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UNITED STATES BANKRUPTCY COURT <br />FOR THE DISTRICT OF COLORADO <br />ZN RE: 1 <br />PEERLESS RESOURCES, INC., ) <br />a Colorado corporation, ) Case No. 86 B 2846 M <br />Debtor. ) <br />MOTION TO CONVERT CASE UNDER CHAPTER 11 TO CASE UNDER CHAPTER 7 <br />Creditors, Melco, Inc., and Burnett Construction Company, by and <br />through their attorney, Alan Merson, move this Court for an <br />Order converting this case pursuant to 11 U.S.C. Section 1112 to <br />a case under 11 U.S.C. Chapter 7 for the following reasons: <br />1. Continuing loss to and diminution of the estate and the <br />absence of a reasonable likelihood of rehabilitation. <br />2. Unreasonable delay by the debtor that is prejudicial to <br />creditors. <br />3. Inability to effectuate a plan more than 15 months after <br />filing its petition. <br />WHEREFORE, the creditors respectfully request an Order of this <br />Court converting this case to a case under 11 U.S.C. Chapter 7. <br />DATED this 20th day July, 1987. <br />Respectfully submitted, <br />Alan Merson, #1020 <br />1801 Broadway, Suite 1100 <br />Denver, Colorado 80202 <br />303-292-0110 <br />