By Chris Kramer
Former Arrow Trucking president and chief executive officer (CEO) James Douglas Pielsticker, who filed for bankruptcy in February, has added to his petition a more detailed account of what assets he holds and what he owes.
Pielsticker claims he holds assets worth $2.54 million and debts of $24 million to various secured and unsecured creditors, according to Tulsa World. Most of the value of his assets is stored in a $2.5 million home, with the remaining $36,933 consisting of personal property such as furniture, television sets, art and jewelry. According to the Administrative Office of the United States Courts, certain personal possessions may be exempt from liquidation in a personal bankruptcy filing, depending on state law.
Pielsticker's bankruptcy petition states that after all exempt property is excluded from liquidation and administrative expenses paid, there will be no funds left for the repayment of his unsecured creditors.
According to the news provider, the petition also documents an unraveling of Pielsticker's finances after his company, Arrow Trucking, ceased operations in 2009. He has reportedly been selling off various personal possessions since then.