CTGX Mining, Inc. (CHCX)

[Tadaaa]

...and I thought Investors owned the assets....DOH:

The problem for the lenders, it is alleged in the suit, is that the assets of North Country Hospitality have been dispersed among other several other entities controlled by Seaway Valley, causing the lenders to "expend additional effort to track down where the assets have been moved" and to seek judgments against multiple entities.

The lenders claim the transfers are "fraudulent" transactions designed to "have the effect of separating the assets securing the debts from the parties who undertook the obligation to repay" them. They claim the transfers occurred at the direction of Mr. Scozzafava and with his approval.

Source: http://www.allbusiness.com/legal/trial-procedure-summary-judgment/14254590-1.html#ixzz1neIKHeXx