Creditors seek repayment from bankrupt oil company
Former customers of a bankrupt Augusta oil company attended a hearing yesterday in an attempt to recoup money they spent on heating fuel that was never delivered. The hearing was related to Pinkham's Corner Fuel, which declared bankruptcy in April.
Michael Haenn, a U.S. Bankruptcy Court trustee, said some creditors will receive between one cent and the full value of each dollar owed to them by David Pinkham, according to the Kennebec Journal. However, customers who pre-paid for oil that was never delivered were unlikely to get much if any money returned to them. At the hearing, Pinkham detailed his and his company's remaining assets, including eight vehicles, a hunting cabin and about 60 propane tanks leased to homeowners, worth $30,000. The assets are expected to be sold and distributed to creditors.
According to the bankruptcy filing, the business' gross income dropped from $846,000 in 2009 to $70,000 by the beginning of 2012, the paper reported.
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