THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, July 22, 1994 TAG: 9407220714
SECTION: SPORTS PAGE: C6 EDITION: FINAL
SOURCE: STAFF REPORT
LENGTH: Short : 40 lines
The Hampton Roads Hurricanes Limited Partnership sought protection from its creditors by filing for Chapter 11 bankruptcy in U.S. Bankruptcy Court on July 15.
The bankruptcy petition, signed by partner Ellis Gillespie, said the partnership's liabilities totaled $60,000 while its assets amounted to $20,000.
A Chapter 11 bankruptcy allows a business to continue operating while it attempts to reorganize its debts under court supervision.
The Hampton Roads Hurricanes pro soccer team is nearing the end of its first year of play. Gillespie operated the team for the first few months of the season before the franchise was taken away from him by the United States Interregional Soccer League.
The Hurricanes visit the Baltimore Bays tonight at 8 with an opportunity to strengthen their playoff chances as well as avenge a season-opening 3-2 overtime loss.
The Hurricanes return home to Center for Effective Learning Saturday to host Greensboro in the regular-season finale. Hampton Roads is currently in fifth place in the USISL's Atlantic Division and the top five teams in the nine-team division make the playoffs. But how strong their fifth-place position remains is in question.
The Hurricanes were awarded a forfeit victory over the Connecticut Wolves after the Wolves were found to have used ineligible players in a 4-3 Connecticut victory. Connecticut has appealed the ruling and the Hurricanes currently are waiting for a verdict.
With the forfeit victory, the Hurricanes would be 10-8 overall, 9-7 in games counting in the divisional standings.
Without it, they are 9-9, 8-8. by CNB