southtown loans– could a trustee look at all of Marge’s assets, including the companies that had been put in Marge’s name? When Heidi filled out the inventory for Marge’s estate, she was asked to list values for these companies. In every column for value, Heidi simply wrote UNDETERMINED. What would a trustee find in the records of all the companies in that inventory… Prentice Partners of Ann Arbor, Circa 1919, 4th Purpose Energy, and AHFLP?
Deadlines are looming. By October 12th, the bankruptcy court expects Heidi to have executed a development agreement for Southtown and equity transfer documents. If she’s able to do that, the bankruptcy court will confirm a plan on October 16th. Payments would be disbursed on November 11th.
Thanks for listening Visit HollowHype.com to find more information about this episode.
Coming up in episode 17: How long was Heidi able to avoid prosecution in Ohio? How many people raised alarm before she was finally indicted?
If you have something to share about Heidi’s activities in Michigan, Ohio, West Virginia, or California. Please reach out to hollowhypepodcast@gmail.com
