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