In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than $380,000 and had approximately $550 in the partnership bank account. Should the petition for involuntary bankruptcy be granted?
2007-03-18 00:15:19 · 3 answers · asked by help 1 in Business & Finance ➔ Renting & Real Estate
I want to find out where you intend to practice. I don't want you as a lawyer. Do your own work.
How lawyers are you expecting to find here that could answer your question?
2007-03-18 05:18:21 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
For financial and credit subject I was search for solutions at this site: SAVE-FINDER.NET-
RE I need help understanding bankruptcy law with a partnership HELP?
In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than $380,000 and had approximately $550 in the partnership bank account. Should the petition for involuntary bankruptcy be granted?
2014-10-09 18:54:06 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Doesn't this sound like a law school question?
And when was the case filed?
And what is your interest in this case?
Shouldn't you be doing your own homework??
2007-03-18 21:57:05 · answer #3 · answered by DLeibowitz 5 · 0⤊ 0⤋