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In it's bankruptcy filing, Butler International listed assets

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hestheman   Wednesday, 04/06/11 01:12:41 PM
Re: catdaddyrt post# 3138
Post # of 3622 
In it's bankruptcy filing, Butler International listed assets of 96.4 million (book value) and liabilities of 75.6 million. That leaves over 20 mil of value in Butler Intl alone. Stephen Sorensen's company, Butler America, acquired the company. Stephen Sorensen is the president of Select Staffing (a 1.5 billion dollar company). Sorensen wanted to take Select Staffing public near the end of 2009 through a R/M with a company named Atlas. Sorensen wanted to take the company public to trim Select Staffing's debt (due in 2014). I believe he still wants to take Select Staffing public. Keep in mind, BUTLQ was a chap 11, not a chap 7. Shareholders are still very much alive here (with possibly 20 mil in book value) with an O/S of 10-12 mil. You are correct in the fact that we need to find out if the chap 11 was dismissed. I believed TanaTrump on this board stated the BK was dismissed that she talked to the attorneys. This needs to be verified. I plan on making calls over the next few weeks. I am going to find out why the Q has'nt been dropped. If Select Staffing does go public using the BUTLQ shell than a few here that thought they were so smart flipping will probably be trying to find the highest hanging chandalier in their houses. GLTA

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