milton street bankruptcy

[wolverine0815]

From the looks of it this petition should be thrown out



Milton Street says he's bankrupt

By DAVE DAVIES
daviesd@phillynews.com

Although he's made more than $1 million since 2001 as a consultant for a company with a lucrative city contract, Mayor Street's brother, Milton, filed for federal bankruptcy protection Monday, citing business debts.

Milton Street filed for Chapter 7 bankruptcy, in which the applicant liquidates his assets and creditors accept whatever payment the debtor can muster.

Street's filing contained little information about his finances, and he declined to speak with this reporter yesterday about it.

"I'm not going to talk to you about this. You're always trashing me," he said in a brief phone conversation.

Street's bankruptcy petition listed his estimated assets at $50,000 or less and indicated he has $75,000 in debts.

Street listed no salary income, but estimated his business income at $900 a month, and said he receives $900 in "rent and other real property income."

Street listed his address in Moorestown, N.J., at a home he does not own.

He listed his business address as Penn's Landing, where he has conducted vending operations for several years. Street said in 2003 he has multiple sclerosis.

Although the nature of Milton Street's debts are unclear, several details of his business dealings have emerged in recent years:

• For roughly three years beginning in 2001, Street was paid $360,000 a year as a consultant by Philadelphia Airport Services, a firm whose only business was a $13-million-a-year city contract at the Philadelphia International Airport.

Although the nature of Street's services were never explained, he lobbied for the firm to get the contract in 2001, and was getting $30,000 a month from it when the city renewed its one-year contract three times.

• In September 2003, Street received $80,000 from Nguyen Thanh, a businessman who later sued him, claiming that Street had taken the money as part of a deal to get Thanh an airport contract he never received.

Though Street acknowledged having received the money, he disputed Thanh's account of the terms, and a federal judge dismissed Thanh's lawsuit.

• In June 2004, Street emerged as a player in the amphibious duck-boat business when Ride the Ducks claimed in a lawsuit that Street had threatened to get access to a disputed boat ramp "the hard way" for the rival Super Ducks.

Street denied having threatened anyone, and a judge made Super Ducks use a different ramp. Street described himself as a partner in Super Ducks, whose president is businessman Arnold Krawitz.

• Street has continued his street-vending business. The city named him minority partner with Festival Foods in managing vending at last summer's Live 8 concert.

And Street's long-running dispute with the Penn's Landing Corp. over concession fees and storage costs ended in June, when a judge found Street owed Penn's Landing $36,550, rather than the $100,000 it was seeking.

Street filed his bankruptcy petition himself, without legal representation.

[Talon1125]

Would some type of inquiry happen where all these thing would be brought to the surface?

[wolverine0815]

What kind of inquiry? IMO all he's doing is trying to delay any payments or loss of future business if Penns Landing Corp does sell his stuff in a sheriff's sale. I believe when you file for bankruptcy you are required to state ALL your assets and debts.

[Talon1125]

I just meant are they soley relying on what he discloses or do they do a formal audit type thing on his finances.

[SmartyColes]

From the Inquirer article about the Street bankruptcy...

So little information was provided that Terry P. Dershaw, the bankruptcy trustee appointed to the case, said yesterday: "It almost looks to me like it would be dismissed by the clerk's office... . It appeared to me that it [the petition] was inadequate."

I would assume Milton would be asked to re-file. From his standpoint, why not delay, delay, delay?!?

[Scoop0901]

Originally Posted by Talon1125

I just meant are they soley relying on what he discloses or do they do a formal audit type thing on his finances.

If they do a "formal audit type thing" on Miltie, they have to do it on everyone who files bankruptcy.

Now, on the other hand, some agency may take interest in Miltie because of the flaws in his filing, such as listing his home address "at a home he does not own." That may or may not be an important issue, depending, of course, if he actually lives at the address.

It's also interesting that "Street listed no salary income, but estimated his business income at $900 a month, and said he receives $900 in 'rent and other real property income.'"

[Marilyn]

Milton likes the ponies. Heh.

[SmartyColes]

Here's a not so surprising Inquirer story on our dear friend Milton. Seems he'll need to re-file...

T. Milton Street Sr.'s bankruptcy claim is dismissed


A judge has dismissed a bankruptcy claim filed Nov. 7 by Mayor Street's brother, T. Milton Street Sr.
The chief judge for U.S. Bankruptcy Court in Philadelphia, Diane W. Sigmund, said some of Street's documents were incomplete and others were missing from his filing. Sigmund also said it appeared that Street filed in the wrong court; Street lives in New Jersey but filed his claim in U.S. Bankruptcy Court for the Eastern District of Pennsylvania.

Street, a longtime food vendor in the city, filed his claim on the same day that vending equipment he stores at Penn's Landing was scheduled for a sheriff's sale.

Street owes the Penn's Landing Corp. $36,550 in license and storage fees for that equipment.

Marcia Gelbart

[mrtaglianetti]

God When Will It End. I Am Sick Of The "streets Of Philadelphia" Both Milton And John. Let's Make A Movie And Call It Just That:

"a Dead End", The Streets Of Philadelphia.

Whew, No Wonder Rick Mariano Considers Him A Friend And Mentor, They Sure Know How To Milk The System. And Then When It Doesn't Work They Can Always Play The Race Card. Mariano Tried It, But He Forgot Nobody Listens To That Anymore.

[jditty1]

Originally Posted by mrtaglianetti

God When Will It End. I Am Sick Of The "streets Of Philadelphia" Both Milton And John.

May as well get used to it. I have a feeling Mayor Krusty will soon be Senator Krusty.

THE STREETS OF PHILADELPHIA AIN'T GOIN' NOWHERE!!!!!