Fountain receiver’s Chapter 11 petitions dismissed
03-31-2012 | 01:20 PM
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From: Sharkey-Images.com
Fountain receiver’s Chapter 11 petitions dismissed
March 31, 2012
- Beth Rosenberg
[email protected]
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Chapter 11 bankruptcy petitions filed by a receiver on behalf of Fountain and related entities have been dismissed by Judge Erik Kimball in the bankruptcy court of the Southern District of Florida.
The order was in response to a motion by Joseph Wortley to dismiss the cases. Wortley is at least a partial owner of Fountain and other related entities. A U.S. trustee had also filed a motion to dismiss the bankruptcy case or, in the alternative, appoint a Chapter 11 trustee, but that motion was denied as moot due to this ruling.
At issue was whether the receiver, Ronald Glass, had the authority to file the bankruptcy petitions. The filing was made Jan. 18 and marked the second time in less than three years that Fountain had filed for bankruptcy protection. At the time of the January filing the company listed more than $53 million in liabilities and less than $50,000 in assets, according to court documents.
In his order, dated March 23, Kimball wrote, “… the court finds that Ronald Glass was not duly authorized to file the petitions commencing these cases.”
Glass told Trade Only Today that he had no comment on the judge’s order.
Entities involved in the dismissal include: FULL STORY CLICK HERE
.
- Beth Rosenberg
[email protected]
--------------------------------------------------------------------------
Chapter 11 bankruptcy petitions filed by a receiver on behalf of Fountain and related entities have been dismissed by Judge Erik Kimball in the bankruptcy court of the Southern District of Florida.
The order was in response to a motion by Joseph Wortley to dismiss the cases. Wortley is at least a partial owner of Fountain and other related entities. A U.S. trustee had also filed a motion to dismiss the bankruptcy case or, in the alternative, appoint a Chapter 11 trustee, but that motion was denied as moot due to this ruling.
At issue was whether the receiver, Ronald Glass, had the authority to file the bankruptcy petitions. The filing was made Jan. 18 and marked the second time in less than three years that Fountain had filed for bankruptcy protection. At the time of the January filing the company listed more than $53 million in liabilities and less than $50,000 in assets, according to court documents.
In his order, dated March 23, Kimball wrote, “… the court finds that Ronald Glass was not duly authorized to file the petitions commencing these cases.”
Glass told Trade Only Today that he had no comment on the judge’s order.
Entities involved in the dismissal include: FULL STORY CLICK HERE
.
04-02-2012 | 08:51 PM
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