A local medical practice, operated by a well-known cardiologist, has emerged from a brief stay in Chapter 11 bankruptcy.
Millennia Cardiovascular, located at 101 East Market Street, Suite 1H in Smithfield filed for Chapter 11 bankruptcy protection in the Eastern District of North Carolina US Bankruptcy Court, according to an April 6, 2016 filing. Dr. Franklin Wefald is the President of the medical group.
“We had no alternative but to file Chapter 11 last month,” Dr. Wefald said Thursday in a written statement, “because a lawyer for my former business manager had attempted to shut down the practice by seizing our computers and furniture.”
Wefald said that he and his lawyers strongly felt that the opposition’s actions were unjustified and sought relief from Superior Court in Johnston County but were rebuffed.
After entering Chapter 11 in Federal Court, the release said, “..attorneys for his former business manager quickly accepted Dr. Wefald’s proposal for settlement and this settlement was approved in Federal Court (Wednesday).”
“Rumors were quickly spread that I was going out of business,” Wefald said, “But this was the furthest from the truth. If Donald Trump can file chapter 11 to protect his businesses three times and still be President of the United States then everyone will understand that this was a simple legal maneuver to protect the practice from what we believe was an unjust seizure of property.”
Dr. Wefald said in the news release his practice “was as busy as ever and that patients were very pleased that he is continuing to practice.” Wefald has been seeing patients in Johnston County for the last 17 years.