4 Funeral Homes File for Bankruptcy Before Their Scheduled Auction
Posted: Thursday, January 26th, 2017 at 1:50 am
Four Orange County funeral homes that were scheduled for a foreclosure auction have filed for bankruptcy as protection.
The president of the four businesses, Anthony Ingrassia, filed four separate Chapter 11 bankruptcy petitions on Thursday in an effort to save his companies. The Bankruptcy petitions were filed a day before the foreclosure auctions were scheduled. The four properties include:
- The Ralston-Lippincott-Hasbrouck-Ingrassia Funeral Home at 72 W. Main St. in Middletown
- The Lippincott-Ingrassia Funeral Home at 92 Main St. in Chester
- The Lippincott Funeral Chapel at 107 Murray St. in Goshen
- The Strong-Basile Funeral Home at 4 Oak St. in Greenwood Lake
A combined $2.7 million in assets and about $2.2 million in liabilities was recorded between all four companies.
Orange Bank & Trust Company, sought to foreclose on the four funeral homes because of the $2.15 million owed. However, the bankruptcy filings caused a delay in the foreclosure auctions. No comments were made by the owner, Ingrassia and his attorney, Mike Pinksy.
Ingrassia, indicated on the court documents, filed with the U.S. Bankruptcy Court in Poughkeepsie, that he plans to continue running all four funeral homes during the bankruptcy and will request to consolidate the cases.
According to court documents, the Catskill Hudson Bank is owed $42,000 and the Times Herald- record is owed about $11,000 as well.
The attorney for Orange Bank & Trust, Kevin Preston, had no comment on the case.
A hearing is scheduled on January 31, 2017 at the Poughkpsie court house to consolidate the four petitions. A plan to reorganize the companies is due in November 2017.