July 21, 2014
: MediaTakeOut.com learned that Real Housewives of Atlanta star Cynthia Bailey’s husband Peter Thomas’ Atlanta bar filed for bankruptcy last year … stating he owed over 322k to various creditors. You’ll recall that he has
Thomas — who owns Bar One — filed for Chapter 11 last year claiming he has assets totaling 61k and liabilities totaling 322k. The bar owed 118k in state taxes, 32k to the IRS, 60k to Peter Thomas for money he spent on the establishment and various other debts
According to the docs …. Cynthia loaned Peter 60k for the bar and he repaid her in late 2012. However, she then gave him 40k back a year later to help him once again.
In the docs … Thomas notes that his restaurant is still open but he hasn’t paid all his bills for the month. He made only $1,500 in October 2013 … but his expenses were close to 100k
Then in September …. the trustee filed docs asking for the Chapter 11 to be dismissed. The docs stated that Bar One, “is unable to pay its bills as they come due. Since the petition date, Debtor has accrued $61,817.55 in post-petition payables. Debtor’s post-petition, past-due payables include $17,339.09 owed to the Georgia Department of Revenue for Debtor’s tax obligations.
Further, “Debtor has no apparent ability to generate sufficient cash flow post-petition, the Court is authorized to find that Debtor is experiencing a continuing loss to. . . the estate within the meaning of 11”
The judge in the case then sided with the trustee and granted the motion to dismiss. The case was officially closed in January … without any of the bar’s debt being wiped clean.
This is a MediaTakeOut.com EXCLUSIVE report. You MUST credit us if you use it. Failure to do so is PLAGIARISM.