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hereby ordered to prepare and file the required schedules no
later than fifteen (15) days from the date of this entry."
On March 30, 1992, an attorney was appointed as trustee in
bankruptcy. Several days later, on April 3, 1992, the bankruptcy
trustee was authorized to operate New Manchester's steel
business. Throughout the course of the aforementioned bankruptcy
proceeding, the trustee filed periodic reports with the
bankruptcy court on the state of the assets, receipts, and
disbursements.
On May 4, 1992, a schedule of assets and liabilities for New
Manchester, with a statement of financial affairs attached, was
filed with the bankruptcy court. The Chief Financial Officer for
New Manchester signed the schedule under penalties of perjury.
New Manchester's assets of real and personal property were worth
$9,241,153. The steel company also held intangible assets,
valued at $3,991,457, such as the trade name, customer lists, and
a noncompetition agreement. New Manchester's liabilities
comprised $19,681,047, $57,310, and $10,622,312, segregated
between creditors holding secured claims, creditors holding
unsecured priority claims, and creditors holding unsecured
nonpriority claims, respectively, for a total liability of
$30,360,669.
On July 29, 1992, the bankruptcy court ordered certain
claims to be satisfied. Pursuant to this order, NMB was paid
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