Creditors' Meeting Set in Times' Bankruptcy
by Ron Mitchell
Date Posted: 9/24/2012 12:52:25 PM
Last Updated: 9/25/2012 8:29:48 PM
A meeting is scheduled in Lexington Oct. 16 for creditors of Thoroughbred Times Company Inc., which filed for Chapter 7 bankruptcy protection Sept. 14 and ceased operations of the Thoroughbred magazine and website.
According to the notice sent to creditors, the meeting will take place at 1:20 p.m. Oct. 16 at Community Trust Bank Building at 100 E. Vine Street in Lexington.
The sudden bankruptcy filing and closing of Thoroughbred Times by owner Norman Ridker left the company's 27 employees without jobs. The filing, in which Ridker is seeking to dissolve the company and sell its assets, listed $5.3 million in liabilities and just under $1 million in assets.
BowTie Inc., a publishing company owned by Ridker, is listed as being owed $2.48 million and Ridker personally is owed $1.9 million, according to the bankruptcy filing. Also, an Irvine, Calif., company called Global Distribution Services is owed $418,020, according to the filing. Global is a division of BowTie Inc., and Ridker is listed as part of the company's management team.
Among the Thoroughbred Times Co. assets are $883,661 in accounts receivable, according to the filing.
J. James Rogan of Danville, Ky., has been named bankruptcy trustee in the case.
The notice to creditors about the Oct. 16 meeting notes "the debtor's representative must be present at the meeting to be questioned under oath by the trustee and by creditors. Creditors are welcome to attend, but are not required to do so."
The notice also instructs creditors not to file a proof of claim at this time, noting, "There does not appear to be any property available to the trustee to pay creditors. If it later appears that assets are available to pay creditors, you will be sent another notice telling you that you may file a proof of claim, and telling you the deadline for filing your proof of claim."
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