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Worley bankruptcy trustee seeks court approval to hire former company’s CFO

The former CFO of Worley & Obetz Inc. may soon be helping a bankruptcy trustee unwind the affairs of his old employer, which sank into bankruptcy last month.

Christine Shubert, the trustee overseeing the Worley & Obetz bankruptcy, has asked the court for permission to hire Joel Hagaman, the former CFO of the Manheim energy company, as an independent contractor. 

The request was filed July 20 in U.S. Bankruptcy Court for the Middle District of Pennsylvania.

Hagaman’s knowledge of Worley & Obetz’s business affairs, assets and facilities, as well as his relationships with its former employees, the filing said, could be instrumental in assisting Shubert as she recovers the company’s property for creditors.

As a consultant, Hagaman would help Shubert gather inventory of Worley’s assets, work with potential buyers for the assets, and help Shubert gain access to the company’s books, records and accounting software to perform an audit of the 401(k) plan and a forensic examination, the filing said.

He would also help Shubert and her team access Worley’s accounting and operating software and collect accounts receivable records.

In a complaint filed last week, Fulton Financial alleged fraudulent accounts receivable were filed by the Lancaster company’s former CEO, Jeffrey Lyons.

Worley & Obetz filed for chapter 7 bankruptcy in June, days after it unexpectedly closed.

If brought on, Hagaman would be paid $100 per hour, plus reimbursement for expenses.

As of July 20, the filing said, Hagaman was owed $12,692 by Worley & Obetz in vacation pay, which he has agreed to waive.

Neither Hagaman nor Shubert’s attorney were immediately available for comment.

Shelby White
Shelby White covers banking and finance, law and Lancaster County for the Central Penn Business Journal. For tips, email her at [email protected].

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