NATION : Financier Bankruptcy Plan OKd
A $16-million personal bankruptcy plan for former Ohio financier Marvin L. Warner won court approval today after two years of wrangling, but the government may appeal.
U.S. Bankruptcy Judge George Proctor said the Internal Revenue Service would get about $13 million it is owed in yearly installments. The government argued that the Warner assets could be dissipated before the IRS gets paid.
Proctor cleared the way for Warner’s many creditors to begin collecting under Chapter 11 bankruptcy rules.
The judge harshly criticized Warner, 70, a former U.S. ambassador to Switzerland whose fortune crumbled after a bank he owned collapsed. The judge noted that Warner had come before the court in a Jacksonville hearing Sunday and criticized his creditors, his lawyers and the courts.
“But I never once heard Mr. Warner place the blame where it belongs, and that’s squarely on his own shoulders,” Proctor said.
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