The former No. 2 executive at the collapsed Pace Airlines Inc. has filed a Chapter 7 bankruptcy petition along with his wife, Grace.
F. Darrell Richardson and his wife filed the petition Jan. 15. In a Chapter 7 filing, most of the individual's or couple's debts are canceled, but property items may have to be surrendered.
Richardson served twice as president of Pace, making a six-figure annual salary, according to former employees and company executives.
He played a key role in making the connection between Pace and William Rodgers Sr., who bought the company four months before it shut down. Richardson served as an executive with Air Transport Group Holdings Inc., formed in October 2008 with a focus on buying small-to medium-size businesses in the airline and leisure-time industries. He is no longer associated with that company.
Rodgers took over Pace in May based on a promissory note to pay $9 million for stock in Pace Airlines LLC and Pace Airlines II LLC and to take over $6 million in liabilities.
By September, Rodgers' management had driven the company out of business and cost 420 employees, including 300 locally, their jobs and up to six weeks of wages.
The Richardsons listed $573,278 in assets, including $560,000 in real property for their house at 115 Northpond Lane in Winston-Salem. The tax value on the home was listed at $579,000.
The couple listed $772,238 in liabilities: $440,058 to secured creditors regarding the residence; $53,804 owed to the Internal Revenue Service for 2006 income taxes; and $278,375 to unsecured creditors with nonpriority claims, primarily automobile, credit-card, medical and mortgage obligations.
The Richardsons asked the bankruptcy trustee to liquidate their home.
On Wednesday, a Chapter 7 bankruptcy trustee received permission to interview under oath Richardson, Rodgers and Catherine Roberts, who served as Pace secretary. They will be interviewed individually the week of Feb. 15 by the trustee, Edwin Allman III.
Topics will include identifying Pace creditors, its ownership status since at least January 2005, its corporate tax returns and its shareholder minutes.
Richardson also served as chief executive of SkyValue USA, a low-fare carrier that went out of business in May 2007 after less than six months of service.
rcraver@wsjournal.com | 727-7376
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