Ridgeway Founder Files for Chapter 7 Liquidation
Paul Ridgeway, founder and president of Minnetonka-based Ridgeway International, Inc., filed for Chapter 7 liquidation late last month.
According to the bankruptcy documents, which were filed jointly with Ridgeway's wife Rosalind on December 30 in U.S. Bankruptcy Court in Minnesota, Ridgeway has assets of $1 million and liabilities of $4.6 million.
Ridgeway founded Ridgeway International-the parent company of Ridgeway Events, which specializes in event management and development, and Ridgeway Transportation, which specializes in traffic management, parking, and busing.
The companies have worked on large-scale events, including the 2008 NFL Super Bowl, and visits to Minnesota by Soviet President Mikhail Gorbachev, former President Bill Clinton, and Israel Prime Minister Ehud Barak.
Bankruptcy documents indicate that Ridgeway has between 200 and 999 creditors that are owed money. Minneapolis-based U.S. Bank is owed the most in secured claims at $1.07 million. Creditors will meet later this month and have until April 1 to dispute the debts outline in the filing.
According to Ridgeway's income records, which were filed with the court, he started working part-time for Ramsey County in November as an executive assistant at $39.42 an hour.
A Wednesday morning phone call to Mark E. Ferkul-the attorney representing the Ridgeways-was not immediately returned.