GAI Bankruptcy Case Dismissed |
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Friday, 10 April 2009 |
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A U.S. bankruptcy judge has ended Global Authentication's attempt to file for Chapter 11 bankruptcy protection.
A Chapter 11 bankruptcy petition filed in December by sports card and autograph authenticator Global Authentication (GAI) has been dismissed by U.S. Bankruptcy Judge Robert Kwan.
Nancy Goldenberg, the attorney for the U.S. Trustee, filed the dismissal request last month, indicating her belief that Global had failed to satisfy compliance requirements including a statement of financial affairs.
Global filed a voluntary Chapter 11 petition on December 16 of last year, but continues to operate in hopes of emerging from its past debt issues.
"There are all kinds of reports that need to be filed in a bankruptcy proceeding but none of that was done," Goldenberg said. She asked the southern California-based court to request dismissal after Global failed to file certain schedules and a statement of financial affairs, failed to property inform its creditors of a rescheduled meeting and failed to appear at an Initial Debtor Interview. Kwan granted the dismissal motion last week.
Court papers indicate that two creditors, one from out of state, appeared in court for a Meeting of Creditors hearing that had been scheduled for January 28, but had never received notice from GAI attorney Mark Galyean that the meeting date had been changed to February 18 at his request. Neither GAI representatives or Galyean appeared on either hearing date for the required meeting.
In its original bankruptcy petition, Global listed assets of $50,000-$100,000 and liabilities of $1 million-$10 million.
Chapter 11 status allows a debtor to reorganize or liquidate pursuant to plans filed with the court. |
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