Florence Morning News Newspaper Archives Nov 23 1970, Page 18

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Florence Morning News (Newspaper) - November 23, 1970, Florence, South Carolina4-1 monday nov Imam 23, to Jwj Nawf How tiling Dupont heir faces debts a Langton Del. A an army of creditors crowd into a courtroom Here tuesday to begin unravelling one of Ali biggest and unlikeliest Privat bankruptcy act proceedings i history. The debtor is Lammot Dupont Copeland jr., who is of the chairman of the giant Duporte co. In his own right but shy and say some Man Chalfy naive his own declaration i victim of a shrewdly conceived Confidence the cast of characters in this financial drama includes a mar once convicted in a Bank fraud Case a smooth talking promoter who once filed a per Sonal bankruptcy of his own a Federal grand jury in Chicago officials of two pension fund and an almost endless string i Bankers businessmen and Law yers. Copeland filed in . District court Here oct. 20 for Protection under chapter i of the bankruptcy act while he reorganizes his financial affairs. The Law is designed to give creditors equal Protection and the debtor time without being tied up in diverse court suits to try to work out a repayment plan that will enable him to hold onto at least some of his assets. Tuesday s proceeding is a first meeting of the More than 100 creditors listed by Copeland in his petition which showed nearly million in largest selection Vaughans Market some of them contested. He listed assets of Only about million. Copeland s attorney e. Nor Man Veasey and the court referee in bankruptcy Murra m. Schwartz both say they Don t know what will happen Ai the meeting. The creditors can elect a com uni tree to pursue the expected months of litigation can directly Cross examine Copeland who will be present can Nomi Nate a. Trustee to take Over Copeland s affairs in the even die court should decide he can i run them himself. The bankruptcy act proceed ing won t be the Only court action in untangling the affairs of a Man who apparently Guaran teed too Many Loans that others made to his associates. At least 12 suits already Are pending against Copeland in connection with his debts. The grand jury in Chicago is expected to begin handing Down indictments within a month in connection with its investigation of the Barbers Union pension und. The fund was advised by Copeland associate Thomas a. Shaheen and loaned Money to Copeland enterprises. A court filing last Friday Copeland said he would Institute suits for fraud conspiracy mismanagement and wrongful diversion of assets against Shaheen Max Block jr., Rich Ard Horton Salvatore Gottuso Columbia financial corp., Ivins trap Lawrence corp. And various related persons and entities. Copeland 38 a tall dark haired lanky Man has refused o talk to newsmen. A phone All to his Home brought the response that he s probably at Lis where he s spending most of his but in a statement issued through his lawyer Copeland said in recent months i have become aware of the character of some of my business associates. And i have become increasingly concerned Over the consequences of my relationship with these unscrupulous individuals who have exploited me ant the people who have placed their business Trust in. Me. With the help of have already spent weeks to Feig to unravel what now appears to be a shrewdly conceived Confidence game in which i was bul one of Many victims. Every new fact we discover opens up new avenues of investigation. It will take months to get the whole truth of this exceedingly com plex financial Copeland has worked for Dupont for about 15 years and now is on a leave of absence from Bis no supervisory position As a securities analyst in the treasurer s office. But several years ago armed with his immense family wealth he set out in business dealings on his own. Eventually he came into con act with Shaheen who went through his own personal bankruptcy several years ago in Chi Cago Shaheen the grand jump is finding talked his Way into the Confidence of the Barbers pen Sion fund As an adviser. Many of the fund s Loans be Jan going to enterprises linked to Shaheen and to Copeland and the Winthrop Lawrence corp which each partially owned. Winthrop Lawrence filed its own petition for reorganization in Ler the bankruptcy act in Balti More this month. The grand jury became inter ested when a number of the Loans by the Barber s funds be ame delinquent. The other pension fund involved is that of the International brotherhood of electrical work ers. This fund put million into the operation of a Hollywood calif., newspaper owned by Copeland. The paper has gone bankrupt. Its publisher in stalled by Copeland was Rich Ard Horton who served a prison term in connection with the fail ure of a Brighton colo., Bank. And Gottuso the other per sore Copeland named As tar gets of his coming suits were involved with i Nierop Law rence. Columbia financial corp. Is a Shaheen corporation about million of Cope land s listed debts arise from his personally guaranteeing Loans made to various Winthrop Lawrence and other enterprises. Winthrop Lawrence s own Fil ing shows it owning such diverse operations As Dean Van lines Massey Junior College of Atlanta and trans Gram co. Virtually All of its holdings Are in trouble. Massey a Trade school is trying to find a new owner. Trans Ogram s Stock has plunged in value by 80 per cent on the american Stock Exchange. Despite his business prob lems there s no sign Copeland personally is in rags. He lives with his wife and children in an estate valued at More than with a separate Telephone number for its greenhouse listed in the Wil Mington Telephone directory. Copeland s income in 1969 to tales and according to Lis filings he has an interest in 83 separate Trust funds. Now that the litigation Trail Las begun it Likely will be years before the entire tangle is unravelled. Happy thanksgiving save on All Quality discount foods food needs at k Mart f2009 Hoffmeyer Road . 10 a. M. 10 p. M. 1q . Open thanksgiving Day a. M. P. M. Value Brand Bacon Jordans food mkt. 610 e. Pine prices Good through saturday Hormel fully cooked Bacon la. South Carolina Grade a Large eggs 49 hams whole or Shank half 49 Camelot Hen 10 to la. Average 43 v 11 i Milln ill my ill Lull Hll Llull ii we w a. W.im0mii Omri i Limhi 11 i government inspected 18fo24-lb. Average 18 to 24-lb. Average turkeys Rufth my la. Fresh Standard oysters Curtis pork sausage i. Boston butt 1.29 pork roast Hormel 49c All meat Franks la. 12-oz. Pkg. La. Pepp Ridge farm stuffing pm. Salad cubed 39 tide water Cranberry sauce 19c Tidewater Peti pois Garden peas 303 size 29c fresh pork or half hams 59 fresh pork whole or half loins 47 fresh pork spareribs 39 Shank portion smoked Ham la .d.a. Choice standing rib roast la. Butt portion smoked Ham la smoked Center Cut Ham slices la 99c name Brand sliced Bacon la 59c .d.a. Choice rib Steak l 99c All your thanksgiving needs fresh Large Frozen pies pet Ritz Sweet potato pies mincemeat pumpkins pies hens 39 Coffee Maxwell House sea test ice Cream i Gol. On. Camelot cake mixes Box Stokely Del Monte a i i j Muin i t canned pumpkin 18c Sweet peas Large 22 of. Size fresh Small hens lb.29 59c my m Gold Bond 10-12 Hen 39ci Turkey Scott family dinner napkins Martindale Sweet potatoes Sunshine pickled peaches banquet Frozen 28 of. Merita Brown serve Rolls 4pk. Of 12 Holly farm fresh produce fresh cranberries 39 Box celery Sweet pot. Tangerines coconuts stalk la. Ooh. A. Turkeys fresh Large shrimp 15 10 39 i Mayonnaise . Fresh saltines Bama i 39c pumpkin pies pet Rich Doc pie Shell my Pepp Ridge farms Doc Turkey stuffing our special fruit cakes 89c Camelot Cane sugar 17-oz. Con 20-oz. Pic 6 .2-ol. Pkg. 25c 29c 37c 31c limit 1 with order c 39. It size Pascal celery Seal Sweet Florida oranges House cured Sweet potatoes fresh coconuts la. To

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