by Associated Press
Published: Sun, July 12, 2009 - 2:33 pm CST
Last Updated: Sun, July 12, 2009 - 2:47 pm CST
MOBILE, Ala. (AP) - A bankruptcy judge has ordered a Lillian manto sell assets to repay debts to nearly 100 creditors across the
country.
Morris C. Sears, 63, had run ABBA Bonding from his home since
2001 despite being told twice by the state Insurance Department to
stop the construction bond business.
Sears had initially sought Chapter 11 bankruptcy protection
against what he says aren't legitimate claims.
U.S. Bankruptcy Judge Margaret Mahoney granted a creditor's
request to switch the case to Chapter 7, which forces asset
liquidation.
Sears sold bonds that are used in the construction industry to
ensure a project's completion.
Creditors he listed in court filings included the Internal
Revenue Service and the city of Mobile. He estimated his
liabilities at between $1 million and $10 million.
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