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G.L.D.A files for Chapter 7 bankruptcy

By Michelle Graff
October 01, 2009

Las Vegas--The Gem and Lapidary Dealers Association Inc. (G.L.D.A Inc.), operator of jewelry trade shows in Tucson, Ariz., and Las Vegas, has filed for Chapter 7 bankruptcy protection, court papers show.

Filed on Sept. 10 in the U.S. Bankruptcy Court for the District of Nevada in Las Vegas, court documents show that the G.L.D.A, headed by president Tanna Wyatt, and based in Henderson, Nev., lists $83,956.60 in assets and nearly $1.9 million in liabilities. Its liabilities include $659,000 owed to creditors holding secured claims, $161,924.36 owed to creditors holding unsecured priority claims and nearly $1.05 million owed to creditors holding unsecured non-priority claims.

Chapter 7 bankruptcy is typically filed in an effort to achieve a fair distribution of the debtor's available non-exempt property. While a company can continue operating under Chapter 7 until matters are settled, this type of bankruptcy normally leads to liquidation.

In the case of the G.L.D.A, court documents show the company--whose Web site is still active and advertises 2010 shows at the Starr Pass Marriott Resort in Tucson in February and at The Mirage in Las Vegas next summer--"sold substantially all of its assets to International Gem and Jewelry Show Inc." on July 31. No details on those assets were included in court documents.

International Gem and Jewelry Show operates more than 80 jewelry shows a year in more than 30 U.S. cities, including the Great American Gem Show and the My Favorite! Bead Show, the company's Web site shows.

In court documents, the G.L.D.A lists that it owes between 50 and 99 creditors, including utility, insurance and security companies, and that it also owes salaries to Don Wyatt and President Tanna Wyatt, the company's sole shareholder.

The G.L.D.A has been losing ground over the last three years, even before the onset of the economic crisis.

Court documents show the G.L.D.A reported business income of $62,089 in 2006, but that it lost $170,043 the following year. In 2008, the company's losses more than doubled, to $392,384.

Update:

The International Gem and Jewelry Show (d/b/a Intergem) will now produce all four shows formerly organized by the G.L.D.A. For more information, see "Intergem to produce G.L.D.A. shows in Vegas, Tucson."
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