Netco Investments, Inc (fka NCVT)

[mAjOr dAmAgE]

Legal counsel appeared for the petitioning creditors, but not for Mr. Banks. The transcripts are being ordered. The judge had several concerns including the petitioning creditors inability to attend and the prospective inability of a trustee to collect with zero funds available to do so. He believed that, even though none of the petitioners were party to or could seek adjudication in the New York case, the bankruptcy was filed to thwart that proceeding. (Interesting how Corey Ribotsky said New York was where all adjudication should occur, but opposed rca's joining the suit there).

The Court dismissed the case with prejudice as to the petitioning creditors only and only until the resolution of the New York matter. So the day the New York matter is resolved, the case can be reinstated. This, of course, makes no sense because the petitioning creditors believe Netco is insolvent regardless of who loses the New York case, but there ya go. So they can spend two years fighting, one will be a winner, then back to bankruptcy court for liquidation.