(WA) Pettit Oil bankruptcy turns into a train wreck
http://www.thenewstribune.com/2014/06/22/3255833/pettit-oil-bankruptcy-turns-into.html?sp=/99/261/
Vera Conley holds bills and documents from months of wrangling over advance payments to Pettit Oil Co. for heating oil she never received. Here she stands by the furnace of her Tacoma home with her daughter Darlene Conley on May 30.
Pettit Oil bankruptcy turns into a train wreck
By JOHN GILLIE
June 22, 2014
More than 700 court documents, dozens of boxes of company records and a smattering of corporate assets scattered throughout Western Washington are all that remain of a once-proud Pierce County company that last year served some 10,000 customers from Port Angeles to Tacoma.
Now the bones of Pettit Oil Co., once the 33rd-largest privately held company in the Evergreen State, are being picked over by lawyers in federal bankruptcy court.
Pettit Oil abruptly ceased to exist as an operating business Jan. 17. Thats when a bankruptcy court judge, prompted by arguments from Pettits banks, rejected bids from other oil companies to buy Pettit.
Instead, the court decided, the company would be liquidated, its assets sold, its bank accounts frozen, its employees dismissed, and the proceeds of those sales distributed to the companys creditors. At that point, there werent many good choices.
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