Correction: In the bankruptcy report printed Feb. 24, the...

Bankruptcies

March 03, 1997

Correction: In the bankruptcy report printed Feb. 24, the liabilities for Lighting Experiences Inc. were incorrectly posted. The figure should have been $75,715.82.

Recent filings in the U.S. Bankruptcy Court, District of Maryland, Baltimore City:

Feb. 13

We-Are-Electronics Inc.,7125 Columbia Gateway Drive, Columbia, a holding company, filed for Chapter 11 protection. Principal: William Love Jr., treasurer. Assets and liabilities are under $50,000 each.

Luskins Appliances Inc.,7125 Columbia Gateway Drive, Columbia, a lessee of commercial real estate, filed for Chapter 11 protection. Principal: William Love Jr., treasurer. Assets and liabilities are under $50,000 each.

Luskins Inc.,7125 Columbia Gateway Drive, Columbia, a holding company and consumer electronics retailer, filed for Chapter 11. Principal: William Love Jr., treasurer. Assets: $5,000,000; liabilities: $7,555,032.

Ashby Enterprises Ltd.,7125 Columbia Gateway Drive, Columbia, consumer electronics retail chain, filed for Chapter 11. Principal: William Love Jr., treasurer. Assets: $2,103,000; liabilities: $14,202,000.

Sound & Sight Inc.,7125 Columbia Gateway Drive, Columbia, consumer electronics retail chain, filed for Chapter 11. Principal: William Love Jr., treasurer. Assets: $115,000; liabilities: $419,000.

Feb. 18

Chem Trans,50 W. Earleigh Heights Road, Severna Park, a transporter of hazardous materials,filed for Chapter 7. Principal: W. Glenn Bonds, president. Assets: none; liabilities: $267,459.55

George R., Jr. & Barbara Johnson, 12217 Ocean Gateway, Ocean City, jointly operating an eye care practice, filed under Chapter 7. Assets: $556,246.11; Liabilities: $1,083,542.09

Dr. Barbara Johnson P/A,t/a Pearle Vision Center, 308 Civic Ave., Salisbury, filed for Chapter 7. Principal: Barbara Johnson, president. Assets: $82,536.81; Liabilities: $294,087.48

Scott E. Welsh,an individual d/b/a Scbeji Philadelphia Style Pizza & Subs, 300 Baltimore Pike, Bel Air, filed for adjustment of debts under Chapter 13. Assets: none; liabilities: $250,214.43

Feb. 20

Joseph Xavier Jr.,5510 Ashbourne Road, Baltimore, d.b.a. and t/a: Air Tech Inc.; Bristol Construction; Com Tech Inc and Xavier Air Conditioning Co., filed for Chapter 7 dissolution. Assets and liabilities: over $100,000 each.

Feb. 26

Roy Fields Auto Service,2317 York Road, Timonium, filed for Chapter 11 protection. Principal: Roy Fields, president. Assets: $27,178; liabilities: $282,898.61

Feb. 27

C and P Hardware Co. Inc., a.k.a C&P Hardware, N. Salisbury Blvd., Salisbury, filed for Chapter 11 protection. Principal: Harry P. Carlisle. Assets: under $50,000; liabilities: over $100,000

Abbreviations

a.k.a.: also known as; d/b/a: doing business as; t/a: trading as; n/a: not available; LLC: Limited Liability Company; L/P: Limited Partnership; J/V: Joint Venture; P/A: Professional Association; P/C: Professional Corporation

Definitions

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

lTC Chapter 7 -- Liquidation.

Chapter 11 -- Reorganization.

Chapter 12 -- Agriculture, family farm with other income.

Chapter 13 -- Adjustment of debts of an individual with regular income.

Pub Date: 3/03/97

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