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Tuesday, 04 March 2008 16:14

FOX Bankruptcy Hearing Suggests Uncertainty and Fuzzy Accounting

Todd Fox, who abandoned his 18 Fox Collision Repair shops in October 2007, filed for bankruptcy last month, claiming more than $7 million in debts but $4 million in assets. Fox appeared as required by law at a U.S. Trustee's office with bankruptcy attorney, Ed Nazar. Fox outlined plans to sell the company's equipment, real estate and vehicles to pay a list of creditors reported to be 100 pages long.         

    Fox appeared to have little firm command of the financial records. He noted that Nazar and Fox are blocked from using the company's financial software due to nonpayment to the original software vendor.  Fox used frequent approximations, estimates, and guesses in addressing the trustee's questions about the financial condition of Fox Collision. Attorney Nazar cited lack of company's business records, made more difficult by the months long delay in filing for bankruptcy protection.

Some former Fox employees. Nazar said, will be paid for two weeks owed in wages. He indicated that a complete inventory of the company's assets is not available but some Oklahoma assets have been stolen by break-ins. [Source: Bill Wilson, The Wichita Eagle]

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