BUSS255 IP & DB 5 - Assignment Type: Individual Project...

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Assignment Type: Individual Project Deliverable Length: 1-2 pages Points Possible: 130 Due Date: 7/11/2010 11:59:59 PM CT Consider the following cases on Bankruptcy and Reorganization. I Petition In March 1988, Daniel E. Beren, John M. Elliot, and Edward, F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $200,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 Bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than $380,000 and had approximately $550 in the partnership bank account. Should the petition for involuntary bankruptcy be granted? Explain.
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This note was uploaded on 07/28/2010 for the course BUSA 3234902233 taught by Professor Dr.jean during the Spring '10 term at Acton School of Business.

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BUSS255 IP & DB 5 - Assignment Type: Individual Project...

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