Replies to post #18614 on CirTran Corporation (CIRX)

[Pure_Greatness]

Exactly! Lib-mp is a creditor...

On April 26, 2011, three alleged creditors, LIB-MP Beverage, LLC, George Denney, and Warner K. Depuy, filed an involuntary Chapter 7 petition against PlayBev, seeking its liquidation and related matters. In re Play Beverages, LLC, United States Bankruptcy Court for the District of Utah, Case No. 11-26046. Thereafter, the case was converted to a voluntary Chapter 11 reorganization case. PlayBev worked subsequently as debtor-in-possession to propose and confirm a plan of reorganization based on a new license agreement with Playboy that was to become effective as part of a court- and creditor-approved plan of reorganization, subject to obtaining requisite financing. In addition, CBC entered into agreements with PlayBev to resolve intercompany advances, settle claims, and transfer CBC’s beverage distribution assets to PlayBev. CBC was to receive equity and an ongoing share of revenues from the reorganized debtor. Since the required court and creditor approvals and financing were not obtained, none of the foregoing agreements became effective.

http://www.sec.gov/Archives/edgar/data/813716/000103883812000357/form8k120612.htm