Chapter 11 Trustee Seeks Conversion of Brooke Corp. Bankruptcy
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Written by netdockets on May-4-09 12:58am
From: www.netdocketsblog.com
The trustee appointed in Brooke Corporation's bankruptcy cases, Albert A. Riederer, filed a motion on Thursday requesting that the chapter 11 cases of Brooke Corp. and its affiliates be converted to cases under chapter 7 of the Bankruptcy Code. Brooke Corp. and its affiliates filed for bankruptcy protection on October 28 and November 28, 2008.
The trustee was obligated to seek conversion of the bankruptcy cases by April 30, 2009 pursuant to the terms of a settlement agreement that was approved by the bankruptcy court on March 13th. Beyond filing the motion to comply with his obligations under that agreement, the trustee further argues that conversion is appropriate because there is no prospect for reorganization and there are no significant actions left to be taken that could not be done under chapter 7. The motion further states that the United States Trustee has informed Mr. Riederer that he will also be appointed as the chapter 7 trustee for Brooke Corp.
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