The latest big-time Asheville bankruptcy filing comes today, with philanthropist and business owner Joe Kimmel filing for both personal bankruptcy and bankruptcy for his business, a head-hunting firm for the construction industry.
Both bankruptcies are for Chapter 11 reorganization. Here’s how Chapter 11 works.
Kimmel has been quite the success story, employing lots of people in Asheville and known for supporting great local causes. (He was also known in the past to throw quite the Christmas party.) But with the sour economy especially taking its toll, especially on the construction industry, it appears that Kimmel has not been immune to the downturn.
The Asheville Citizen-Times reports:
Kimmel & Associates, an executive search firm focused on the construction industry, said in a statement that it will stay in business and that none of its 90 employees will lose their jobs.
In his personal bankruptcy filing, Asheville resident Joe Kimmel and his wife, Cynthia, said they had $7.2 million in assets and $15.8 million in liabilities.
The corporate filing says that Kimmel & Associates has $2.1 million in assets and $7.2 million in liabilities.
Kimmel & Associates said in an announcement that the corporate filing will help “with the establishment of the new business model required by the current and projected future economic environment.”
Once again, another local successful business person has been forced to turn to bankruptcy to salvage his finances. To reiterate: this information is public information; and this is relevant, legitimate news. I feel obligated to note this since many of you savaged me for recently for posting other local bankruptcy filings.
Click here to read the bankruptcy filing paperwork for Joe W. Kimmel and Cynthia C. Kimmel.
Click here to read the bankruptcy filing paperwork for Kimmel and Fredericks International Inc.
2 Comments
Ash, I like to know these things as well. My only comment. If Kimmel was so successful why is he filing bankruptcy. Looks to me like he over spent just like a lot of fat cats.
I, for one appreciate the focus on local business news. Even when it’s not "good" news, it is relevant to our community, and becoming increasingly difficult to find in the mainstream media. Keep up the good work, Ash.