It seems bankruptcy filing is spreading by leaps and bound. The latest to go in for bankruptcy filing is Rick Brunsmann who is going to file Chapter 11 bankruptcy. Rick wants to reorganize his business interests. Rick is the founder of the Brunsmann Group and quite a few other companies. This had spanned around 20 years or so. Rick claims that he has assets of $29 million against liabilities and debts of around $53 million, which makes him a fit case for bankruptcy filing.
There are a number of lenders to whim Rick owes money, including a number of banks in Kentucky, Ohio and Indian with most claims being in excess of $1 million. It is a little strange that Brunsmann’s number doesn’t seem to be active while it is said that his company is still selling residential plots and also development parcels of land. His lawyer Chuck Meyer has said that Rick is trying to sell properties in order to complete his assets reorganization so that it may e over faster than normal reorganizations. But all of this brings to the point that irrespective of tall claims of revival of the economy, bankruptcies are happening at such an alarming pace.