Federal bankruptcy Judge Stephen Raslavich has ordered Germantown Settlement to liquidate its assests following a change in bankruptcy filing. Raslavich today changed the 125-year-old Settlement’s bankruptcy status from Chapter 11 to Chapter 7.
Settlement will now have to sell its assets, reports Germantown/West Oak Lane NewsWorks Editor Patrick Cobbs. Pat was in the courtroom today when the ruling came down.
Raslavich told the court that he felt if he didn’t force Settlement to liquidate, he’d be leaving president Emmanuel Freeman with a functioning organization, something Raslavich likened to “leaving a fox in a hen house if I left Mr. Freeman to go about his way in charge of the entity.”
Irv Ackelsberg, a lawyer for Germantown Community Connection, told Pat the ruling bodes well for community groups who will now have access to resources that Settlement once dominated.
Pat will have more on the story when he returns from the courthouse.