Bristol toy maker General Creation has given up its fight against creditors seeking to force the company into bankruptcy. On Wednesday, a federal bankruptcy judge in Abingdon granted the company’s request to withdraw its objections to a petition for involuntary bankruptcy filed against the company by the Johnson City, Bristol and Chattanooga, Tenn., divisions of First Tennessee Bank in U.S. District Court in Roanoke. Judge William Stone also granted the company’s request to initiate Chapter 7 bankruptcy proceedings through which its assets may be liquidated in order to satisfy its creditors. Bristol Creations owner Rick Goodwin and his wife also have filed for personal bankruptcy in U.S. District Court in Greeneville, Tenn., and similar pleadings are reportedly being prepared for three other General Creation companies located in Tennessee, Bermuda and Hong Kong. A NASCAR racing team [#54, last driver was Hermie Sadler] sponsored by Goodwin has not been included in the proceedings. Popular General Creation products invented by the company’s 40-year-old owner include Baby Bear Read Along interactive reading teddy bears and Candy Floss handheld and table top cotton candy machines.(Johnson City Press – need sub to read)(7-31-2003)
