RICHMOND, VA (WWBT) - To sort out what Richard Reynold's has in assets and his unpaid debts, creditors are near and far. It's doubtful they all will get paid. Thermo-Press/Norvell Awning Corporation is listing $148,000 in assets and $1.4 million in liabilities.
Big names and big numbers. A six page list of creditors and Richard Reynolds, himself claims the biggest loss. A business investment of $399,000. Outside U.S. Bankruptcy Court, only two words were spoken, by Reynold's lawyer.
Inside court, the heir to the Reynolds family foil fortune said he worked hard to take care of the company's financial obligations. Filing bankruptcy, Reynolds said, was in the best interest of the creditors.
"Here we are $15,000 in the hole," said Barret Leipertz, Leipertz Construction. "I ended up hiring another awning contractor."
Leipertz Construction is one of many individuals and business owners who called 12 for help. We got the job completed for some before Norvell Awning went belly up. Today, some of those creditors got to grill the man they blame for taking their money and giving them nothing in return.
The bankrupt company owes thousands in taxes. Reynolds said 2005, was the last year the business filed a tax return. Sam Moore's, Club Velvet is seeking $18,000 for incomplete work.
According to court documents, the estimated number of creditors is 50 to 99. Estimated assets between $100,000 to $500,000: estimated liabilities, $1 million to $10 million.
Today's, hearing was unusual. The court normally handles 10 cases, an hour. But, today, it was exclusively, Richard Reynolds. The next meeting is August 31 at 3 p.m.