Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, February 20, 1991 TAG: 9102200120
SECTION: BUSINESS PAGE: A-9 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
John T. Hale of Narrows claims a $330,000 loan and Jack C. Davis of Pearisburg said he lent the company $150,000. A general partnership, Robertson, Davis, Hale Properties, joined the action, claiming $11,000 in rent unpaid by Mitchener since December. The dealership sells Chevrolet, Oldsmobile, Pontiac, Subaru, Buick and Jeep Eagle models.
Prospective buyers have looked at the property and GMAC Corp., a major creditor, has an agreement that it will be paid as the dealership sells cars, according to lawyers involved in the matter. The company has not filed a report of its finances but a lawyer for the plaintiffs in the adversary action estimated that the company's debts are between $500,000 and $1 million and its assets are less than $500,000.
In other business petitions filed in Bankruptcy Court:
Wood & Water Inc., a Christiansburg store selling water beds and furniture, asked for liquidation, reporting debt of $116,166 and assets of $42,443.
Roberts Enterprises Inc., a coal mining firm, and Cavalier Mining Corp., two Wise County companies headed by Thomas W. Roberts, asked for reorganization. Roberts Enterprises said its debt is $864,450 and its assets $819,140. Cavalier reported debt of $516,660 and assets of $313,401. - Staff report
by CNB