Ok, as a shareholder I would like to know more about who is bringing the claim in and why. Specifics, what are they looking for and why. Pillay needs to file for a defer until I can sell for a gain.
Not much to say IMO. It was pretty clear as being an old Pino issue that the party is hoping to collect in the event that Pino is still attached to PYCT in some way.
I didn't post all the doc's there were on PACER. But here is the basic facts. This company was owed somewhere between $4-$5,000 from several years ago.
They have been trying to collect. They got tired of trying to collect. So they filed a involuntary BK filing. For a involuntary BK filing to be admissable (i.e. get in front of a judge for consideration), there must be more than one creditor willing to sign the involuntary BK petition.
This company could not find additional creditors. So they have no choice to drop the involuntary proceedings and call it a day.
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