alandenisefields
08-05-2005, 06:00 PM
Hi folks: More documents were filed in the DBS bankruptcy case and now we have a fuller view of the case.
First, if you need to file a claim in the bankruptcy, write to:
Bankruptcy Clerk Office
Baltimore Division
101 West Lombard St #8303
Baltimore, MD 21201
Reference case number: 05-26182-DK for DBS; 05-26179-DK for Martins.
Trustee: Joel Sher, 410-385-4278.
In a recent filing with the court, DBS revealed their 2003 gross sales were $1.4 million (no figure were available for 2004). DBS reports assets of just $46,610---this is in a bank account the company set up to hold deposits of brides who sent money in after June 15.
DBS reports liabilities of $1.106 million. Of that, $22,808 is deposits from those brides who ordered after June 15. The balance is all other brides and former DBS dealers, who are owned a total of $1 million. This list of creditors runs 387 pages (about 1500 folks).
Meanwhile, Martins Bridal (DBS Baltimore shop) reported liabilities of $1.248 million. Martins biggest creditors were DBS/Martins gown suppliers: Alfred Angelo (owed $99,617), Levkoff ($104,000), Dessy ($111,000), Jordan ($107,807), Jacquelin ($52,000) Mori Lee ($74,208). Some of gowns were ordered through a third company called Bridal Connection (owned by DBS and Martins). Debtors of this company include Mon Cheri ($30,252).
Martins reported that it still had 564 bridal gowns and 1143 bridesmaids dresses (among other inventory) in stock as of the closing. This is valued at $120,000.
What does this all mean? Given the very small assets of $46,000 (DBS bank account), there will be little or no money to pay back customers. It is possible the "secured" creditors (those brides who ordered after June 15) and DBS dealers/employees may see a small part of their claims paid. But odds are, there will be little or nothing left over.
The assets of Martins ($120,000) will probably go to pay the bridal designers, who may see 10 cents on the dollar.
The next step is a meeting of creditors August 25 at 10am at 300 W. Pratt, #375 Baltimore, MD 21201.
That's the news,
alan & denise
authors
First, if you need to file a claim in the bankruptcy, write to:
Bankruptcy Clerk Office
Baltimore Division
101 West Lombard St #8303
Baltimore, MD 21201
Reference case number: 05-26182-DK for DBS; 05-26179-DK for Martins.
Trustee: Joel Sher, 410-385-4278.
In a recent filing with the court, DBS revealed their 2003 gross sales were $1.4 million (no figure were available for 2004). DBS reports assets of just $46,610---this is in a bank account the company set up to hold deposits of brides who sent money in after June 15.
DBS reports liabilities of $1.106 million. Of that, $22,808 is deposits from those brides who ordered after June 15. The balance is all other brides and former DBS dealers, who are owned a total of $1 million. This list of creditors runs 387 pages (about 1500 folks).
Meanwhile, Martins Bridal (DBS Baltimore shop) reported liabilities of $1.248 million. Martins biggest creditors were DBS/Martins gown suppliers: Alfred Angelo (owed $99,617), Levkoff ($104,000), Dessy ($111,000), Jordan ($107,807), Jacquelin ($52,000) Mori Lee ($74,208). Some of gowns were ordered through a third company called Bridal Connection (owned by DBS and Martins). Debtors of this company include Mon Cheri ($30,252).
Martins reported that it still had 564 bridal gowns and 1143 bridesmaids dresses (among other inventory) in stock as of the closing. This is valued at $120,000.
What does this all mean? Given the very small assets of $46,000 (DBS bank account), there will be little or no money to pay back customers. It is possible the "secured" creditors (those brides who ordered after June 15) and DBS dealers/employees may see a small part of their claims paid. But odds are, there will be little or nothing left over.
The assets of Martins ($120,000) will probably go to pay the bridal designers, who may see 10 cents on the dollar.
The next step is a meeting of creditors August 25 at 10am at 300 W. Pratt, #375 Baltimore, MD 21201.
That's the news,
alan & denise
authors