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$1.2 million – Petty Cash?

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When a Debtor was asked to turn over all accounts during a Chapter 11 Business Bankruptcy, he opened a safe in his home.     Wow  —— was that safe packed with cash.

$1.2 million of $20 and $50 Bills filled 8 large garbage bags.

The Debtor claims it was his “working petty cash fund”.

The Trustee, of course, seized that money and it was put into the estate of the Bankruptcy for future distributions.

It took quite a while to sort, count and transport the cash to the bank.

With garbage bags in hand, the Trustee’s staff was sure not to place the “loot” in these bags into the trash.

I hardly call this amount of cash “petty”.