Donald Allen, attorney for Jaeger Kottmeier Associates, informed Colorado District Court Judge Todd Plewe of the asset turnover during a seven-and-a-half minute status conference on Tuesday, Dec. 17. Judge Plewe then discharged Jaeger Kottmeier Associates as the court-appointed receiver in the case.<\/p>\n
Plewe said he would next conduct an internal review of the case on May 1, ordering plaintiffs Maximilian Investors to submit a status report on the Texas bankruptcy proceedings.<\/p>\n
Based in Katy, Texas, He-Man LLC owns the Red Arrow gold mining claims. As a result of the acquisition of He-Man by Rock Energy Resources, Inc., He-Man\u2019s name was changed to American Patriot Gold, a subsidiary of Rock Energy Resources.<\/p>\n
In August, defendant American Patriot Gold filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Chief Bankruptcy Court Judge Karen Brown was to consider a motion for turnover in the case on Wednesday, Dec. 18. The outcome of those proceedings was not immediately available.<\/p>\n
Plewe ordered Red Arrow Gold into receivership in April.<\/p>\n
After investing $25 million into Red Arrow Gold, Maximilian Investors claim they are still owed nearly $11 million in outstanding loans after partnering with Red Arrow Gold owner Craig Luikko and American Patriot Gold.<\/p>\n
Last week, an Australian company announced it had secured $4.5 million in financing to purchase Red Arrow\u2019s gold and silver claims.<\/p>\n","protected":false},"excerpt":{"rendered":"
Allen, attorney for Jaeger Kottmeier Associates, informed Colorado District Court Judge Todd Plewe of the asset turnover during a seven-and-a-half minute status conference on Tuesday, Dec. 17. Judge Plewe then discharged Jaeger Kottmeier Associates as the court-appointed receiver in the case. Plewe said he would next conduct an internal review of the case on […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[],"tags":[4928,338,13,398,60],"naviga_topic":[],"class_list":["post-59520","post","type-post","status-publish","format-standard","hentry","tag-bankruptcy","tag-business-enterprises","tag-frontpage-lead","tag-gold-and-precious-material","tag-montezuma-county"],"acf":[],"author_name":"dh_admin","_links":{"self":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/59520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/comments?post=59520"}],"version-history":[{"count":0,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/posts\/59520\/revisions"}],"wp:attachment":[{"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/media?parent=59520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/categories?post=59520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/tags?post=59520"},{"taxonomy":"naviga_topic","embeddable":true,"href":"https:\/\/dh.durangoherald.com\/tj\/wp-json\/wp\/v2\/naviga_topic?post=59520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}