CHAPTER 41: PRO ARTS CHAPTER 7, LIQUIDATION OF THE GREAT WHALE

From the time Pro Arts obtained the Farrah Fawcett Poster to Pro Arts' filing of Chapter 11, everyone viewed Pro Arts like a great whale that had finally survived the hardest of economic times.

Individuals entering Pro Arts after Farrah were more interested in "getting a piece of the whale" than contributing to furthering its success.

Being number 1 in an industry is more difficult than getting to the number 1 position. Staying on top often requires the management to get up off its laurels and to continue its struggle to be number 2 and number 3 in its industry.

Once you get to the top, everyone will be taking his or her shots at you to bring you down. People like to think that success stories inspire other success stories. That is not the truth. It inspires the "little companies" to continue to slug it out in the trenches so that hopefully one day they will become the big company.

It is the "money people," the people in power, which want the little companies to aspire.

Attorneys have very little regard for their clients. They are more concerned with payment for services rendered than rendering good services.

I realize that there will be attorneys that will become insulted by this remark, but as I have stated to Federal Judge Manos in his chambers while opposing attorneys were present,

" It is attorneys like these that give the other 2% of their profession a bad reputation."

On March 8, l984, Judge White converted Pro Arts to Chapter 7 and appointed a Trustee to prepare the liquidation of the company.

Now, it was over.

Marc Gertz, an Akron attorney, became the first Trustee of Pro Arts.

When I met Marc Gertz, I felt that he was an honest attorney. I felt confident that the liquidation of Pro Arts would be a clean and neat liquidation.

Little did I realize that I was grossly mistaken.


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