South China oil company bankruptcy hearing held

Posted May 09, 2012, at 11:30 a.m.

AUGUSTA, Maine — A lawyer for a Maine home heating company that declared bankruptcy told people who paid for fuel they never received they can expect restitution, but exactly how much is up in the air.

At a bankruptcy hearing on Tuesday, David Pinkham of Pinkham’s Corner Fuel in South China laid out his assets, including delivery trucks, propane tanks and even his home.

His lawyer told people who prepaid for fuel that a bankruptcy trustee will sell Pinkham’s property and distribute the assets. When that will be and how much they will get is not yet known.

The Kennebec Journal reported that some of Pinkham’s customers expressed sympathy for him, but said their financial situation is just as important as his.

Pinkham’s declared bankruptcy last month after years of declining income.