Getting out of Paying Debt is “Just Standard Stuff”

This quote caught our eye in a story about a Richmond restaurateur who owns a dozen Hooters and Topeka’s Steakhouse franchises.

Requested to comment on his bankruptcy filing he said, “It’s just a standard reorganization, just standard stuff.”

Bank of Virginia is on the hook for $1.8 million. StellarOne claims $210,000.

“Other debts include $396,000 to Hooters of America Inc.; $384,000 to the IRS; $87,000 in taxes to Henrico County; $381,000 in taxes to the state; and a claim for $3 million to Spirit Financial Acquisitions related to two of its Hooters stores in Pennsylvania.”

We suspect that if the IRS debt is for payroll taxes, he will quickly learn just how “standard” his IRS debt is.

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