NAPWA’s march towards oblivion progressed last Friday when the Bankruptcy Trustee filed a “Chapter 7 Trustee’s report of No Distribution”. In other words, there are no assets to distribute to NAPWA’s creditors—not even 10 cents on the dollar.
A quick recap: NAPWA’s bankruptcy filing reported $89,393.03 in assets. $88,360.00 of the assets was money owed to NAPWA by Frank Oldham, Jr., NAPWA’s former President/CEO.
NAPWA’s bankruptcy filing also reported $707,028.35 in liabilities, all of which will be discharged by the bankruptcy court. In other words, the creditors are screwed (a technical term)
The trustees report of No Distribution raises questions, once again, about the circumstances leading up to the ultimate decision of the board of trustees to file for bankruptcy.
It also raises the question once again as to why the chief staffer of NAPWA, Frank Oldham, owes the failed NAPWA over $88,000 (a debt that the trustee, through his/her “No Distribution” has obviously concluded is uncollectable.)
The NAPWA board of trustees is probably breathing a huge sigh of relief over the fact that the bankruptcy appears to be headed towards its unseemly conclusion. Unfortunately, the fact that they failed in their fiduciary duties and allowed this to happen is a question that they seem to have avoided answering.
This whole debacle does not pass the smell test. Something went terribly wrong. There is, at face value, the appearance utter failure of the staff and elected leadership to fulfill their fiduciary responsibilities. Questions posed to the NAPWA leaders have gone unanswered, and in doing so have raised even more questions about their culpability in this whole mess.
As a side note, NAPWA’s website is still up and running; another disgusting example of the failure of NAPWA’s trustees. They obviously can’t even shut down operations effectively.