Opinion
No. 78 B 2136
August 7, 1979
Denial of Discharge — Concealment of Property — "Superman" Comics
A bankrupt was denied discharge where he concealed from his creditors "Superman" comic books that were valued, by his own admission, at $2000 each.
The creditor had renovated a store for the bankrupt. The creditor and a business acquaintance of the bankrupt both testified that the bankrupt said he owned "Superman" comic books that were worth approximately $2000 each. The bankrupt failed to list the comic books in his schedules when he filed his petition in bankruptcy.
Having admitted to the creditor and its witness that the comic books were valued at $2000 each, the bankrupt was bound by this admission. Accordingly, since the court accepted the proposition that the bankrupt owned comic books of value in the summer of 1977, and since there was no evidence that they were disposed of by the bankrupt, it followed that the bankrupt's ownership continued during the twelve month period preceding the filing of the petition within the meaning of Section 14c(4) of the Bankruptcy Act. Possession once established, noted the court, is presumed to continue unless the contrary is shown. Thus, the court denied the bankrupt's discharge as a result of the concealment. See Sec. 14c(4) [§ 727(a)(2)] at ¶ 10,117.