B.E. Capital Management Fund filed with the U.S. Bankruptcy Court a motion to convert the Perseon Chapter 11 reorganization to a liquidation under Chapter 7.
The motion explains, “There is no dispute that Perseon Corporation (the ‘Debtor’) has no reasonable likelihood of reorganizing now that an order approving the sale of substantially all of its assets has been entered, which sale is expected to close expeditiously. There can also be no dispute that the estate will suffer continuing loss in the form of administrative expenses and United Sates Trustee fees, regardless of whether a plan is confirmed in the near term. Pursuant to section 1112(b)(1) of the Bankruptcy Code, upon a determination that the forgoing requirements of Section 1112(b)(4)(A) have been satisfies, this Court must convert this case to one under chapter 7, unless it determines that appointing a chapter 11 trustee or examiner is in the estate’s best interest.”
The Court scheduled a September 20, 2016 hearing on the motion. Read more Perseon bankruptcy news.
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