Bankruptcy Beat
by July 11, 2011 12:00 am 276 views
Mike Maloney, former Cave Springs mayor and newly hired executive director of the Eureka Springs Advertising and Promotion Commission, filed for bankruptcy June 16.
Maloney and his wife, Beverly, claimed $632,233 in mostly business debts in their Chapter 7 petition. They claim monthly income of $300 and monthly expenses of $6,618.
Under Chapter 7 of the U.S. Bankruptcy Code, a trustee is appointed to liquidate the debtor’s assets and see that the money is used to pay creditors.
Maloney served as mayor of Cave Springs from 1994 to 1998. He formed Maloney Marketing Group advertising agency and Beartooth Studios recording studio in 1993, according to his website, www.beartoothrecording.com.
He’ll work two days a week this month at the Eureka Springs A&P to get oriented in his new post, interim executive director Rick Bright said. Maloney is scheduled to start full time Aug. 1.