- 5 - Toberman, and that as of the end of 1992, the corporation owed petitioner $457,072. Bankruptcy Proceeding In 1990, petitioner filed for relief under chapter 11 of the United States Bankruptcy Code. On May 21, 1991, petitioner’s bankruptcy case was dismissed for petitioner’s failure to file a disclosure statement and plan of reorganization as directed by the United States Bankruptcy Court. Judgments Against Petitioner Before 1993, a number of judgments were entered against petitioner in favor of various creditors. IRS Collection Information Statement In 1993, petitioner submitted to the Internal Revenue Service (IRS) Form 433-A, Collection Information Statement for Individuals (CIS), signed and verified by petitioner on March 3, 1993, as true, correct, and complete. On the CIS, petitioner reported that he had a net worth of approximately $389,650.7 On the CIS, petitioner reported no outstanding loans from either Bonnevista or Castle Towers. On the CIS, petitioner disclosed neither his ownership interests in Fantastic Foods nor any receivables from Fantastic Foods (Delaware). Petitioner reported 7 The Collection Information Statement for Individuals (CIS) indicates that as of Mar. 3, 1993, petitioner had assets comprising $50 cash and real estate worth $850,000 (subject to encumbrances of $460,000), and had $400 of credit card debts.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011