Word: motsey
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What is better than What is better than owing $64 million? Well, owing only $20 million-as, now, does Lammot du Pont ("Motsey") Copeland Jr., a great-great-great -grandson of the founder of the Du Pont dynasty. Climaxing one of history's largest personal bankruptcy actions, his overworked platoon of Wilmington lawyers settled with a creditors' committee, whittling down his debt from a series of misbegotten enterprises...
...Motsey, 41, agreed to use income from his trust funds (estimated at more than $400,000 a year) to help pay creditors between 10? and 20? on the dollar during the next ten years. The largest undisputed debt, owed to the Republic National Bank of Dallas, is $1.7 million, pared from $4.3 million. The same haggling that reduced Copeland's liabilities also reduced his assets, apart from trusts, to less than $2 million, from about $26 million. He was forced in the agreement, for example, to put his $500,000 Wilmington mansion up for sale. And settlement could well...
Individual creditors and a federal bankruptcy court must still approve the bankruptcy court must still approve the plan. Indeed, there remains a disputed claim of $3.8 million arising from the bankruptcy of Transogram Co., a toy company that Motsey once headed. But it did seem the worst was over. Copeland will now have more time for his latest venture, the Comedy Center, Inc. It sells jokes to speechmakers and newspapers. Sample: "Confucius say: Naked student who runs into naked coed having lucky streak." The talent behind the firm is Bob Orben, who is also a gagwriter for Vice President Gerald...
Dizzying Empire. Copeland moved out, a Du Pont spokesman said, "because personal affairs are taking more and more of his time." Six months ago, his 38-year-old son Lammot ("Motsey") du Pont Copeland Jr. petitioned for one of the most spectacular personal bankruptcies on record. He listed assets of $26 million and liabilities totaling $55 million. The younger Copeland's chief business associate, Lebanese-born Thomas A. Shaheen Jr., has been indicted by a Chicago grand jury on charges of receiving kickbacks on loans from the barbers' union pension fund and others. Much of the money allegedly...
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