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Article: The Palm Beach Post, Fla., Business Briefs Column.
- Article from:
- The Palm Beach Post (West Palm Beach, FL)
- Article date:
- June 28, 2002
CopyrightCOPYRIGHT 2002 The Palm Beach Post. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jun. 28--PALM BEACH, Fla.--GOSMAN TURNS TO CHAPTER 7: Former health care magnate Abe Gosman converted his Chapter 11 bankruptcy case to Chapter 7 this week.
A portion of Gosman's assets now will be liquidated and distributed by a court-appointed trustee to satisfy his debts. Under Chapter 11, Gosman was working with a creditors committee to sell assets and pay off creditors.
Gosman and the committee could not agree on a reorganization plan. U.S. Bankruptcy Judge Paul Hyman ruled that Gosman had to give all of his exempt assets to creditors if he wanted to reorganize under Chapter 11.
"He felt he had no choice but to convert to Chapter 7," ...