Book Value in Financial Statements Not Materially False Though Company Has No Market Value

Business Valuation UpdateVol. 10 No. 4
Legal and Court Case Update
April 2004

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1542 General Contractors-Nonresidential Buildings, Other than Industrial Buildings and Warehouses
236220 Commercial and Institutional Building Construction
bankruptcy
bankruptcy
In re Bartomeli
2004 Bankr. LEXIS 9
January 5, 2004
US
Federal Court
Connecticut
United States Bankruptcy Court
Robert M. Barrack
Weil

Summary

One issue in this bankruptcy case was whether the debtor mislead the surety by listing book value of his construction business, Bartomeli Co., in unaudited financial statements.

See Also

In re Bartomeli

Full Text of Court Cases
January 5, 2004

Debtor's intent to deceive not established because creditor was aware of a separate judgement prior to issuing bonds to debtor. Market value compared to book value.