Disbursements Announced in Fuel Oil Bankruptcy Case

Written by CFB Blogger. Posted in Blog

Bernie’s Fuel Oil Co. Inc., a New London, Connecticut, fuel oil company, has filed for Chapter 7 bankruptcy after having been in business since 1961. Bernie’s, which also did business as Clark Oil, has been the target of three lawsuits, which are seeking over $2 million for allegedly defaulting on loans. The bankruptcy declaration, signed by company president Daniel J. Groben, shows less than $50,000 in assets and between $1 million and $10 million in liabilities. A list of creditors shows hundreds of names, including the three oil companies that have sued Bernie’s over the past three months: Hess Corp. of Rocky Hill, Global Cos. LLC of Waltham, Mass. and Clark Oil LLC of Noank. The Clark Oil suit was filed by the former owner of the company, Deborah Clark, according to the Department of Consumer Protection. Hess had sought more than $2.1 million, by far the largest of the three suits. However, the proposed settlement shows that several oil companies would not be paid, including Hess, Global Companies, Dennis K. Burke Inc., Petrocom Energy Group LLC, and Clark Oil. Other large unpaid creditors included Business Financial Services, Stonington Institute, the State of Connecticut and Kelly Services. According to a news report by Lee Howard on www.theday.com, the state Consumer Protection Department opened an investigation into Bernie’s regarding the company’s financial difficulties and consumer complaints about difficulties in getting refills on oil or having the company provide full tanks. News reports reveal that some 500 customers and business associates of the now-shuttered company may receive eight cents for every dollar they are owed; dozens of others will receive no compensation, according to documents recently filed in U.S. Bankruptcy Court. A few companies and individuals may receive full compensation for their losses — Anthem Blue Cross and Blue Shield of Connecticut, Kenneth R. Hendrix, Leonard W. Birdsell, Kathy M. Tarryk and Edward D. Moore; there is, to date, no indication as to why some creditors were to get full payments while most would not. The Client First Bankruptcy attorneys are among the most knowledgeable consumer bankruptcy attorneys in the country, representing thousands of clients in Chapter 7 and Chapter 13 bankruptcy cases. Client First Bankruptcy attorneys answer their phones Monday through Friday from 8:30 a.m-6:00 p.m. (Central Time) so you can get your initial complimentary consultation when you want. Our extensive experience has earned Client First Bankruptcy a national reputation for excellence in the representation of debtors in financial distress. Call us toll-free at 800-383-6004 and log onto our interactive website at www.clientfirstbankruptcy.com for timely and vital information on filing your Chapter 7 or Chapter 13 bankruptcy 24/7.

• Continue Reading

Active-Sports Company Files Chapter 7 Bankruptcy

Written by CFB Blogger. Posted in Blog

Pacific Vector Holdings Inc., headquartered in Carlsbad, California, but doing business in both the U.S. and Canada, has recently declared Chapter 7 bankruptcy. According to an account on www.marketwatch.com, Pacific Vector, an upscale action-spots retail and consumer brands company, “announced that as a result of its financial losses, the defaults by certain lenders and its inability to obtain appropriate financing as previously announced, their three subsidiaries: Ryderz Compound Inc., Reno Wilson Inc. (operating as Gatorz), and PVH DNA Inc.” was compelled to file bankruptcy. The Chapter 7 bankruptcy will be under the auspices of the Bankruptcy and Insolvency Act of Canada. The company’s shares had previously been suspended on the TSX Venture Exchange as a result of the Cease Trade Order being issued by the Ontario Securities Commission due to failure to file certain continuous disclosure documents reports www.marketwatch.com. From a news story in Bloomberg Businessweek, Pacific Vector “designs, develops, manufactures, and distributes eyewear, such as sunglasses under the Gatorz brand, as well as ballistic impact-proof lenses for motorcycling, motorsports, skydiving, military, off-road, hunting and fishing, action sports, and youth lifestyle markets. The company is also involved in the retail sale of action sports and casual youth lifestyle apparel and accessories, including t-shirts, jackets, sweatshirts, jeans, walk shorts, board shorts, eyewear, bags, and watches, as well as motocross, scooter, and BMX accessories, toys and gifts. The company operates 35 retail stores under the XRyderz and No Fear brands in the United States, as well as e-commerce business. The company was formerly known as Gatorz Inc. and changed its name to Pacific Vector Holdings Inc. in June 2013.” All of the directors and officers of Pacific Vector Holdings have reportedly resigned. When considering filing Chapter 7 or Chapter 13 bankruptcy, it is imperative that you have the best legal advice and representation available. The bankruptcy attorneys at Client First Bankruptcy are familiar with all aspects of personal bankruptcy. If you are tired of seeing unpaid credit bills and late car payment notices piling up in your home and if you are afraid to answer the phone dreading that it is another debt collection agency harassing you, call the experienced bankruptcy lawyers at Client First Bankruptcy. Call us Monday thru Friday from 8:30 a.m-6:00 p.m. Central Time toll-free at 800-383-6004. For vital information on filing your personal bankruptcy any time, please log onto www.clientfirstbankruptcy.com for help in a user-friendly format.

• Continue Reading