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connection with this case. An order authorizing the employment of Spencer Fane LLP was <br />entered by the Court on March 13.2017. <br />ii. Chapter 7Section 341 Meeting. A meeting of creditors was held pursuant to <br />section 341 of the Code on March 8, 2017. No creditors' committee was formed and the <br />meeting was adjourned. <br />iii. Retention ofAccountani. On September 9, 2017, the Debtor tiled its Motion <br />to retain as accountants for the estate the firm of Dennis & Company, P.C. An order <br />authorizing the employment of Dennis & Company, P.C. was entered by the Court on <br />September IL 2017. <br />iv. Claims Objections. The Chapter 7 Trustee on June 6, 2018, filed a limited <br />objection to the secured claims of Todd C. Hennis, Pride of the West, LLC, San Juan Corp. <br />and Salem Minerals, Inc., primarily disputing the secured status of the claims. This objection <br />remains pending following conversion of the case to Chapter 11. <br />V. Receipt of Financial Warranty Proceeds. The Debtor received approximately <br />$35,000.00 from the State of Colorado as the remainder on a Financial Warranty. <br />These proceeds are currently held by the Debtor. <br />vi. Motion to Convert. RPL and Todd C. Hennis, Pride of the West, LLC, <br />San Juan Corp. and Salem Minerals, Inc. jointly filed a Motion to Convert the case to <br />Chapter 1 l on October 25, 2018. No party opposed that Motion. The case was <br />converted to Chapter 11 by order dated February 1, 2019. John C. Smiley was <br />appointed as Chapter I 1 Trustee on February 1 l , 2019. <br />vii. Chapter 11 Section 341 Meeting. A meeting of creditors was held pursuant <br />to section 341 of the Code on March 12, 2019. A creditors' committee was formed. <br />D. Creditors of the Debtor. The Debtor had the following creditors at the time the <br />bankruptcy case was filed: <br />i. Recreation Properties, Inc. This creditor sold certain option interests to the <br />Debtor and received a promissory note in the face amount of $85,000.00. The Debtor <br />defaulted on the note and RPL obtained summary judgment. Including prepetition <br />attorney' s fees, the total amount owed to this creditor is approximately $190,000.00. <br />If the Plan is confirmed, RPL's claim will be deemed fully satisfied and will not <br />participate in any distributions to unsecured creditors. <br />ii. Todd C. Hennis, San Juan Cofp. and Salem Minerals, inc. These entities are <br />creditors of the Debtor by, among other things, an Order Judgment and Decree issues by <br />the District Court, San Juan County, Colorado on September 2, 2010 (the " First Judgment <br />8 <br />