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penny stock. However, the Debtor had discontinued its milling and other activities for a <br />period of time prior to the bankruptcy case. The exact date that the Debtor discontinued its <br />milling and other activities is not known to RPL, but RPL is aware that such activities had <br />been discontinued by November of 2013 when RPL engaged in litigation with Debtor in <br />the District Court of Jefferson County Colorado. At that time, the Debtor's business <br />activities consisted primarily of searching for investments and financing. At the time the <br />bankruptcy was filed, the Debtor was not actively engaged in the milling activities. was <br />actively seeking financing, and its stock was delisted and all public trading was suspended. <br />The Debtor retains its Permit and Financial Warranty posted therewith, which had been <br />suspended prior to the Petition Date. The Debtor intends to reinstate this Permit and reenter <br />the milling business if, after a feasibility study, the Debtor and the Joint Venture <br />determined such operations are practical. <br />Mr. Guyer owns 74 percent of the Class B voting stock of the Debtor. Class B stock <br />has a 100 to I voting power. Mr. Rice owned 18 percent of the Class B voting stock. Mr. <br />Rice is now deceased and his interest is owned by his estate. Together, Mr. Rice and Mr. <br />Guyer effectively controlled 90 percent of the equity of the Debtor. Mr. Rice and Mr. Guyer <br />were the only two remaining directors on the board of the Debtor. <br />B. Events Leading to Bankruptcy Filing. <br />The Debtor defaulted on its obligations to several creditors including RPL, Todd C. <br />Hennis. Pride of the West, LLC, San Juan Corp. and Salem Minerals, Inc. during the time <br />period between 2012 and 2014. These creditors bought several actions against the Debtor <br />and obtained judgments. As a part of enforcing those judgments, they brought an action in <br />2013 inJefferson County District Court seeking the appointment of a receiver for the Debtor <br />and asserting other claims against the Debtor. RPL joined that action both in seeking the <br />appointment of a receiver and to obtain judgment on its own claim against the Debtor. RPL <br />received summary judgment in that case, and other plaintiffs ultimately foreclosed their <br />judgments against the Debtor's physical assets including the Mill. When these creditors and <br />the Debtor were unable to agree upon settlement of the judgments, several creditors filed <br />this case as an involuntary Chapter 7 bankruptcy case to preserve assets and to provide for <br />repayment of the judgments in accordance with the Code. David Lewis was appointed to <br />serve as Chapter 7 Trustee. <br />C. Significant Events During Bankruptcy. <br />The Order for relief was entered on January 24, 2017. The case was converted to Chapter <br />1 l by Order dated February 1, 2019. John C. Smiley was appointed as Chapter 11 Trustee on <br />February 11, 2019. The following summarizes the significant events which have occurred <br />during the bankruptcy. <br />i. Employment of Legal Counsel. On February 13, 2017, the Chapter 7 Trustee <br />applied for authority to retain the law firm of Spencer Fane LLP as its legal counsel in <br />7 <br />