Newspaper article THE JOURNAL RECORD

Statement of Affairs Filed for Ann Linn / Lists Debts of $143.7 Million

Newspaper article THE JOURNAL RECORD

Statement of Affairs Filed for Ann Linn / Lists Debts of $143.7 Million

Article excerpt

financial affairs for Ann A. Linn was filed Monday in U.S. Bankruptcy Court in Oklahoma City, listing total debts of $143.7 million and total assets of $73.3 million.

Involuntary Chapter 7 liquidation proceedings were filed against Linn and her estranged husband, Oklahoma City attorney James P. Linn, on Feb. 3 by several banks. Ann Linn's bankruptcy case was converted from a Chapter 7 liquidation to a Chapter 11 reorganization on Feb. 24.

According to the financial statement, the total amount of debt owed to bank creditors with security is $105 million. The statement listed the security held by all the secured creditors as having a market value of $63.5 million.

Twelve unsecured creditors have combined claims of $37.3 million against Linn, according to the statement.

Linn is currently involved in 11 business partnerships, including four partnerships in oil and gas; Pelican Pete's Restaurant in Aurora, Co.; L & A Realty in Oklahoma City; Star Realty Fund-1972 in Oklahoma City; the Harvey Parkway Ltd. in Oklahoma City; Simmons Ltd., a coal partnership in Duncan; Cappucio Ltd., a retailer in Oklahoma City, and Vivanda Ltd., a musical recordings promotion business formed in Oklahoma City with Vic Damone and Al Evans.

Secured creditors listed on the financial statement are:

- Federal Deposit Insurance Corp., which holds stock in Cobra Drilling Inc. and a claim of $19.8 million.

- The FDIC also holds art valued at $450,000 and has a $384,231 claim.

- Seattle First National Bank, Seattle, which holds stock in Cobra Drilling and has a $9.7 million claim.

- Michigan National Bank in Farmington Hills, Mich., which holds security in oil and gas properties with a value of $1 million. The bank has a $5.27 million claim against Linn. …

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