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GREAT WHITE Fire: Nightclub Owners File List Of Assets, Property

October 21, 2005

The Associated Press has issued the following report:

The owners of a nightclub where 100 people died in a fire submitted a list of their assets on Friday, providing a detailed view of their finances a month after filing for bankruptcy.

Jeffrey and Michael Derderian, owners of The Station nightclub in West Warwick, sought Chapter 7 protection in late September, saying their debts topped $100 million and they were unable to pay creditors.

In documents filed Friday, Michael Derderian lists a home in Narragansett valued at $375,000 and roughly $73,000 in personal property — including bank accounts, a watch, a wedding band and a Chrysler Town and Country minivan.

Jeffrey Derderian lists a $284,000 Cranston home and nearly $51,000 in personal property.

The Feb. 20, 2003, fire was triggered by pyrotechnics set off during a performance by the rock band GREAT WHITE. More than 200 people were injured.

The bankruptcy filing last month halted a civil contempt hearing in Workers' Compensation Court, which was scheduled to address the Derderians' failure to make payments to the families of four nightclub employees killed in the fire.

The Derderians and former GREAT WHITE tour manager Daniel Biechele each face 200 counts of involuntary manslaughter in a criminal case resulting from the fire. They are also defendants in civil lawsuits filed by fire survivors and relatives of those who were killed.

Christopher Lefebvre, the Derderians' bankruptcy lawyer, said the filings show the brothers would have been unable to pay what could be massive claims against them.

"The reason why they filed the bankruptcy was to deal with these potential astronomic civil claims as a result of the tragic fire," Lefebvre said Friday.

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