Eternal Technologies (fka ETLT)

[seneca_44]

Bankruptcy Proceedings.
This does not look good. why did they not just pay off this pesky little lawsuit.
"


"Receiver Appointed in Turnover Order Against Eternal Technologies to Satisfy Judgment
The Bankruptcy Court for the Southern Districtof Texas has appointed a Receiver to collect and satisfy the final Judgmentand Writ of Execution in the amount of $732,290 plus legal and court fees against Eternal Technologies Group, Inc. The Turnover Order issued by United States District Judge Vanessa D. Gilmore on September 23, 2008, isto collect on the unsatisfied Judgment Western Securities Corporation hasagainst Eternal Technologies Group rendered in the U.S. District Court ofthe Southern District of Texas, Civil Action Number H-O5-02504 on October31, 2007.
The Turnover Motion states that the Receiver shall have and exercise thefullest and broadest powers under the Rule, including but not limited to:

"Order the production before him of evidence, including documents, upon allmatters pertaining to Defendant's compliance with this Order; the assets,location of assets, value of assets and all other financial matterspertaining to Defendant."

Order that, "all third-parties in possession, or constructive possession,of assets, including but not limited to cash and funds on deposit,documentation, property or information regarding the Defendant, shallturnover or make available for turnover to the Receiver."

Order that Eternal Technologies Group, "immediately turnover to theReceiver within ten days from Defendant's receipt of a copy of this Orderany current and future proceeds, checks, cash, securities and sharecertificates. If the share certificates do not exist, Defendant is herebyordered to execute share certificates representing his interests and toturn the share certificates over to Receiver within ten days after receiptof a copy of this Order."

The Turnover Motion also stated that, "The Receiver is hereby authorizednecessary to gain access to all storage facilities, safety deposit boxes,real property, leased premises wherein any property of Defendant may besituated."

The powers of the Receiver include the right, authority and power to:


1. Collect all accounts receivable of Defendant;2. Change locks to all premises at which any property is situated;3. Open all mail directed to Defendant;4. Endorse and cash all checks and negotiable instruments payable to Defendant;5. Hire a real estate broker to sell any real property and mineral interest belonging to the Defendants;6. Hire any person or company to move and store the property of Defendant;7. Obtain from any financial institution, bank, credit union, or savings and loan any financial records belonging to or pertaining to the Defendant;8. Hire any person or company necessary to accomplish any right or power under this Order;9. Sell assets collected from the Defendants upon terms to be determined by the Receiver;10. Direct any Constable, Sheriff or authorized Peace Officer to seize and sell property under Writ of Execution. "