
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, May 23, 1990                   TAG: 9005230462
SECTION: VIRGINIA                    PAGE: B2   EDITION: METRO 
SOURCE: SANDRA BROWN KELLY AND DAVID M. POOLE STAFF WRITERS
DATELINE:                                 LENGTH: Medium

LAKE LAND DEVELOPER FILES FOR BANKRUPTCY

David A. "Red" Dean, a partner in a land sales operation at Smith Mountain Lake, has filed personal bankruptcy, listing debts of $6.8 million and assets of $6.5 million.

His assets include $1.8 million for a 25 percent interest in a sand mine on Virginia 122 and $3.6 million from Dean Properties, his development company.

Dean, who lives in Moneta, also is a shareholder in Beacon Light Marina Yacht Club, which filed for reorganization under Chapter 11 in bankruptcy court in February.

There are 17 lending institutions among the 46 secured creditors in the case. They are Heritage Savings Bank of Richmond, $1,049,821; First National Bank of Rocky Mount, $690,000; Bank of Floyd, $614,631; Sentry Mortgage of Norfolk, $323,000; CorEast Savings, $230,681; Salem Bank & Trust, $234,000; Signet Bank, $70,000; The First National Bank of Ferrum, $53,000; Crestar Bank, $48,000; United Companies Mortgage of Roanoke, $47,000; Commercial Credit Corp. of Roanoke, $48,000; Charter Federal, $80,000; Chrysler First Financial, $51,000; First Virginia Bank of Franklin County, $27,000; Central Fidelity Bank, $35,339; and State Bank of the Alleghanies of Covington, $12,213.

Among the 61 unsecured creditors is Crestar Bank of Lynchburg, $63,000; First Community Bank of Princeton, W.Va., unspecified amount; Modular Home Units Inc. of Covington, $99,558; lawyer Alton Prillaman, $15,000; and Lynda Hall Morran of Route 1, Rocky Mount, $300,000.

A number of individuals are listed as debtors at amounts ranging from $5,000 to $275,000.

Dean was not available for comment Tuesday.

by CNB