Date: 25 February 2003
Bankruptcy Court in Camden.
Bridgeton attorney John Casarow, the court-appointed trustee for R.D. King, said 20 creditors filed claims with the court. The firm's assets were sold on Jan. 9.
The bankruptcy means a freeze of at least two civil lawsuits against the company. Litigation against company President Richard D. King is proceeding, however.
Fleet National Bank filed suit against the company and King on Aug 7, 2002, in county Superior Court. The suit claimed that principal and interest on a 1996 loan were overdue.
On Jan. 27, Judge Michael Fisher granted a $138,848.87 judgment against King.
In addition, Woodstown National Bank filed suit against the company and King on Oct. 22, 2002.
Woodstown National is seeking repayment of the outstanding balance of a $50,000 loan issued to the company last August. Interest and legal costs have run the balance to $68,736.25, according to court papers.
Casarow said a first meeting of creditors was held Nov. 1. The court has not scheduled further action.
R.D. King operated from a leased facility at 2702 W. Main Road.
King, who resides in Fairfield Township, declined to comment through his lawyer.
Bridgeton attorney Terry Tucker said the downturn in the economy hurt the firm.
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