BioNitrogen Holdings Corp. (BIONQ)

[retireat40]

Given that there is no immediate possibility of reorganization and no assets or causes of action that would justify a conversion to Chapter 7, the Debtors respectfully request that the Court enter an order dismissing these chapter 11 cases. Under section 1112(b) of the Bankruptcy Code, the Court shall dismiss a chapter 11 case ‘for cause’ if it is in the best interests of creditors and the estate. As of the date herein, the Debtors are holding the sum of approximately $154,000 in their Debtor in Possession Account.

Uh...this isn't good.