ComCam International, Inc.(fka CMCJ)

[stockmasterflash]

Don't forget Ianace's personal bankruptcy

So the president of Comcam has led at least 2 other companies that filed for bankruptcy and has filed bankruptcy for himself personally.

Gee-- just the guy I want to invest with!


United States Department of Justice
Office of the United States Trustee
1100 Commerce Street, Room 976
Dallas, TX 75242 [phone]
Mary Frances Durham,
for the United States Trustee
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE NORTHERN DISTRICT OF TEXAS
DALLAS DIVISION
IN RE: §
§
Peter E. Ianace and § CASE NO: 03-37755-BJH-11
Ronelle M. Ianace §
§
Debtors-in-possession § Chapter 11
Hearing: November 18, 2004
1:15 p.m.
Motion to Dismiss Case or Convert Case to Chapter 7
Comes now the United States Trustee and files this his Motion to Dismiss Case or
Convert Case to Chapter 7 in the above-referenced chapter 11 case. In support of his Motion to
Dismiss Case or Convert Case to Chapter 7, the United States Trustee respectfully represents as
follows:
Jurisdiction
The bankruptcy court has jurisdiction to determine this matter under 28 U.S.C. § § 1334
and 157. This is a core proceeding under 28 U.S.C. § 157(b).
Facts
Procedural:
1. The Peter E. Ianace and Ronelle M. Ianace commenced the instant case when they filed
their joint chapter 13 petition in August 2003. The debtors filed a chapter 13 plan, but the
1/The trustee objected because the plan did not provide adequately for the $18,000 claim of the
IRS.
2/The creditor objected because the plan did not include their claim.
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Chapter 13 Trustee filed a motion to dismiss the case because the debtors failed to
provide their 2001 and 2002 tax returns, their 2003 Profit and Loss statement and other
business related information as requested by the Chapter 13 Trustee at the meeting of
creditors. It appears that the Court did not hear or determine that motion to dismiss.
2. The debtors filed a second plan on March 24, 2004, to which the Chapter 13 Trustee1/ and
a creditor objected2/. The Court did not hear or determine anything about the debtors
second plan, and the Chapter 13 trustee moved to dismiss the case for exceeding
jurisdictional limits. In response, the debtors moved to convert their case to chapter 11
which the Court granted on June 21, 2004.
3. Nothing has transpired in this case since the United States Trustee conducted the first
meeting of creditors on July 22, 2004.
4. The debtors have never filed an operating report.
5. The debtors have not provided the United States Trustee with proof of the existence of a
debtor-in-possession bank account or current insurance on any assets.
Substantive:
6. According to information the debtors provided to the United States Trustee, Mr. Ianace
works for Espre Solutions as its President. Espre Solutions was incorporated in
December 2003, and Mr. Ianace grosses $16,800 per month from the business. Espre
Solutions sells software to companies such as Verizon and SBC.
7. Mrs. Ianace stated that she works for Espre Partners and receives $9,000 per month for
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her work. Espre Partners resells excess telecommunications inventory to companies such
as AT&T and Fujitsu. Mrs. Ianace is the “broker” for these sales and receives a
commission.
8. The debtors informed the United States Trustee that neither debtor receives a salary, but
is paid “1099” compensation.
9. The debtors also operate Espre Trade, Inc., Kiwi International and Vianet Technologies,
although the debtors disclose only Vianet Technologies on their Schedules.
10. Documents filed with the Secretary of the State of Texas disclose that Mr. Ianace was, at
the time of filing his chapter 13, a director of a company named Visual Reach Industries,
Inc., a “foreign business corporation.” The debtors did not provide information about this
company on their schedules.
11. Documents filed with the Secretary of the State of Texas, and signed by Mr. Ianace on
July 26, 2004, reflect that Mr. Ianace caused his company Espre Solutions, Inc. to merge
with “Candeub, Fleissig & Associates, Inc.” The surviving entity is known as Candeub,
Fleissig & Associates, Inc. The debtors did not seek court approval for this transaction.
12. The debtors’ home Collin County, is valued at $850,000 and has secured debt of
$715,000. The debtors also own two timeshare arrangements valued at $45,500
collectively with secured debt of $13,800 on the one timeshare valued at $38,000.
13. The debtors list personal property valued at $260,000.
14. The debtors’ unsecured debt totals $125,495, and appears to consist of mostly consumer,
credit card debt.
15. The debtor lists no priority debt, but the Internal Revenue Service has filed a claim for
$281,343, all but $1,000 of which is designated as priority debt for the years 2001
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through 2003.
Argument
16. The debtors have failed to comply with routine requirements such as the filing of
operating reports and the opening of a debtor-in-possession bank account. The debtors
cannot confirm a plan of reorganization without financial information. Failure to comply
with local rules of court or to disclose financial information regarding post-petition
operations is cause for dismissal or conversion of their case.
17. It would appear that Mr. Ianace has bargained away a valuable asset of the estate without
court approval. This is cause for dismissal or conversion of the case.
18. The debtors have enjoyed the protection of Title 11 for over one year, and have not
produced a plan of reorganization. The debtors filed their first chapter 13 plan over one
year ago. Such delay in progress toward reorganization is prejudicial to creditors and
cause for conversion or dismissal of their case.
Relief Requested
19. The United States Trustee asks the court to dismiss this case or convert the case to
chapter 7 and order the debtors to pay all United States Trustee quarterly fees. The
United States Trustee asks for any further relief to which he may be justly entitled.
September 29, 2004 William T. Neary
United States Trustee
/s/ Mary Frances Durham
Mary Frances Durham, TXB #00790144
United States Department of Justice
Office of the United States Trustee
1100 Commerce Street, Room 976
Dallas, TX 75242 [phone], ext. 241
[e-mail]
Certificate of Service