Friday, October 13, 1989Creditors Set To Examine Assets Of KIDS programxx/xx/xx
Drug rehabilitation center has meeting today
Creditors will sort through the assets of bankrupt KIDS of El Paso Inc. during a meeting at the Federal Courthouse today, KIDS' lawyer *** said. KIDS of El Paso, a controversial rehabilitation program that filed for bankruptcy Oct. 16, has listed assets of $86,000, and debts of $225,000, according to U.S. District Court records. *** said when assets finally are distributed; creditors probably will be paid only a percentage of what they are owed. At least one creditor - and harsh critic of the program said he had not been told of the meeting. After being told of the 10:30 a.m. meeting, private investigator *** said he would be there. But, he added, when the KIDS of El Paso people saw him, the meeting might be canceled. *** said he hag helped about 20 disgruntled KIDS clients prepare a class action lawsuit against the center. The board of directors, including Chairman ***, ***, and ***, voted Oct. 4 to close the center and file for bankruptcy. ***, the spokesman for KIDS of El Paso, could not be reached for comment. Although court records show that KIDS may owe more than 500 companies and individuals, *** said the actual number probably is closer to 250. "They've listed people they feel will sue and anybody and everybody they could possibly owe money to," he said. "You can bet I'm showing up, though. I have a right to certain information. I want to get some answers."
Drug rehabilitation center has meeting today
Creditors will sort through the assets of bankrupt KIDS of El Paso Inc. during a meeting at the Federal Courthouse today, KIDS' lawyer *** said. KIDS of El Paso, a controversial rehabilitation program that filed for bankruptcy Oct. 16, has listed assets of $86,000, and debts of $225,000, according to U.S. District Court records. *** said when assets finally are distributed; creditors probably will be paid only a percentage of what they are owed. At least one creditor - and harsh critic of the program said he had not been told of the meeting. After being told of the 10:30 a.m. meeting, private investigator *** said he would be there. But, he added, when the KIDS of El Paso people saw him, the meeting might be canceled. *** said he hag helped about 20 disgruntled KIDS clients prepare a class action lawsuit against the center. The board of directors, including Chairman ***, ***, and ***, voted Oct. 4 to close the center and file for bankruptcy. ***, the spokesman for KIDS of El Paso, could not be reached for comment. Although court records show that KIDS may owe more than 500 companies and individuals, *** said the actual number probably is closer to 250. "They've listed people they feel will sue and anybody and everybody they could possibly owe money to," he said. "You can bet I'm showing up, though. I have a right to certain information. I want to get some answers."