The Shreveport Journal from Shreveport, Louisiana • 20

I 4 fc 1 -h 4 4 "A A 1 a 20A WEDNESDAY APRIL J1W0 SHREVEPORT BOSSIER CITV LA SHREVEPORT JOURNAL i OKeefe Others Named in Counterclaim Lawsuit wJUslng Bankruptcies Not By RALPH JACKSON Special to the Journal O'Keefe was involved In a series of fraudulent malicious and unlawful schemes conceived in order to take advantage of and severely damage Bierman and his gravel operation to the substantial benefit of the Mobile bank and others Bierman describes the New Orleans senator has a loan customer of the bank and as being closely connected with and friendly with other companies named as counterdefendants: Radcliff Materials Inc Southern Industries Corp Dravo Corp of Pennsylvania Dravo Leasing of Delaware The counterclaim petition says Dravo controls Southern and Radcliff and that BATON ROUGE La (AP) Louisiana Senate President Michael OKeefe has been called a co-conspirator in a counterclaim lawsuit involving allegations by a Mississippi man of antitrust violations bank fraud and breech of contract OKeefe is one of nine defendants in the complex civil case counterclaim filed in federal court by Mississippi businessman Bemie Bierman and several of his companies The counterclaim is in response to a foreclosure suit by Merchants National Bank of Mobile Ala a company which Bierman calls a co-conspirator The Bierman petition claims that terclaim O'Keefe could not be reached Immediately for comment One of the loans which could not be repaid was $1 million to a dredging company International Dredging Inc controlled by O'Keefe the petition says Bierman said he needed several million dollars of financing to back a new operation and that the bank offered to help if he would purchase a dredge for $200000 which the bank had acquired from O'Keefe i By the latter half of 1978 Biermans financing still had not come through the petition said i three of the banks directors are also directors of Dravo Radcliff and or Southern The alleged schemes said the petition were born in late 1976 or early 1977 when a $1 million loan which O'Keefe had guaranteed defaulted The bank and OKeefe induced Bierman to commit himself to long- term financing through the bank for his gravel operation and to invest time and money in the project the petition says In reality the banks and O'Keefes true purposes were to bail themselves out of very large bad loans to favored customers and later to steal the fruits of Biermans labor says the coun- iSfcSSflafc Heavy galvanized top quality fence Complete with line posts 2 terminal posts top rail and all fittings 48 high FENCE FABRIC ONLY Lass Bata TOP QUALITY FENCING Victorias quality fencing offers protection with good looks Increases property values Easy to build and maintain "Please don't make people think that bankruptcy is cheap easy or painless We have all the cases we can handle and are getting more every day This is the plea from Martha Carlton bankruptcy clerk for the US District Court in Shreveport A two-minute television spot last week on Shreveport bankruptcy filings brought a flood of people and telephone calls to her office she explained And each one was seeking guidance on how to file for bankruptcy Kent Presson assistant chief of the bankruptcy division of the Administrative Office of the US Courts told the Associated Press Monday that personal bankruptcy filings across the nation are up 145 percent since last year He said the courts are being inundated with new filings and blamed the economy Mrs Carlton said that in the Shreveport Division of the Western District of Louisiana covering Shreveport Monroe and Alexandria Tilings since Jan 1 are more than double the national average cited by Presson Through March 22 bankruptcy petitions filed in the Shreveport Division totaled 495 116 more than were filed during the first three months of 1979 The present caseload expected to reach 2000 by years end appears to be divided about equally between personal petitions and business failures Is this the first sign of a serious economic recession? Have high interest rates inflation and increased credit restrictions begun to take their toll on small businesses and individuals? Presson thinks so But many observers feel that while these factors are present as the causes of some bankruptcies they do not account in any substantial degree for the increase in bankruptcy filings in the past few months They say the publicity given the Oct 1 1979 revision of the federal bankruptcy law has been a stimulating factor Widespread publicity has prompted people who would not otherwise consider bankruptcy because of its traditional social stigma not only to think about going for broke" legally but in the parlance of social workers to "act out the bankruptcy Under this theory the increase in bankruptcy filings is viewed more as a media event than an economic indicator The tenor of most news stories about the new bankruptcy act has indicated bankruptcy is now less painful and more streamlined than it used to be under prior law Shreveport attorney Archie Simon who specializes