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Free Energy Blog:2014:06:22
Free Energy Blog posts from Sunday, June 22, 2014
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GPI's second Chapter 9 attempt denied
- Green Power's second Chapter 9 attempt falls flat (TriCityHerald; June 18, 2014)
- A troubled Pasco biofuel company's second attempt to seek bankruptcy protection has failed.
- That means a group of Tri-City-area creditors can move forward on their efforts to foreclose on Green Power's unfinished plant in the Big Pasco Industrial Park.
- U.S. Bankruptcy Court Judge Timothy Dore dismissed Green Power's latest bankruptcy case this week after the company failed to meet deadlines to provide certain information.
- Green Power did not provide proof of insurance and additional financial information, according to court documents. The company also did not disclose the connections between the proposed buyer and Green Power or give any evidence to show the buyer's ability to close on the $12 million deal.
- Judith Calhoun, Green Power's acting CEO, said in court documents that she filed the most recent bankruptcy case so Green Power could be sold.
- Calhoun has been the acting CEO since Green Power founder Michael Spitzauer was federally indicted in connection with wire and bank fraud, aggravated identity theft, money laundering and lying on a federal tax return. He has been jailed since December.
-- SilverThunder 17:22, 22 June 2014 (UTC)
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