Here is miniutes from Apr 5. Note that a bit more than 30 days of water has passed under the bridge since then. Still no plan.
COURT: ARE THERE ANY UPDATES? MR. SPARKS STATES HE HAS SPOKEN WITH SEVERAL CREDITORS, AND THE DEBTOR HAS FILED SUPPLEMENTAL DOCUMENTS. THERE HAVE BEEN NO OBJECTIONS TO THE USE OF $275,000 FOR 60 DAYS. THE DEBTOR HAS FILED BUDGETS, AND HAS A NUMBER OF CONTRACTS WHICH WILL GENERATE IMMEDIATE CASH FLOW. THE PLAN WILL BE ON FILE WITHIN 30 DAYS. HE FEELS WITH THE CASH FLOW PROJECTIONS PROVIDED TO EVERYONE, THE DEBTOR WILL GENERATE ABOUT $600,000 PER YEAR. COURT: WHAT IS THE LONG-TERM OUTLOOK FOR THIS CORPORATION? MR. SPARKS STATES $275,000 WILL GET THE MACHINES OUT THE DOOR, AND MONEY WILL BE GENERATED. FURTHER DISCUSSION IS HELD. COURT: WHY NOT ADVANCE THE PLAN AND GET IT ON FILE IN A WEEK? IF THERE IS A VIABLE PLAN, LET'S GET IT ON FILE. MR. SPARKS STATES HE WILL HAVE A PLAN ON FILE WITHIN 14 DAYS. THE DEBTOR NEEDS THE MONEY NOW TO GET THE PRODUCT OUT THE DOOR. MR. LAIRD STATES HE REPRESENTS A FORMER EMPLOYEE, AND HE HAS FILED A LAWSUIT FOR UNPAID WAGES. HE HAS A CONCERN ABOUT THE $275,000, AND FEELS THIS IS A BLUFF. THE COURT IS NERVOUS RELEASING MONEY UNTIL THERE HAS BEEN A FULL-BLOWN HEARING TO DETERMINE THE NATURE OF THE CASH. THE COURT DOESN'T WANT TO MOVE TOO QUICKLY ON THIS. MR. SKLAR STATES HIS CLIENT HAS $930,000 IN UNSECURED DEBT. HE FEELS THERE IS SOME POTENTIAL IN THIS COMPANY, AND AGREES THAT A PLAN SHOULD BE FILED SOONER, RATHER THAN LATER. MS. LAVIGNA STATES HER CONCERNS, AND MOST OF THEM WERE ADDRESSED BY THE ADDITIONAL INFORMATION SUPPLIED. SHE DISCUSSES THE OFFERING, AND THE DIFFERENCE IN THE TYPES OF OFFERINGS. MR. SPARKS INTERJECTS COMMENTS. IF THERE IS NO MONEY, THE DEBTOR CAN'T GET THE PRODUCT OUT THE DOOR, AND GENERATE MONEY TO PAY THE CREDITORS. MR. WATSON STATES MR. BRUMFIELD IS INVOLVED IN A CHAPTER 7 IN SOUTHERN CALIFORNIA. HE REVIEWS THE PAST HISTORY OF THE DEBTOR. THE U. S. TRUSTEE HAS SOME SIGNIFICANT CONCERNS. HE AGREES WITH THE COURT THAT IF MONEY IS ADVANCED, IT WOULD HAVE TO BE DETAILED CLEARLY. COURT: AFTER FURTHER DISCUSSION, THE DEBTOR'S MOTION IS DENIED, WITHOUT PREJUDICE. MR. SPARKS IS TO GO BACK AND FIND ANOTHER APPROACH TO OBTAIN FINANCING TO GET THIS MOVING. IT MAY BE NECESSARY TO INVOLVE THE CHAPTER 7 TRUSTEE IN CALIFORNIA. THE COURT WILL HEAR ANY ACCELERATED HEARING THE DEBTOR WANTS TO PUT ON. 1.00 Page 2 of 2 04/10/2012 9:56:08AM Case
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