The following are recent bankruptcy filings in U.S...

BANKRUPTCY REPORT

March 04, 1991

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

FEB. 19

Annapolis Clothing Company Inc., 899 Airport Road, Suite H, Glen Burnie. Women's sports and career-wear chain filed for Chapter 11. Principals: Merle A. Lebowitz and Suzanne Lebowitz. Assets: $2.3 million. Liabilities: $1.9 million.

Leading Edge Technology Corp. (f/k/a Wm. C. Staley Machinery Corp.), 201 International Circle, Hunt Valley. Business filed for Chapter 11. President: Donald W. Staley. Assets: $1,568,583. Liabilities: $1,625,837.

FEB. 20

Alexander William Horn (Pikes Peak Supply Corp.), 520 Nassau St., Baltimore. Business filed for Chapter 7. Assets: $75,300. Liabilities: $0.

FEB. 21

Hunt Valley Associates Limited Partnership, 213 International Circle, Hunt Valley. Hotel owner and operator filed for Chapter 11. Principals: Middex Hospitality Inc. of New York, general partner, and Hunt Valley Beverages Corp. Assets: $9,427,500. Liabilities: $17,292,241.

Major Steel Erection Inc., 715 Griffith Road, Glen Burnie. Supplier of labor for steel erection filed for Chapter 11. Principal: Dominador B. Pigarut Jr. Assets: $91,955. Liabilities: $247,528.

The Toussaint Group Inc., 4119 Windridge Road, Pikesville. Owner and manager of real estate and producer of television dramas filed for Chapter 11. Principal: Gordon R. Watkins. Assets: $1,849,477. Liabilities: $2,459,802.

FEB. 22

John C. Unitas and Sandra L. Unitas, 5607 Patterson Road, Baldwin. Owner of National Circuits Inc. filed for Chapter 11. Assets: N.A. Liabilities: N.A.

Waddell & Son Inc., 3814 Maple Grove Road, Manchester. Business filed for Chapter 7. President: Forris M. Waddell. Assets: $2,900. Liabilities: $60,487.

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.

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