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Show Grove Finance Company Files Petition For Relief J It has been more than six months ince Grove Finance Company filed s voluntary petition for relief under tie provisions of Chapter 11 of the 'Sankruptcy Code in U.S. District lourt, according to a report prepared y the trustee, W. LaMonte Robison. Continual attempts have been made wing this period to gather the ebtor's assets, to collect receivables, 1 ollect and reconstruct the books and I ecords and check claims filed to see iat they are proper and allowable. Sitobison said that the books and ords, at this date, have constituted r ' the largest problem in the administration ad-ministration of the case, since they were not maintained in accordance with sound accounting principles. A number of lawsuits have been filed against the principals of the company in the Bankruptcy Court, to restore to the company assets which appear to have been improperly transferred, the trustee reports. Claims are frequently disputed and must be established in court. Trial . has been scheduled to commence Oct. 5, 1981, Robison said. . Pre-trial hearings have been set during May, June, and July. Both S. Hal Haycock and his wife have also filed a Chapter 11 proceeding in the same court. Notwithstanding Not-withstanding that filing, the court has granted permission to the trustee to proceed against the Haycocks in the Grove Finance case. Robison mentioned men-tioned that most of the real estate which is claimed as Grove Finance Company assets is also claimed as the personal assets of Haycock. These disputes are expected to be settled in the trial. Haycock shows liabilities of $2,843,875 against assets of $1,954,660 in his filing. "Preliminary schedules of assets and liabilities have been filed and are available for inspection either in my office or in the office of the clerk of the court," Robison said. Mr. Lorin F. Wheelwright, chairman chair-man of the creditor's committee said, "If the winds of good fortune blow our way, it is possible that the new investors, in-vestors, the present creditors and hopefully the Haycock family could all benefit. This is the most optimistic view I can take at this time. ' ' |