SECOND MCKEON BROTHER FILES BANKRUPTCY NOTICE.Byline: Jason Takenouchi Staff Writer The failure of Howard & Phil's Western Wear has swept up another McKeon brother in its wake. Citing over $8.3 million in corporate and personal liabilities, former Howard & Phil's executive Timothy J. McKeon 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 late last month. The filing came just weeks after another McKeon brother, Monte Monte (Italian, Portuguese and Spanish meaning mount) may refer to various things: Monte is the name of several places: In Brazil
Timothy, Monte and two other brothers - Joseph B. and John D. - managed Howard & Phil's before its collapse earlier this year. The once high-flying retail chain had struggled under a 1996 Chapter 11 bankruptcy reorganization. Rep. Howard P. ``Buck'' McKeon, R-Santa Clarita, also owned 20 percent of the company. But a spokesman said the congressman was not involved in the operation of the company since 1992. The company's collapse left a stream of lawsuits and unpaid creditors, including employees who claim they were left with over $12,000 in unpaid wages when Howard & Phil's closed its doors. Timothy McKeon's Oct. 25 filing will remove him from a lawsuit lawsuit: see procedure; tort. by Howard & Phil's largest creditor An individual to whom an obligation is owed because he or she has given something of value in exchange. One who may legally demand and receive money, either through the fulfillment of a contract or due to injury sustained as a result of another's Negligence , Coast Business Credit. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the petition filed by McKeon and his wife, Janette, both are unemployed and seeking living expenses of $7,903 a month, or about $95,000 a year. Those estimated expenses include $2,190 a month for car payments. |
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