Debt mounting for Imagine Adoption
570 News/The Record Cambridge | Thursday, July 16th, 2009 5:58 am
Cambridge - There's new information this morning about the Imagine Adoption agency in Cambridge that folded earlier this week.
The company is facing huge debt. A preliminary bankrupcty report finds the company owes $80,000 for two luxury vehicles it leased. The vehicles include a Lexus and Nissan Pathfinder. The company was also renting three properties in Cambridge with payment obligations of $13,000 a month.
Bankruptcy trustee Susan Taves tells today's Record that while early accounting shows the agency has a $363,000 shortfall, that number could rise because of the $800,000 in fees collected from families who applied to adopt.