- 3 - 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 reorganizationPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011