Filed under: Estates
BusinessWeek quotes bankruptcy examiner Gene Tarr who said in a court filing that "squandered and wasted corporate assets and otherwise breached his fiduciary duties of loyalty" and he asked a bankruptcy judge to force Phelps to give back at least $8.1 million he used to buy Chinqua-Penn, two corporate jets, cigar-manufacturing equipment, a $142,000 Maserati and other assets. The Winston-Salem Journal details the history of the Chinqua Penn Plantation. It was closed in 1991, reopened in 1995 for meetings and weddings, closed again in 2002 and then reopened under Phelps' ownership hosting weddings, meeting and events like Great Gatsby day. The property is famous for its beautiful flowering gardens. Tickets to tour the estate sell for $20. The estate is closed to the public until Saturday morning.