Listing debts and assets that both fall between $1 million and $10 million, former chairman and chief executive officer of the Richmond, Virginia investment banking company Craigie, Inc. has filed for bankruptcy.
Allen Mead Ferguson and his wife, Mary Rutherfoord Ferguson, list the 20 unsecured creditors to which the largest amounts are owed on their Chapter 11 bankruptcy filing, RichmondBizSense.com reports. According to the Administrative Office of the United States Courts, Chapter 11 bankruptcy is most often filed on behalf of corporations seeking to reorganize and stay in business while doing so. When filed by individuals, it somewhat resembles a typical Chapter 13 bankruptcy case, which allows debtors to repay creditors over time.
The bankruptcy attorney representing the Fergusons says the recession is to blame for the retirees' decision to file bankruptcy.
"The recession affected the value of both their assets and their income," he explained. "But for the recession, they would have been comfortable."
The bankruptcy attorney added that the philanthropic efforts for which the Fergusons are known for in the Richmond area will not be thwarted by the couple's decision to file bankruptcy.