
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, March 17, 1990                   TAG: 9003172189
SECTION: BUSINESS                    PAGE: A5   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

THREE FILE AGAINST RIB DETENTION

Dominion Bank and two other creditors have filed an involuntary liquidation petition against RIB Detention, a Troutville prison equipment company continuing part of the business of the former Roanoke Iron & Bridge Works.

Roy Creasy, Bankruptcy Court-appointed trustee, said the company has two choices - to dispute the involuntary bankruptcy or to close.

RIB Detention is in default in payments on a $511,320 note held by Dominion, as well as a debt of $27,016 to Royal Beloit Corp.'s Gearmaster Division of Roscoe, Ill., and a claim of $5,070 by Cummins Atlantic of Roanoke, according to court papers.

On a request from the bank, Bankruptcy Judge Ross Krumm ordered RIB Detention not to dispose of its property. Dominion said it feared RIB Detention might sell some of the assets, covered by its security agreement, at less than fair value, the court papers said.

The prison equipment company generally is not paying its debts, according to the petition of the three creditors.

- Associated Press

by CNB