Bankruptcy Report

September 24, 1990

The following are recent business filings in U.S. District Court in Baltimore.

SEPT. 11

Yermar Inc. (Lina, Lina!, The Bistro), 322-24 N. Charles St., Baltimore. Light fare and Spanish cuisine restaurant filed for Chapter 11. Principal: Jose A. Fernandez. Assets: $18,000. Liabilities: $20,000.

SEPT. 13

Maryland Limousine Inc., 7513 Connolly Drive, Suite L, Hanover. Limousine rental company filed for Chapter 11. Principals: Robert M. Stewart, J. Raymond Shaw, George B. C. Miller and Leona J. Wayson. Assets: $300,000. Liabilities: $130,000.

Van Bibber Square Inc., 303-09 S. Main St., Bel Air. Office and retail building owner filed for Chapter 11. Principal: Steven R. Hankins. Assets: $1.4 million. Liabilities: $1,348,001.

White Rocks Limited Partnership (Waterside Properties), 1402 Colony Road, Pasadena. Real estate and marina owner filed for Chapter 11. Principals: Patricia Kendall, Harry Blumenthal, Mike Mullen, Mick Blakistone. Assets: $7.5 million. Liabilities: $6,936,825.

Wolfe's Trucking Inc., 5906 Allender Road, White Marsh. Bulk material deliverer filed for Chapter 11. Principal: Glen Wolfe Jr. Assets: $297,342. Liabilities: $190,418.

SEPT. 17

1213 Light Street Limited Partnership, 1209-1233 Light St., Baltimore. Lessor of comprehensive care facility filed for Chapter 11. Principal: N.A. Assets: $1,904,858. Liabilities: $3,261,689.

Ronald Norbert Brittingham Jr. (B&B Drywall), Route 1, Box 268A, Princess Anne. Drywall business filed for Chapter 7. Principal: Ronald Norbert Brittingham Jr. Assets: $2,930. Liabilities: $24,236.

Martin M. Kandel and Paula M. Kandel (Piedmont Group; Piedmont Holding; Courthouse Point Development; Executive Square Associates; Kandel Consultants; Kandel & Kandel; Kandel & Musgrave; M&R Development; Piedmont Construction Systems; Piedmont Construction Systems of Western Maryland; Piedmont Realty; Gotham Realty; Shoreline Development; Sweet Air Properties; Harbour Utilities; Commercial Builders Group; St. Paul St. Title; Cedar Manor; Glen Mill; Martainview Partners I; Six Sudbrook Lane; Fairway Hills; Green Meadows Village; Courthouse Point; Shoreline, 8523 Hill Spring Dr., Lutherville. Debtors filed for Chapter 7. Principals: Martin M. Kandel and Paula M. Kandel. Assets: N.A. Liabilities: N.A.

SEPT. 18

Summit Design & Marketing Inc., 410 Severn Ave., Annapolis. Ad firm filed for Chapter 7. Principal: William H. Clark. Assets: $123,845. Liabilities: $234,311.

The following are the most common types of filings under the U.S. Bankruptcy Code.

CHAPTER 7 -- Liquidation. A trustee is appointed to take charge of all the debtor's property, except for certain exceptions allowed in the law. The trustee will sell the remaining property for the benefit of creditors, and unless a creditor objects and is upheld by the court, the debt will be discharged in whole or in part.

CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and obtaining its approval by creditors and the court.

CHAPTER 13 -- Adjustment of debts of an individual with regular income. This chapter provides a method for individual debtors to repay creditors, in full or in part, over a period of up to five years. It ordinarily involves less than $100,000 in unsecured debt and $350,000 in secured debt.

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