Business Editor firstname.lastname@example.org Good Enterprises entered bankruptcy despite having more assets than debts, a recent court filing shows. The Intercourse-based business had assets of $12.6 million and debts of $10.3 million when it closed last month. Good Enterprises intends to liquidate its holdings and raise money to pay those debts. The shutdown came at the end of a third straight year in the red, the filing shows, a time when Good Enterprises lost a total of $2.0 million . Nonetheless, the company's two owners paid themselves six-figure salaries, according to the filing last week. Good Enterprises is best known for its Good Books (publisher of the "Fix-It and Forget-It" cookbook series), Old Country Store and Good Cooking Store . While Good Enterprises shows sizable assets, its biggest ones are not the kind you easily can use to pay bills. For instance, it owns 30.7 acres of property on Old Philadelphia Pike in Leacock Township. The tract, valued at $5.4 million , was once eyed by Good Enterprises for a major development. Good Enterprises also has $2.6 million in accounts receivable (money that's owed to it), $2.7 million in unsold books and $898,000 in Old Country Store inventory. Other assets would be much easier to spend, though. Most notably, Good Enterprises has a total of $473,800 in three accounts at Susquehanna Bank . On the other side of the ledger, Good Enterprises owes the most money, $6.1 million , to Susquehanna Bank . Good Enterprises has a line of credit and two commercial loans with the bank. Also owed money are the 36 employees of Good Enterprises , the filing shows. They're owed $121,000 in wages, commissions and accrued vacation. Among that group are Good Enterprises co-owners Merle Good and his wife, Phyllis Pellman Good . The city residents are owed $7,100 and $10,400 , respectively, in pay and expense reimbursement. Phyllis Good also is owed $996,000 on a loan she made to the company, the filing shows. That's after the company repaid $93,500 of the loan in the year before the closing. On the other hand, in the year before their firm closed, the two owners were well compensated. Merle Good received $170,000 in pay. Phyllis Good received $158,000 in pay plus $35,000 in expense reimbursement. Their two daughters, Kate Good and Rebecca Good Fennimore , were well compensated, too. They received $93,000 and $76,000 , respectively, in pay that last year. Another large group of creditors are students who had paid deposits for cooking classes. These 78 students are owed a total of $5,400 , or an average of $69 each. Also left holding the proverbial bag are local and state taxing bodies. Pequea Valley School District is owed $17,300 in real estate taxes; Leacock Township is owed $4,100 in those taxes. The state Revenue Department is owed $5,800 in sales and use tax. The largest number of creditors - 345 - are unsecured, nonpriority creditors. This group ranges from book stores, suppliers and printers to a trash hauler and phone company. Amounts range from pennies owed to several individuals to $1.5 million owed to R.R. Donnelley , a printing firm. Lancaster Newspapers , publisher of this paper, is among these creditors; it's owed $5,700 .
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