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UNITED STATES BANKRUPTCY COURT <br />FOR THE DISTRICT OF COLORADO <br />IN RE: ) <br />PEERLESS RESOURCES, INC., ) <br />a Colorado corporation, ) Case No. 86 B 2846 M <br />Debtor. ) <br />ORDER CONVERTING CASE UNDER CHAPTER 11 TO CASE UNDER CHAPTER 7 <br />An order for relief under 11 U.S.C. Chapter 11 having been <br />entered in the case of the debtor named above, and a subsequent <br />motion having been filed by creditors pursuant to 11 U.S.C. <br />Section 1112 to convert this case to a case under 11 U.S.C. <br />Chapter 7, and it having been determined after notice and <br />hearing that the case should be so converted for the following <br />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 the <br />petition was filed. <br />and it further appearing to the Court that the debtor is <br />entitled to be a debtor under Chapter 7, <br />IT IS ORDERED THAT: <br />This case of the debtor be, and it hereby is, converted to a <br />case under 11 U.S.C. Chapter 7. <br />DATED: BY THE COURT: <br />Bankruptcy Judge <br />