Monday, April 17, 2006

GT Smog Pro and GT Pitstop Files Chapter 7

Bankruptcies have been filed in Federal Bankruptcy Court Branch in Riverside.
Yasin, Ashraf A., DBA as GT Pitstop, DBA Smog Pros
Files for Chapter 7 .

Chapter 7 is known as Straight Bankruptcy. A potion of the debtors assist is liquidated and distributed amongst creditors by court appointed trustee to satisfy debts. Assets are listed at $ 11,343, and debt of $90,637 the case number 06-10651.

This is related to the Town Center Development. This will cost us in one way or another. It can be in the form of raised prices, or a directly traceable cost to the Redevelopment Agency as their action contribute to the business's cash flow. Is this part of the fancy accounting provided by Jacobsen Family Holdings? This chapter is yet to be fully understood.