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<a href="http://ocbiz.freedomblogging.com/2009/01/14/gantes-family-lists-345-million-in-debts/8180/"> O.C. restaurant magnate and family lists $345 million in debt</a>
<blockquote>The preliminary numbers are in for the personal bankruptcy of John Gantes, who controls the Breckenridge Group and some 200 affiliates. He and his wife, Linda Bridgford Gantes (of the Bridgford Foods clan), filed papers in U.S. Bankruptcy Court in Santa Ana Tuesday listing assets of $2,697,466.81 against $345,313,071.99 in liabilities. The vast majority of the liabilities are unsecured.
Gantes filed separate Chapter 11 reorganization petitions for 25 of his businesses in November and December. He followed up with a personal Chapter 7 liquidation petition for himself and his wife. The personal case appears to be designed to cancel about $200 million in personal guarantees that Gantes signed on behalf of his businesses.
<strong>Major creditors include Farmers & Merchants Bank, which holds a $22 million third mortgage on the Gantes? home in Laguna Niguel; the petition says the house really is worth $2,653,188</strong>.</blockquote>
<blockquote>The preliminary numbers are in for the personal bankruptcy of John Gantes, who controls the Breckenridge Group and some 200 affiliates. He and his wife, Linda Bridgford Gantes (of the Bridgford Foods clan), filed papers in U.S. Bankruptcy Court in Santa Ana Tuesday listing assets of $2,697,466.81 against $345,313,071.99 in liabilities. The vast majority of the liabilities are unsecured.
Gantes filed separate Chapter 11 reorganization petitions for 25 of his businesses in November and December. He followed up with a personal Chapter 7 liquidation petition for himself and his wife. The personal case appears to be designed to cancel about $200 million in personal guarantees that Gantes signed on behalf of his businesses.
<strong>Major creditors include Farmers & Merchants Bank, which holds a $22 million third mortgage on the Gantes? home in Laguna Niguel; the petition says the house really is worth $2,653,188</strong>.</blockquote>