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GRAND RAPIDS - About a dozen creditors and former employees of the Continental Basketball Association attended a Section 341 bankruptcy meeting held recently in Grand Rapids. What they learned is that the trustee is still trying to determine the defunct league's assets and that there are thousands of creditors listed on 700 pages in the bankruptcy documents.
The CBA has approximately 6,000 creditors nationwide seeking more than $4.5 million. The top three local creditors reportedly are owed about $555,000. These are Grand Rapids Basketball Partners, the Van Andel Arena and the city
Grand Rapids. GRBP is the group that bold the Grand Rapids Hoops to Isiah Thomas. The arena was home to the franchise during its days under Thomas' ownership. And the city said Thomas owes it back...