Airline Training Academy Bankruptcy Update

[Long Time Gone]

Here's a breakdown of the payouts effective October 31, 2006:

Total to be disbursed of $366,194.79.

Chapter 7 administrative fees (attorneys, etc.): $188,667.00 (paid 100%).

Balance of $177,517.79.

Priority Wage Claims (employees and taxes): $30.059.19 (paid 100%).

Balance of $147,458.60.

Priority Benefit Plan Claims (COBRA, Insurance): $26,149.16 (paid 100%).

Balance of $121,309.44.

Priority Consumer Deposits Claims: $800.00 (paid 100%).

Balance of $120.509.44.

Priority Tax Claims (State of Florida Dept of Revenue): $326,003.88 (paid 36.9%).

Balance of $0.

General Unsecured Creditor (students and others) Claims: $17,659,985.20 (paid 0%).

 

[CrimsonEclipse]

The systems works again!!

:smash:

CE

 

[geojet707]

Here's a breakdown of the payouts effective October 31, 2006:

Total to be disbursed of $366,194.79.

Chapter 7 administrative fees (attorneys, etc.): $188,667.00 (paid 100%).

Balance of $177,517.79.

Priority Wage Claims (employees and taxes): $30.059.19 (paid 100%).

Balance of $147,458.60.

Priority Benefit Plan Claims (COBRA, Insurance): $26,149.16 (paid 100%).

Balance of $121,309.44.

Priority Consumer Deposits Claims: $800.00 (paid 100%).

Balance of $120.509.44.

Priority Tax Claims (State of Florida Dept of Revenue): $326,003.88 (paid 36.9%).

Balance of $0.

General Unsecured Creditor (students and others) Claims: $17,659,985.20 (paid 0%).

Anyone know what happened to the owners?

 

[RedGuy]

Glad I decided not to go there!

 

[Rxflyer]

I have never been able to figure out how a business can be 17 million bucks in debt; how is it allowed to get to that point ? They must think they're a government or sumpthin'...