February 1, 1912

BUSTANOBYS ARE BANKRUPT

Andre and Jacques Have $13.90 in Money and Owe $449,907

Andre and Jacques Bustanoby, President and Secretary respectively of the corporation of Bustanoby Brothers, filed petitions in bankruptcy yesterday. Their action was the result of the bankruptcy of the corporation which became involved in difficulties after disagreements between Andre and Jacques Bustanoby and their brother, Louis Bustanoby, who was [upset] with them in the management of the Cafe Des Beaux Arts on Sixth Avenue at Fortieth Street, and a [Superior] resort known as Chateau Des Beaux Arts in Huntington Bay.

In an explanatory statement issued by them, Andre and Jacques Bustanoby declare their bankruptcy as teh result of their having assumed the debts of the corporation and some $100,000 which Louis Bustanoby owed the corporation as their personal obligations.

Andre Bustanoby stated his liabilities as $223,734, of which $24,781 are personal debts, including doctors' bills amounting to $2,782 and $198,353 for endorsements on accommedation paper of the corporation. He listed his assets as 50 cents cash, $8 in banks, one quarter acre of land in Bellport, L.I. and 400 common and 290 preferred shares of the corporation's stock.

Jacques Bustanoby filed a schedule of $226,173 liabilities, of which $27,220 are personal debts and $108,953 liabilities on endorsed paper of the corporation. He has assets of 40 cents case, $3 in the bank, and 400 shares of the common stock of the corporation. He owes $2,112 in automobile hire and $375 on doctors' bills.