WARREN Law director blames business venture for bankruptcy

YOUNGSTOWN -- Warren's law director said he's not proud that he filed for bankruptcy and blames a failed business venture.
Greg Hicks filed for Chapter 7 bankruptcy Wednesday in U.S. District Court here.
"It's embarrassing for me, embarrassing for my family," Hicks said.
The petition lists assets of $294,350 compared with liabilities of $721,124.
What it means
Chapter 7 is what's called a straight bankruptcy, and involves distribution of nonexempt property to creditors.
According to the filing, Hicks plans to surrender 16 vacant lots in Warren Township, for which the Trumbull County treasurer is listed as the creditor, and condominium units in Carriage Hill Condominiums, for which the Mahoning County treasurer and National City Bank are the listed creditors.
His monthly income is $5,205, compared with monthly expenses of $5,181.
Hicks said that in 1999, he entered into an industrial lubricant business with a salesman he knew from a small trucking company, All Points Distribution Network, that Hicks owns.
Integrity Petroleum Services Inc. of Columbiana, was the lubricant business.
The first year things went well, but as economic problems in the region increased, "things got tight," he said. He and the partner decided to part ways, and the partner was to buy Hicks out, Hicks said. That was in December 2003.
Partner bankrupt
In mid-March, a letter from the former partner's attorney said the business had closed and the man had declared bankruptcy.
"I got a call from the bank, saying, 'Now that he's declared bankruptcy, what are you going to do about all this debt?'" Hicks said.
Hicks said he spent about six months trying to work with the bank, but the bank took a hard line and the trucking company couldn't pay all of the debt. Bankruptcy, he said, seemed the only option.