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

BANKRUPTCIES

June 27, 1994

The following are recent bankruptcy filings in the U.S. Bankruptcy Court, Eastern District of Maryland:

June 14

* Maxwell C. & Darline N. Grady, real estate independent contractor, 1001 W. Lexington St., Baltimore, filed for Chapter 7. Assets: $74,525; liabilities: $110,362.

* George's Foodland Inc., 1438 Liberty Road, Eldersburg, a retail grocery operation, a.k.a. George's Superthrift and George's IGA, was involuntarily filed under Chapter 7 by creditors. Principal: not named. Assets: unknown; liabilities: $92,811.

* G&P Finksburg Inc., 3000 Gamber Road, Finksburg, a retail grocery operation, a.k.a. George's Superthrift and George's IGA, was involuntarily filed under Chapter 7. Principal: not named. Assets: unknown; liabilities: $89,402.

* G&P Woodbine Inc., 712 Lisbon Center Road, Woodbine, a retail grocery operation, a.k.a. George's Superthrift and George's IGA, was involuntarily filed under Chapter 7. Principal: not named. Assets: unknown; liabilities: $61,717.

June 15

* Robert Glenn & Carol L. Kindrick, 2 Harding St., Timonium, a mechanical contractor, filed for Chapter 7. Assets: $12,100; liabilities: $43,104.

* Robb Michael Taylor, real estate, 301 Pytchley Run Road, Annapolis, filed under Chapter 7. Assets: $119,775; liabilities: $227,673.

June 17

* Broadway Corner Inc., a.k.a. Dick Gessner's Broadway Inc., 1750 Birdbrook Trail, Annapolis, producers of cabaret shows, filed for Chapter 7. Principal: Richard A. Gessner, president. Assets and liabilities: under $50,000 each.

June 20

* Vernon M. Williams, door-to-door sales, filed under Chapter 13. Assets: none; liabilities: $8,609.

* Fallstaff Enterprises Ltd., t/a Philmore Supply & Service, 10983 Guilford Road, Annapolis Junction, a chemical and janitorial supply house, filed for Chapter 7. Principal: Barbara Landsman, president. Assets: $9,010; liabilities: $140,320.

* Sneaker's Inc., 8775 Cloudleap Court, Columbia, t/a Sneaker's Sports Saloon & Restaurant, filed under Chapter 11. Principal: Dennis M. Imbesi, president. Assets:$20,000; liabilities: $126,000.

* The Dub Center 10304 S. Dolfield Road, Owings Mills, a video duplicating service, filed for Chapter 11. Principal: Nathan Cohen, president. Assets: $150,000; liabilities: $650,000.

June 21

* Winifred Fordin Chertock, t/a Two Timers, 6655 Dobbin Road, Columbia, a used clothing reseller, filed for Chapter 7. Assets: $6,000; liabilities: $71,451.

* Diversified Commercial Corp., 8015 Dorsey Run Road, Anne Arundel Co., a mining and manufacturing enterprise, filed under Chapter 11. Principal: Kenneth W. Carlson, president. Assets: $2,000,000; liabilities: $1,739,000.

June 22

* John T., Sr. & Elaine P. Cappa, 115 Prospect Ave., Easton, construction, filed for Chapter 7. Assets: $10,834; liabilities: $203,117.

* Fairlanes Entertainment, a.k.a. Fairlanes Holdings Inc., 10944 Beaver Dam Road, Hunt Valley, filed under Chapter 11. Principal: Everett M. Clayton III, chief executive officer. Assets: $580,159; liabilities: $53,578,243.

*

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.

CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an TC 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.

*

a.k.a. (also known as), d/b/a (doing business as) or t/a (trading as): an assumed name a person uses for a business instead of the actual business name or one's personal name.

n/a: not available. L/P: Limited Partnership. P/A: Professional Association.

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