Will they ever stop playing games? This is getting a bit on the insane side.
A stipulation entered with the bankruptcy court this past week indicates that the December 1 hearing will not go forward because "The Secured Creditor [Hendry and Nelson's company] agrees that it will not exercise its right to credit bid�." It appears as though the Secured Creditor decided to back down on it attempts to put itself in a better position in the scheduled auction of the assets, which was the focus of the December 1 hearing.
However, the creditors are continue to press for an examination of the financial dealings of the company during that last year of its operations. The Unsecured Creditors' Committee has filed an application to the court asking for an order requiring that Bruce ("Can't have noise in MY neighborhood") Hendry, David ("This is just a temporary shutdown, be here's my resume") Kreitzer and James ("Lost in Kentucky") Freeman appear for depositions and produce certain documents.
Among the items sought to be examined? The forgiveness of a $150,000 note owed to GSE which may have been part of the Severance/Separation Agreement with Freeman; The nature of the $24,308,914.00 debt claimed to be owed to Hendry and GDN Holdings; A tracing of the $469,632.55 payment made to GDN Holdings less than a month before the filing of the bankruptcy petition.
One wonders if they could sell tickets to those depositions�..
For those intersted the website overgrew the server I was using and have had to move it up to a bigger place http://www.birrenbach.com/GSE/
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Sincerely,
John Birrenbach
W 7th Neighborhood, St Paul MN
=== Political & Business Consulting ===
http://www.birrenbach.com/
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The Counter to Republican Radio http://www.airamericaradio.com/
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"Six years on the council has trained me to feign interest for long periods of time"
Chris Coleman Jan 21, 2004
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