News Column

NEON meets with creditors as part of Chapter 7 bankruptcy proceedings

July 18, 2014

By Robert Koch, The Hour, Norwalk, Conn.

July 18--NORWALK -- Creditors met with representatives of Norwalk Economic Opportunity Now, Inc., (NEON) in New Haven on Thursday as part of the latter's bankruptcy filing.

"Two creditors showed up. One was the state Department of Social Services and the other one was from Hope & Hernandez, which was our CPA," said the Rev. Tommie Jackson, NEON interim president. "It was a very productive meeting. The (bankruptcy) trustee asked for additional information, including insurance policies we carried on two properties and asked for the most recent bank statements."

The Meeting of Creditors, which was held Thursday morning at The Giaimo Federal Building in New Haven, according to the court record, was an opportunity for individuals and organizations owed money by NEON to outline their claims to the trustee.

On June 10, following a year of severe financial difficulties, NEON filed for Chapter 7 bankruptcy in U.S. District Court in Bridgeport.

According to the bankruptcy filing, NEON now has $487,936 in assets and $4,041,215 in liabilities.

As assets, NEON listed its land at 67 Henry St. in Stamford ($160,170) and house at 24 Haviland St. in Norwalk ($308,630). The latter once housed NEON's thrift shop for needy residents.

"We're going to try to sell the property on Haviland Street (in Norwalk) and we have a property in Stamford that we're going to try to sell on Henry Street," Jackson said Thursday.

Jackson said he anticipates NEON will be officially dissolved in August.


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Source: Hour (Norwalk, CT)

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