LEXINGTON — Former Gov. Wallace Wilkinson will seek bankruptcy protection to reorganize his finances after creditors, who claim he owes them more than $300 million, sought to have his financial empire liquidated, his attorneys said.

        Federal Bankruptcy Judge William S. Howard gave Mr. Wilkinson until the close of business today to file his petition for bankruptcy or he said he would grant the request for Mr. Wilkinson's holdings to be carved up and sold.

        Attorney Robert Sable, who represents The United Co., which claims Mr. Wilkinson owes it $108 million alone, said there are at least 20 to 25 creditors. He told Judge Howard the debt is well over $300 million.

        “We can't get information from this debtor and we don't know where the money is,” Mr. Sable said.

        Attorney Robert Brown acknowledged Mr. Wilkinson has some financial problems, but said the request for a forced liquidation was unnecessary. Mr. Brown hinted that outside forces are trying to break up Mr. Wilkinson's financial holdings.

        “Someone has a motive to drive the value of this company down,” Mr. Brown said during a hearing before Judge Howard.

        Mr. Wilkinson's main businesses involve college textbooks and ownership of at least 63 college bookstores. He is also a commercial real estate developer and has owned community banks, an airplane rental service and a large farm in Mercer County.

        The nine creditors named in the petition include longtime Wilkinson business associates George Valassis of Delray Beach, Fla.; Lexington banker Elmer Whitaker; Hazard banker L.D. Gorman; and Louisville developer James Patterson.

        The motion also names Milo Bryant, a Louisville businessman and former state transportation secretary during Mr. Wilkinson's administration from 1987-91.

        Messrs. Bryant, Valassis, Whitaker, Gorman, Patterson and James W. McGlothlin, chief executive of The United Co. — the creditor with the largest loan to Mr. Wilkinson — were named in 1999 as investors in ecampus.com

        There have been reports the online college book company has not performed to expectations.

        The petition said Mr. Wilkinson borrowed vast sums on the pretense of buying textbooks to be resold for large profits. “To the contrary, for at least the last year and one-half, it would appear that Mr. Wilkinson has taken 10s of millions of dollars out of the businesses, while increasing personal borrowings,” the petition said.

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