Bankruptcy troubles.A Rogers businessman recently filed for Chapter 7 bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most protection and listed $1.2 million in debts. Timothy Salmonsen, who was an owner of Trendsetter trend·set·ter n. One that initiates or popularizes a trend: "The Golden State, ever the trendsetter, reformed its property tax" New York. International Marketing Inc., reported only $206,000 in assets. Salmonsen's attorney, Robert Teague of Rogers, said a combination of personal as well as business debts caused the bankruptcy. One of the assets Salmonsen listed was a possible lawsuit against his ex-business partners, but the lawsuit didn't name the partners. Trendsetter was a wholesale distributor that operated between 1996 and February 2007. The filing showed the business has no assets against debts of $90,000. The largest unsecured Unsecured A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. claim in Salmonsen's bankruptcy is held by the Bank of Oklahoma in Tulsa for $180,000 for the first mortgage on a Pea Ridge Pea Ridge, chain of hills, NW Ark., where the Civil War battle of Pea Ridge (or Elkhorn Tavern) was fought Mar. 6–8, 1862. Earl Van Dorn, leading a large Confederate command, which included Sterling Price's retreating Missouri forces and Ben McCulloch's army, home that was foreclosed on in January. Salmonsen reported making $80,000 in 2006 and $70,000 in 2007. |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion