Byline: Michael L. Diamond
Nov. 7--The trustee of former penny stock promoter Robert E. Brennan's bankruptcy estate yesterday distributed $38.8 million to creditors, setting the stage for Brennan's investors to recover some of their losses.
U.S. Bankruptcy Court trustee Donald F. Conway said creditors eventually would recover $50 million from Brennan's assets, and 30 percent to 40 percent of what they are owed.
"It's a significant moment because $38.8 million is a lot of money and a meaningful return," Conway said.
Brennan, 59, a former resident of Brielle and Colts Neck filed for bankruptcy in 1995 after he was fined $75 million by a civil …
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