Brook Mays files bankruptcy.Brook Mays Brook Mays Music Group known generally just as Brook Mays, was a Dallas, Texas-based retailer of musical instruments, sheet music, and supplies. It was founded as the Brook Mays Music Company Music, the 105-year-old Dallas-based chain, has filed for Chapter 11 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. The filing was made at the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. , Northern District of Texas. In the filing, Brook Mays listed assets of $10 million to $50 million and debts of $50 million to $100 million. Top creditors are owed in excess of $23 million. The filing comes after Brook Mays payed First Act $16.7 million to settle the lawsuit lawsuit: see procedure; tort. in 2003 by First Act that found Brook Mays liable for false advertising and statements interfering with First Act's business relationships. |
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