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A&B Fuel Files Bankruptcy

A&B Fuel Files Bankruptcy - Wednesday, January 2, 2008 at 6:22PM EST

Reported by: Jeff Chirico
Wednesday, Jan 2, 2008 @06:22pm EST
GOULDSBORO, LACKAWANNA COUNTY – The corporation that operates A&B Fuel in Gouldsboro has filed bankruptcy. Country Craftsman Builders and All-State Petroleum filed Chapter 7 on Monday. Arthur Baio is president of both.

Last week, the company closed its doors and stopped delivering oil leaving many customers in the cold. Many complain they prepaid the company for fuel earlier in the year. The company's attorney John Martin tells WBRE News there are $1.7 million in prepaid accounts. Martin, who was retained by the company last week explains what chapter seven bankruptcy means. “It means they went out of business. The corporation’s assets will be liquidated by a chapter 7 trustee. Once liquidated, creditors will be paid according to the bankruptcy code.” But that doesn't guarantee customers will be repaid in full.

The state attorney general’s office is investigating this case. It has received numerous complaints from customers. Senior deputy attorney general, J.P. McGowan says “we will investigate and take appropriate action under the consumer protection law . Should we find the activity warrants it, we will let other law enforcement agencies aware." McGowan says his office has the power to seek compensation for customers but the investigation could be lengthy.

In the meantime, he recommends that customers cut their losses if they can. especially if they paid by credit card. “depending on how recently they made that payment on credit card they may be able to get charges back. So get in touch with the card issuer." If you financed the payment, contact your lender. And if you had automatic monthly withdrawals, let your bank know.

If you're a customer that has prepaid, let the attorney general's office know. You can reach them at 1-800-441-2555 or file a complaint online at . If you live in Monroe County, the district attorney also is investigating possible criminal activity. You can reach that office at 570-517-3052. Now if you're elderly and can't afford to buy oil because of this, you can call your county's agency on aging to find out if you qualify for any assistance.
 


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