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Wednesday, February 14, 2001

Ex-governor's creditors listed


Wilkinson's debt exceeds $339 million

The Associated Press

        LEXINGTON — A trust affiliated with the estate of the late cowboy actor Gene Autry is among former Gov. Wallace Wilkinson's largest unsecured creditors.

        Mr. Wilkinson named the 20 largest unsecured creditors in papers filed Monday in U.S. Bankruptcy Court in Lexington.

        The Autry Qualified Trust in Studio City, Calif., was listed for a $3 million loan.

CREDITORS
    Wallace G. Wilkinson's 20 largest unsecured creditors — ranked from highest to lowest amounts — are:
    1. George F. Valassis, Deerfield, Ill., $77 million
    2. R. David Thomas, Dublin, Ohio, $25.5 million
    3. The L.D. Group, Hazard, $17.5 million
    4. Elmer Whitaker, Lexington, $15 million
    5. Libra Group, Kinston, N.C., $13.55 million
    6. Ayrshire Resources LLC, Louisville, $11 million
    7. Black Gold Holdings II LLC, Hazard, $10.5 million
    8. KDR Capital Corp., Dublin, Ohio, $9.5 million
    9. L.D. Gorman, Hazard, $8.5 million
    10. Martin McInerney, Southfield, Mich., $8 million
    11. James A. Patterson, Louisville, $5 million
    12. Leonard Lawson, Lexington, $5 million
    13. William G. Porter, Shepardsville, $4.5 million
    14. Sandra Valassis, Deerfield, Ill., $4 million
    15. Richard D. Thurman, Louisville, $3 million
    16. Citizens Bank & Trust, Hazard, $3 million
    17. Autry Qualified Trust, Studio City, Calif., $3 million
    18. The M&M Group, Hazard, $2 million
    19. James H. Frazier III, Lexington, $1 million
    20. Kelly Coffey, Danville, $1 million
        Most of the other creditors were longtime business associates, but some — including Hazard businessman L.D. Gorman and Wendy's Restaurants founder R. David Thomas — appear to have loaned Mr. Wilkinson a lot more money, directly or indirectly, than previously disclosed.

        According to the filing, Gorman and four related entities — Black Gold Holding II LLC, The L.D. Group, The M&M Group and Citizens Bank & Trust of Hazard — are owed a total of $41.5 million, including $8.5 million to Gorman personally.

        Mr. Wilkinson owes Mr. Thomas $25.5 million, but Mr. Thomas' company, RDT Inc. in Dublin, Ohio, is also the agent for KDR Capital Corp. in Dublin, which loaned Mr. Wilkinson an additional $9.5 million.

        Another investor, William G. Porter, a retired commercial hardware manufacturer from Mount Washington, Ky., said in an interview that his first loan to Mr. Wilkinson was several years ago and the loan — now totaling $4.5 million — has been renewed several times. “It's not delinquent, but the way it looks it will be,” Mr. Porter said.

        His daughter, Danville businesswoman Kelly Coffey, is also owed $1 million by Mr. Wilkinson.

        In his filing, Mr. Wilkinson, 59, said he owes the 20 a total of $227.55 million, although all but $104.55 million of the total was disclosed last week by nine credi tors when they forced Mr. Wilkinson to seek bankruptcy court protection. The nine said he owed them $234.9 million but that his actual debt was “well in excess of $300 million.”

        The filing brings the total of his known debt to $339.45 million and hints there could be much more. On the bankruptcy form, Mr. Wilkinson checked a box indicating that he has 55 to 99 creditors — two to four times the number identified so far.

       
   



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