Newspaper article THE JOURNAL RECORD

Ex-Champion Officer Files Chapter 7/lists Debts of $8.3 Million

Newspaper article THE JOURNAL RECORD

Ex-Champion Officer Files Chapter 7/lists Debts of $8.3 Million

Article excerpt

J.C. Whorton Jr., former vice-president of Champion Reserve Corp. of Oklahoma City, filed for bankruptcy under Chapter 7 liqui dation in U.S. Bankruptcy Court in Oklahoma City Wednesday.

Of the total $8.3 million debts listed on the petition, $6.2 million are contingent unsecured claims based on guarantees of promissory notes to Champion Reserve.

Whorton guaranteed notes for Champion made by Bank of Oklahoma, Oklahoma City, CB Financial of Oklahoma City, Citizens National Bank and Trust Co. of Oklahoma City, CreditThrift of America in Oklahoma City, First National Bank of Cushing, Republic Bank of Oklahoma City and The Yukon National Bank.

The amounts owed to each bank, according to the petition, are Bank of Oklahoma, $53,822; CB Financial, $2.3 million; Citizens National Bank, $529,216; CreditThrift of America, unknown; First National Bank of Cushing, $1.4 million; Republic Bank, $701,800; Yukon National Bank, $1.2 million.

Whorton was named in a lawsuit initiated by Citizens National Bank and Trust Co. of Oklahoma City in April for promissory notes now claimed to be in default. That suit also named law partners Gene Stipe and Eddie Harper, who are shareholders of Champion Reserves and John C. Roberts, former president.

Whorton also listed a disputed debt of $1.7 million stemming from the Citizens lawsuit and an unknown amount for a pending lawsuit engaged by Hunt Energy Corp. of Oklahoma City against Champion Reserves.

Other unsecured claims include a $2,500 loan from Associates Financial Services in Edmond; a $24,000 loan from Union Bank & Trust Co. of Oklahoma City and a $27,000 loan from United Del City Bank. The remaining debt is comprised of open accounts to department stores and for bank credit card accounts. …

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