Ann M. Lassiter and Estate of Henry A. Lassiter - Page 3




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          Mr. Lassiter’s estate, filed a joint Federal income tax return              
          for 1994.  She resided in Georgia when she filed the petition               
          with this Court.  The record does not disclose where Mr. Lassiter           
          resided when he died.                                                       
               Mr. Lassiter built a substantial net worth buying and                  
          selling timberland and other realty.  He had interests in a                 
          number of corporate and noncorporate entities dealing in real               
          estate, including Lassiter Properties, Inc. (LPI), an S                     
          corporation in which he was the sole shareholder.  He financed              
          his real estate purchases through bank loans.  In 1989, because             
          of a downturn in the economy, many banks tightened their lending            
          policies and refused to renew his loans.                                    
               Mr. Lassiter was unable to repay his debts on time, and, on            
          November 4, 1991, he filed in the Northern District of Georgia an           
          individual bankruptcy petition under chapter 11 of the Bankruptcy           
          Code (Chapter 11).  Separate Chapter 11 bankruptcy petitions were           
          also filed at that time for LPI, Ansley Development Corp.                   
          (Ansley), and Little Henry’s Food Stores, Inc. (Henry’s)                    
          (Henry’s, Ansley, LPI, and Mr. Lassiter are collectively referred           
          to as the debtors).  Mr. Lassiter had a 50-percent interest in              
          Ansley, and he was the sole shareholder of Henry’s.                         
               The Bankruptcy Court never consolidated the four separate              
          bankruptcy cases but allowed the debtors to file a single plan of           
          reorganization.  The debtors filed a joint plan of reorganization           






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