Genco Corp (GNCC)

[Bountiful_Harvest]

In re: SUNNYLAND FARMS, INC., Debtor., No. 14-10231-T11, 2019 WL 507536 (Bankr. D.N.M. Feb. 8, 2019)

The debtor(Bright Green) confirmed a plan of reorganization in this case several years ago. After confirmation, the Court resolved a dispute between the reorganized debtor and one of its creditors about whether the creditor was entitled to receive stock in the reorganized debtor. The Court ruled that he was. "The debtor and creditor now disagree about the debtor’s proposed merger with another corporation". The debtor asks the Court to enforce a provision of its bylaws allegedly requiring the creditor to arbitrate the dispute. Having reviewed the briefing and the law on the issue, the Court concludes that it lacks jurisdiction to compel arbitration. The Court also concludes that there are other problems with the motion, which therefore will be denied.


http://www.nmb.uscourts.gov/sites/default/files/opinions/14.10231.345.pdf


I think this Jerry Capussi may have played a part in FINRA not approving merger. Interesting that Mr. Capussi originally wanted cash, then changed his mind, and now wants shares. IDK, but could be another factor associated with the delays, etc.

Being that this legal matter was posted February 2019, they might have resolved it now, and ready to move forward with certain aspects of business. Just an interesting observation in the grand scheme of things.