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By Sally Voth - email@example.com
HARRISONBURG -- A Warren County businessman has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court on behalf of the company he manages, according to online court records.
Robert D. Nicholson Jr., of Middletown, filed the liquidation of assets petition on Monday on behalf of Nicholson Enterprises LLC, according to online court records.
According to his filing, he has $2.6 million in assets -- all of it in real estate -- but $3.8 million worth of debt. It lists a 2009 income of $135,364, and a 2010 income of $100,318. No income is listed for this year.
The filing shows First Bank foreclosed on Nicholson property twice last month -- on Feb. 8, property at 21-23 S. Royal Ave., Front Royal, was foreclosed on, and 10 days later, property at 237 Stokes Airport Road, Front Royal, was as well.
Two deeds of trust on the former were for about $826,000, about $250,000 more than the value of the property. For the Stokes Airport Road site, about $350,000 was owed, but it was worth an estimated $300,000, the filing says.
Nicholson Enterprises owns four other rental properties -- on East Main Street, North Shenandoah Avenue and West Sixth Street -- the petition says.
There are several deeds of trust listed in the filing, and thousands of dollars in property taxes are owed by both Nicholson himself and the company to Warren County.
Nicholson has been in the news several times in recent years.
Two townhouses Nicholson Enterprises owned on West 11th Street were damaged by fire in January 2009, and later that year he asked the Front Royal Town Council to request the Front Royal-Warren County Economic Development Authority for help moving a Victorian home owned by Jack Evans Chevrolet on North Royal Avenue. That request was denied.
In 2007, Nicholson donated space in property the company owned at 21 S. Royal Ave. for use by an Alzheimer's and dementia group.
That was the same property Nicholson had offered for use as a youth center a couple years before that. He pulled out of the project in September 2005 after a story ran about his 2001 convictions in Warren County Juvenile and Domestic Relations Court for assault and battery against two young teen girls.
Nicholson couldn't immediately be reached for comment Friday afternoon.