Who is this article talking about?

[stockblock]

I should know this one but i have no idea what indy driver this
legal case was about. can anyone help out?



The debtor in the case was financially destitute. He filed a Chapter 7 case seeking a discharge from his debts. He had no assets and no regular income. As of the petition date, he qualified for bankruptcy relief according to anyone's standard, means tested or otherwise.

The peculiar wrinkle of the case comes from what happened the day after he filed for bankruptcy. His services were engaged to drive a car in an event known as the Indianapolis 500 car race. To his amazement, and to the amazement of his friends and especially his creditors, he won the race. His success was richly rewarded in both praise and monetary remuneration. In short, he was now able to pay all of his debts in full. The question presented to the Bankruptcy Court was whether the events on the day following the filing of his bankruptcy case were of any consequence to the question of whether he should receive a discharge. The case concluded that those events were not relevant. Instead, the debtor's circumstances on the day he filed for bankruptcy determined his eligibility for a discharge. Further, his assets on that day, and not the day following, were the sole property of the bankruptcy estate. There was nothing for the trustee to liquidate. There was no section 707(b) remedy to the creditors. In short, the case stood for the proposition that the die is cast on the day of the filing of the case. Subsequent events are considered to be a part of the debtor's new life, his so called "fresh start."

[Belanger99]

I am guessing Kelly Petillo

[shifty]

Gordon Johncock

[Lucky161]

I think shifty got it.

[STAND E]

Cool story. That must have felt like manna from heaven.

[ensign14]

Surely Johncock had regular income as a driver for Patrick?

[theunions]

I likewise remain unconvinced it's not Petillo (usage of the phrase "an event known as the Indianapolis 500 car race" doesn't seem likely in '73).

[stockblock]

Thanks to all who posted. This was published in a law school training book and i came across this by accident. I thought of Johncock but if i remember from Johncocks first win his winnings were seized and used to pay off his debts. This article implied the legal theory that the purse did not count toward the debts.

I really do not know the answer. Anyway, can someone fill in a little information on this Kelly Petillo. I am not familiar with him.

[MichaelP]

I was under the impression that Petillo's troubles didn't start until after he won Indy.

I don't remember all the details about Petillo's problems, but he did go to jail for rape I believe, and after prison he started getting delussions of grandeur that he'd revive his Indy carerer, even though he was going blind.

[grogg]

I know Johncock filed for bankrupcy the same year he won the 1973 Indy 500.

[NoviVespa]

Kelly Petillo, he came to Indy with a car, burnt piston. Went to Harry Miller, with wife and kids and no money. Miller fixed the engine. Kelly won the race.

Kelly was in prison, escaped. They caught him eventually. Where? At the Indy 500.

[indyrjc]

Kelly was at the Speedway as late as (I think) 1959 saying that he was looking for a ride. A old friend of mine who worked for Dean Van Lines said that Kelly would go to the White Front each night after being at the track all day trying to get in a car. I don't know for sure but I think Kelly's legal problems revolved around a woman who somehow ended up dead in his hotel room. Someone told me that she actually fell out of a window although I've never known for sure. The same person told me that Petillo was convicted of manslaughter and did several years in prison. I'd like to know the real story.

[indyrjc]

Also, I think that the driver in question must be Johncock. I'm not even sure that Chapter 7 bankruptcy even existed in the 1930s. And it's unlikely that someone like Kelly Petillo would even go to the bother of filing. It was the middle of the Depression and most people just walked away from debts and no one came after them when there were no assets left anyway.

[shifty]

I'm going completely from memory here, so bear with me.

I seem to remember that it was unclear what was to be decided when the 500 was finished. Then, the way it turned out, Johncock came out "smellin' like a rose" !