Sunday, February 25, 2001

Wilkinson seeks court extension

The Associated Press

        LEXINGTON — Former Gov. Wallace Wilkinson has filed papers in U.S. Bankruptcy Court that indicate his companies might be following him into bankruptcy reorganization.

        In asking for an extension of time to file lists of his assets and debts, a motion filed by Mr. Wilkinson said he and his staff “have been almost entirely occupied with negotiations to preserve the value of the companies owned by the debtor and to prepare for their Chapter 11 filings in the event such action is required.”

        Mr. Wilkinson owns or controls Wallace's Bookstores Inc., Wallace's Book Co. Inc., Wilkinson Flying Service, the 2,200-acre Wilkinson Farms in Mercer County, plus companies that own warehouses, office buildings, apartments and undeveloped land in Lexington.

        Mr. Wilkinson was scheduled to disclose the value of his assets Thursday, but he is now asking the court to extend the deadline until March 30. Judge William S. Howard will hear the motion on Tuesday.

        Mr. Wilkinson has disclosed business debts totaling nearly $340 million.


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