News Column

BRIEF: Judge orders ex-Telatron owners to liquidate assets

February 3, 2014

By Ed Palattella, Erie Times-News, Pa.

Feb. 03 --The bankrupt former owners of an Erie telemarketing firm must sell their personal assets to the highest bidder in U.S. Bankruptcy Court in Erie . Alfred D. Covatto and his wife, Joyce M. Covatto , today lost control of those assets, which they had been trying to sell on their own since they filed for personal Chapter 11 bankruptcy in May 2011 . Upset at the slow pace of the case, U.S. Bankruptcy Judge Thomas P. Agresti today ordered the Covattos' bankruptcy converted from Chapter 11 reorganization to Chapter 7 liquidation. A court-approved Chapter 7 trustee will now oversee the case and sell the West 38th Street office complex, which is the Covattos' primary asset. That sale, whenever it happens, will occur at an auction in court if more than one party enters a bid. The Covattos owned Telatron Marketing Group Inc. , which was based in the three-building complex in the 1500 block of West 38th Street , just east of Greengarden Boulevard . Telatron filed for bankruptcy in 2008, and its assets were sold in January 2012 . The Covattos had also acted as the landlord for the business. ___ (c)2014 the Erie Times-News (Erie, Pa.) Visit the Erie Times-News (Erie, Pa.) at www.GoErie.com Distributed by MCT Information Services


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Source: Erie Times-News (PA)


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