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withdrawn by the end of the summer,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.
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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.
I Saturday, May 6
10:59 a.nt. - Hubcap reported
stolen from automobile in Area
1,17th and R streets, $40.
3 p.m. - Automobile reported
damage during attempted lar
ceny in Area 10, 19th and R
streets, $45.
8:12 p.m. - Window reported
broken in Cather Hall, $160.
8:32 p.m. - Window reported
broken in Cather Hall, $110.
11:43 p.m. - Side-view mirror
reported broken on automobile
in Area 2,21st and Vine streets,
$50.
11:44 p.m. - Scat cushion re
ported vandalized in Harper
Hall, $50. ,
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