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Archive for Wednesday, September 28, 2011

25 years ago: Money orders not clearing due to bankruptcy

September 28, 2011

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From the Lawrence Daily Journal-World for Sept. 28, 1986:

  • Conventional wisdom had led many folks to believe that money orders were a safe form of currency, but some local residents found the opposite to be true this week. Paul Moul had purchased two money orders at a local 7-Eleven store, one for $300 and one for $50, to make a rent deposit on his new apartment. At the end of August, Moul had received notice that the larger money order had not cleared the bank due to insufficient funds, and he still owed his landlord the $300 that he had already paid. This debacle was the result of a Chapter 11 bankruptcy filing by Northwest Financial Express of Little Rock, Ark., which had backed the money orders sold in 7-Eleven stores and other chains in 13 states.
  • Students and teachers at Lawrence schools had recently celebrated "American Indian Day." At Riverside School, teacher Russell Blackbird had hosted an afternoon dance and had made special presentations in all the classrooms.

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