October 10, 2007
Oxford Homes asks court to throw out case
Oxford Homes has asked the United States Bankruptcy Court in Portland to dismiss a petition by nine creditors to force the company to liquidate and hand over more than $300,000 in unpaid claims, the Sun Journal reported.
Oxford Homes' Attorney Stephen Cope has asked the court to throw out the case, arguing that the petitioning creditors are under the misconception that the bankruptcy filing will produce money for them, the Sun Journal reported. Instead, a bankruptcy would eat up a substantial portion of available funds and delay distribution, Cope stated in court documents.
In August, the manufactured home business in Oxford sold its assets and some of its $1.4 million debt to Eco-Building Systems LLC, according to the paper. The purchase price was $300,000 in cash, plus equipment leases, installment loans, current contracts and Oxford Homes' tax obligation.
Oxford Homes' Attorney Stephen Cope has asked the court to throw out the case, arguing that the petitioning creditors are under the misconception that the bankruptcy filing will produce money for them, the Sun Journal reported. Instead, a bankruptcy would eat up a substantial portion of available funds and delay distribution, Cope stated in court documents.
In August, the manufactured home business in Oxford sold its assets and some of its $1.4 million debt to Eco-Building Systems LLC, according to the paper. The purchase price was $300,000 in cash, plus equipment leases, installment loans, current contracts and Oxford Homes' tax obligation.
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