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ENFORCE38085
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ENFORCE38085
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Entry Properties
Last modified
8/24/2016 7:46:54 PM
Creation date
11/21/2007 3:54:03 PM
Metadata
Fields
Template:
DRMS Permit Index
Permit No
C1984067
IBM Index Class Name
Enforcement
Doc Date
10/21/1987
Doc Name
PEERLESS RESOURCES BANKRUPTCY PETITION CASE 86B2846M
From
MLRD
To
FRED BANTA
Violation No.
CV0000000
Media Type
D
Archive
No
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III IIIIIIIIIIIII III <br />~ ir~TE <br />OF COLORADO <br />Ray Romer, Gove. <br />DEPARTMENT OF NATURAL RESOURCES <br />MINED LAND RECLAMATION DIVISION <br />DAVID C. SHELTON, Dlreetor <br />DATE: October 21, 1987 <br />T0: Fred Banta 1.~~ <br />FROM: Peter O'Connor ~ v <br />RE: PEERLESS RESOURCE BANKRUPTCY PETITION (CASE p10, A6B2846M); <br />PERMIT N0. C-84-057 <br />On October 19, 1987, you requested I cook into this case to determine the <br />disposition of the reorganization filing, Addressed below is what I have been <br />able to find out so far. <br />Sometime around April, 1986 Peerless Resources filed for bankruptcy <br />protection, Chapter 11 (reorganization), It does not appear much happened <br />with this filing until a motion to convert this bankruptcy filing from <br />Chapter 11 to Chapter 7 (liquidation) was filed on July 20, 1987 by two of the <br />creditors, Melco, Inc., and Burnett Construction Company, No action by the <br />courts has occurred on this motion since it has been objected to by <br />Peerless Resources' attorneys due to a technicality; one of the creditors was <br />not properly notified, <br />Subsequent to this conversion motion, Peerless Resources' attorneys have <br />submitted a reorganization plan, This plan was filed around the week of <br />September 8, 1987 and an amended plan was filed during the week of October 13, <br />1987, A disclosure statement (similar to a stock prospectus) still needs to <br />be filed which should he done within two weeks according to Pete Albany of <br />John Franks and Associates (Peerless Resources' attorneys). Once the <br />disclosure statement is filed, the necessary reorganization information will <br />have been submitted. The court will then schedule a hearing (which will take <br />a couple of months due to the tremendous backlog of cases) to hear objections <br />or agreements to the proposed reorganization plan. Eventually, a vote of the <br />creditors will be taken to decide the outcome of the plan <br />Mr, Albany is uncertain of the outcome of this vote. The length of time <br />between filing for bankruptcy and the submittal of the reorganization plan <br />(about 16 months) does not favor Peerless resources. Also, the technicality <br />issue of the conversion motion should be resolved soon which will impact the <br />reorganization hearings. <br />As I find out more information, I will let you know. <br />cc: Mike Savage <br />Oavid Berry <br />srs <br />2979E <br />423 Centennial Building, 1313 Sherman Street Denver, Colorado 80203-2273 Tel. (303) 866-3567 <br />
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