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About The daily Nebraskan. ([Lincoln, Neb.) 1901-current | View Entire Issue (May 8, 1989)
Towing service’s bankruptcy resolved By Pat Dinslage Staff Reporter A financial problem that led Pete’s Truck Service, Inc. to file for Chapter 11 bankruptcy February 17 “has been resolved,’’ and all pay ments to creditors are up to date, said owner Pete Sweinimer. Pete’s is a Lincoln towing service used by the University of Nebraska Lincoln. An agreement has been reached between Pete’s, Havelock Bank of Lincoln and their attorneys, Sweini mer said. Havelock Bank is one of two major creditors listed in the bankruptcy petition. The bankruptcy petition should be withdrawn by the end of the summer, Sweinimer said. “Havelock is satisfied with the agreement and I don’t foresee any problems,’’ he said. A Chapter 11 bankruptcy is when a business has assets and is seeking “time to make payments to credi tors,” said Diane Zcch, deputy-in chargc of the clerk’s office at the Federal Bankruptcy Court. Very few businesses that file Chapter 11 bankruptcies liquidate. They usually stay in business, pay creditors and meet their obligations, Zech said. The bankruptcy petition, filed with the federal bankruptcy court in Lincoln, listed Don Peterson & Asso ciates, insurance agents for Pete’s, and Havelock Bank as the two major creditors. Total claims filed in the petition amounted to almost $444,000, against assets of about $564,000. Don Peterson & Associates is listed as an unsecured creditor with a claim of about $36,000 for insurance. An unsecured creditor is one whose loan is not backed up by tangible physical property, such as tow trucks or furniture. Swcinimcr said a large portion of the premium due to Don Peterson & Associates was for additional cover age and estimated premiums. Pete’s is insured by Aetna Casu alty & Surety through Don Peterson & Associates. Insurance coverage never lapsed and was never in danger of lapsing, Swcinimcr said. Premiums paid by the business run in excess of $50,000 annually, he said. “We’re covered 100 percent by insurance. The state (of Nebraska) won’t let us operate without it . . . besides, it’s not good business,’’ Sweinimer said. Havelock Bank is listed as the maior secured creditor, with a claim of $320,406 on furniture, machinery and trucks. Sweinimer said a major problem with the bank prompted Pete’s to file Chapter 11 bankruptcy. Sweinimer would not say what the problem was. Sweinimer said that “in the last five or six years, (filing) Chapter 11 is not uncommon.’’ “All creditors were notified by me personally ... all people that needed to know, knew,’’ he said. Less than three out of more than 24 creditors have since refused to extend credit, Sweinimer said. “I haven’t lost any business, in fact I've gained business,’’ he said. In addition to providing towing service for UNL, Pete’s also works with the city of Lincoln, Lincoln Electric System and the state patrol. Pete’s also will tow cars from 48 states to Nebraska, Sweinimer said. "Good friends don't let good friends smoke cigarettes." lurry Hogman Cigarettes aren't good for your friends Adopt a friend who smokes and help em quit today You II both be glad tomorrow ^AMERICAN CANCER SOCIETY * • Beginning midnight Friday, May 5 7:49 a.m. - Small fire reported I next to dumpster in an alley off of 18th street betw een R and Q streets. One individual arrested. 9:37 a.m. - Paint reported | sprayed on walls in Richards Hall basement, $50. 9:48 a.m. - Paint on automo bile reported scratched, $100. 10:26 a.m. ~ Backpack re ported stolen from automobile in Area 22, 10th and Vine streets, $47. 11:26 a.m. - Four trees re ported vandalized on Vine Street at comers of 16th and 17th streets. 12:38 p.m. — Bicycle reported stolen from Andrews Hall bike rack, $1100. 12:52 p.m. - Cattle horns re ported stolen from vehicle at 1510 Vine St, $100. 1:30 p.m. - Bookbag, books and calculator reported stolen from Abel Hall food service, $155. Bookbag recovered. 3:46 p.m. - Bookbag reported stolen from University Book store, $45. * 4:34 p.m. - Purse reported sto len from Burnett Hall, $25. 10:19 p.m. - Woman may have ; suffered stroke at married stu dent housing, 4300 Holdrege ; St !0:23 p.m. - Citizens band an tenna reported stolen from automobile in Area 3, near Harper Hall. $30. 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