Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, March 8, 1990 TAG: 9003082003
SECTION: BUSINESS PAGE: C6 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Martin is president of Galaxsea Associates and former owner of Martin Travel. His wife, Vickie, is listed in court papers as director of training for the company.
Utt is president of Unique Rewards, which started as a subsidiary of Martin Travel specializing in incentive travel for companies. His wife, Lois Jean, is vice president of operations for Galaxsea.
All four gave the same Roanoke County business address in their Chapter 7 petitions.
The Martins reported debts of $451,009 and assets of $155,703. The Utts said their debts total $735,347 and their assets $239,603.
In 1988, Charles Warsaw bought Martin Travel and its Galaxsea Cruises division - neither of which is affected by the bankruptcy petitions - from Martin.
Martin said he wanted to concentrate instead on franchising the cruise-planning business. Utt, a former schoolteacher, started at Martin Travel in 1982.
Martin was athletic director at Roanoke College, head of the physical education department at Virginia Tech and chairman of Salem Bank and Trust. He has been national cruise chairman for the Association of Retail Travel Agents.
In two other business petitions, H&H Improvement Co. of Marion filed for liquidation and John E. Lambert of Abingdon, trading as Lambert's Auto Parts, asked for reorganization.
H&H, headed by William P. Hall, listed debts of $24,175 and no assets. Lambert said his debts total $432,411 and his assets are $265,500.
***Correction Published Mar. 9, 1990*** Galaxsea Cruises, a division of Martin Travel, is not affected by bankruptcy petitions reported in Thursday's business section. The principals in Galaxsea Associates have filed for personal bankruptcy protection.
Memo: correction