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“Losing the Con Edison contract equated to a nearly 85% loss of revenue,” Michael Smith says, “so I made the decision to wind down and close Griffin Security.”
Gandl’s assets consist mostly of his house in Monroe, Orange County, valued at $431,000, but it secures more than $1 million for business loans, court judgments and IRS and state tax warrants.
“The debtor has been experiencing financial troubles,” Francis’ adversary proceeding states. “Over the course of the past 11 years the debtor has used his best efforts to repay his tax obligations to the IRS.”