In re Prods. Intl Co.
Sep
02
2008
Ruling
Voluntary dismissal denied and chapter 11 trustee appointed due to improper transfers by majority owners to other entities they controlled.
Procedural posture
Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code and operated as a debtor-in-possession. Five months after it filed its petition, the debtor filed a motion to dismiss its bankruptcy action, pursuant to 11 U.S.C.S. § 1112(b). A person (part owner) who owned an interest in the debtor opposed the debtor's motion and filed a cross-motion for appointment of a chapter 11 trustee.
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Court
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