Former Texas Gov. John B. Connally emerged...

Former Texas Gov. John B. Connally emerged from bankruptcy court protection less than a year after a $170-million debt from failed real estate ventures forced him to seek protection from creditors. “He’s out. He’s been discharged from his debt. He’s free to go about his business,” Connally attorney Mark Browning said. Connally, 71, filed for Chapter 11 bankruptcy July 3, 1987, blaming the failure of numerous real estate projects he developed. About $50 million still is owed to unsecured creditors, who eventually may be repaid about 10 cents on the dollar, Browning said. About $3 million to $5 million in cash will be divided among the unsecured creditors. Most of that cash came from the auction in January of most of Connally’s personal possessions. Connally was Treasury secretary in the Nixon Administration.