in bankruptcy says the new act has actually created more work for lawyers and judges Problems formerly laid to rest by prior legislation and court decisions have to be reworked and relitigated to establish new precedents under the revised act he explained Moreover Mrs Carlton said bankruptcy is still a painful experience for those involved One of the pains she said is that credit rating agencies still note bankruptcies for 14 years back on routine reports Walter Woodman staff counsel and bankruptcy specialist for Northwest Louisiana Legal Services Inc the federally financed agency furnishing legal services for poverty level clients in this area says that bankruptcy filings by his agency have actually decreased since Jan 1 We have recently endeavored to discourage bankruptcy in the majority of cases on the grounds that most money problems of poor people can be better resolved by negotiation composition arrangements and other types of settlement with creditors he explained Many of the requests we receive from clients to file bankruptcy arise more from harrassment by creditors than from real need for drastic action like bankruptcy A lot of our clients are 'judgment proof anyway in that they do not have any assets that could be converted to cash to pay any substantial part of their debts Whether you are rich or poor it still costs money to file bankruptcy Federal courts have held that poor people do not have to pay costs in state court cases even divorces in which they can show inability to pay This is not true in bankruptcy cases however where a minimum $60 filing fee is required in every case Costs are greater in cases involving over $350000 of indebtedness corporate reorganizations or railroad bankruptcies 48" 1 50 Par Roll 72 1 50 Par Roll 45 2G POST HOLE DIGGER Compare this diggers rugged steel blades and lacquered hardwood handles Modal No 200 DOG EAR PRIVACY FENCE All treated boards rails and posts for 8' 6' section Victoria Low Price Per Section REDiMIX CONCRETE Mix with water and go to work DOG EAR PRIVACY FENCE Includes Cedar boards rails and post for 8' 6' section Victoria Low Price Per Section 80 lb bag PORCH SWING Contractor's WHEELBARROW Versatile sturdy and dependable 4 Vi Cu Ft capacity seamless tray Reg 4595 Model KB-4 j4 ea 4' Swing Each DOG EAR TOP PRIVACY FENCE Includes Spruce boards rails and post for 8' 6' ffy section if Victoria Lor Price Per Section Durable Oak construction for many years enjoyment Just sit back and relax this springl Comes complete with hardware TOMATO TRELLIS 5 Swing Each One roll makes 6 cages 18" in diameter PATIO BLOCKS STEFFiKS Clwar Virnlih FMlh Helps promote growth No need to tie up plants Galvanized 60 Tall Par 30 Ron DELUXE PATIO PICNIC TABLES COMPLETE WITH HAR0WARE LUMBER AND INSTRUCTIONS 8 16' 53 BfT! 85' ETC? 05' Durable concrete Shapes to fit your need Pul together a patio or just a pathway Metairie Klansman Charged With Illegal Entry to Canada Enjoy a picnic right redwood in the privacy of stain your backyard Each 6 TABLE KIT EACH 8 TABLE KIT EACH 51 Liaitlo Bsd Bam EASY-TO-FOLLOW PLANS! Decorative White Rock Canada on his own or ordering Dukes de port at ion The topic of the talk show was third-world immigration into Canada Duke said he was arrested just as the show ended Its brought a pretty big outcry from Canadian citizens Duke said "I got a tremen dous response from the program The Klan is an organization professing the supremacy of the white race 1 Construct in a weekend Stores tools mowers bikes or patio furniture Protects from vandals and weather All plans and materials included OVERALL HEIGHT 8 8' 8 Eh 8 10 Each S'i x4Vi'-8 These pressure treated timbers will not rot or decay Beautify lawns borders planting areas VANCOUVER British Columbia (AP) David Duke of Metairie La a Ku Klux Klan leader has been arrested by Canadian immigration officials on a charge of entering the country illegally Duke grand wizard of the Knights of the Ku Klux Klan in Metaire was questioned briefly and taken into custody 1 Tuesday following a radio talk show He faces an immigration inquiry to explain a criminal conviction for Klan-related activites three years ago in the United States officials said Duke said the charge is politically motivated but he will cooperate with Canadian authorities He said he posted $500 bond pending a hearing Thursday A spokesman for the immigration department said an adjudicator was interrogating Duke He said the adjudicator had the option of giving Duke a departure notice per mitting him to leave FUNERAL SERVICES 89 1 50 lb bag Row Only MRS KATHLEEN THIBODEAUX GRAHAM Southside Chapel Plans Incomplete MR CLIFF ROBERTSON Southside Chapel Plans Incomplete SASH AND DOOR 3408 HOLLYWOOD AVENUE SHREVEPORT LOUISIANA PHONE: (318) 631-1811 DR DANIEL MclNTYRE Marshall Street Chapel Plans Incomplete STORE HOURS Mono iv thru Fndiy 8 00 AM tn 4 00 HM Siituidiy 8 00 AM to 5 00 HM VISA Cl I Rose-Neatii Puces sublet to chanqp without notice Subiecl to slock avai'abddy we resorve the nqhl to limit quantities and coned printing enors FUNERAL HOME l-l.