Crain's Detroit Business, May 20th, 1996
Warren-based F&M Distributors Inc. has proposed a liquidation plan in U.S. Bankruptcy Court that probably will pay 3 cents on the dollar or less to unsecured creditors.
Meanwhile, F&M's senior managers and board members are fighting off a federal lawsuit alleging the board knew F&M was headed for trouble when the company sold $75 million in notes in August 1993.
F&M's disclosure statement and liquidation plan, filed May 3 with the Bankruptcy Court, contains blank spaces in tables indicating the amounts that would be available to various classes of creditors.
George Davis, an associate at ...
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