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Bankrupt Oil Company Owed ONB More Than $1.9 Million

Oklahoman, October 13, 1982
Becky Tallent

Documents filed Tuesday by Vulcan Oil & Gas Corp. with the U.S. Bankruptcy Court in Oklahoma City list Oklahoma National Bank as its top secured creditor with $1,930,000 in outstanding loans.

Being a secured creditor of Vulcan, which has applied for court protection from creditors under federal bankruptcy laws while it tries to reorganize, ONB would be able to recover the value of Vulcan's debt to it by seizing and selling Vulcan properties if necessary.

The ONB loans to Vulcan were for three promissory notes totaling $1.5 million, $310,000 and $120,000, respectively, taken out between July 1981 and last May to cover oil and gas mortgages on wells and accounts receiveables.

Other creditors holding security included as General Motors Acceptance Corp. of Oklahoma City, with $85,000 in loans for a 1980 Rolls Royce and others of $41,156 each for two 1982 Mercedes. Other loans were from Ford Motor Credit, one of $21,077 for a 1982 Lincoln Continental and the other of $19,486 for a 1981 Lincoln Continental.

Besides outstanding debts, Vulcan also listed 25 lawsuits in which it is currently involved, including 14 breach of contract and securities violations lawsuits filed in various Oklahoma counties since July, 1981.

The case is being heard before Judge Robert Berry.

Archive ID: 88414

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