Post a New Question

college

posted by .

In March 1988, Daniel E. Beren, John M. Elliot, and Edward F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than $380,000 and had approximately $550 in the partnership bank account.

Should the petition for involuntary bankruptcy be granted? Explain.
Plan of Reorganization


Richard P. Friese (Debtor) filed a voluntary petition for Chapter 11 bankruptcy. In May 1989, Debtor filed a plan of reorganization that divided his creditors into three classes. The first class, administrative creditors, were to be paid in full. The second class, unsecured creditors, were to receive 50% on their claims. The IRS was the third class. It was to receive $20,000 on confirmation and the balance in future payments. No creditors voted to accept the plan. The unsecured creditors are impaired because their legal, equitable, and contractual rights are being altered.

Can the bankruptcy court confirm the debtor's plan of reorganization? Explain.

  • Business law? -

    College is NOT a school subject.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Business Law

    Petition In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 …
  2. Business Law

    In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from …
  3. statistics

    There are four entrances to Govt center. The building supervisor wants to know if entrances are equalized. To investigate, 400 people were seen entering the center. The number using each entrances is below. At the .01 significance …
  4. accounting

    using the equation A=L+OE how would you balance this problem: You buy acompany for $200,000 - Assets are land $50,000, building $130,000, equip $20,000. Took 70,000 from personal bank account to invest in business. Made a down payment …
  5. business law

    In March 1988, Daniel E. Beren, John M. Elliot, and Edward F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from …
  6. Accounting

    #15 Supplies: Original Purchase and Adjusting Entry On January 1, the company had office supplies costing $4,600. On March 23, the company bought additional office supplies costing $8,200; the company paid cash. On December 31, a physical …
  7. tax

    Bethany contributes a building to a partnership with a basis of $120,000 and a FMV of $200,000. Bethany's basis in her partnership interest would: not increase at all. increase by $80,000. increase by $120,000. increase by $200,000. …
  8. Real Estate Financing

    "Mr. Smith acquired a property consisting of one acre of land and a two-story building five years ago for $100,000. He also obtained an $80,000 mortgage loan from ACE Bank to provide financing to complete the purchase. This year, Mr. …
  9. Math

    The marked price of a sewing machine is $ 15,000. A 5% discount is allowed of the machine bought for cash. On hire purchase, a deposit of $ 6,000 plus three equal monthly installments of $ 3,200 is required. Hali and John bought the …
  10. Accountung

    I am having trouble with this question can anyone help me plz The trial balance of the Coleman-Foose Company was prepared from the record of the company on November 30, 20X2, the close of its fiscal year. COLEMAN-FOOSE COMPANY Trial …

More Similar Questions

Post a New Question