Maybe he should try slinging dope.... oh wait...Not much left but firewood now. I think he needed bail money.
Maybe he should try slinging dope.... oh wait...Not much left but firewood now. I think he needed bail money.
I was looking at that too. I am confused how they can even make that threat as I thought they were not allowed to move, sell or presumably cut, any assets under the current legal status.From what people are saying on Timber-lies Facebook, it probably won’t happen because of bankruptcy court rules, The US Trustee in consultation with creditors would have to approve such actions before they can go forward. I emailed a point of contact at Friends of Blackwater and they aren’t too concerned either at this point for the same reason.
Legally they cannot do anything outside the "ordinary course" when running the business in Chapter 11. (Yes I know it is a bit generous to describe them as "running" the business.) Ordinary course means what they normally do month in and month out in running the business. Selling timber is not that, of course, but I would not be surprised if the Herz clan thinks they can do it because they have done it before.
Of course they would have to find a timbering company willing to do it without court approval. Doubt Fred is planning to go up there with his chainsaw and start cutting. Even if they could find a company which is unaware of the bankruptcy, I suspect they would stop as soon as someone informs them that the owner is in bankruptcy and therefore what they are doing requires the approval of the court, and if they continue they could go to jail, etc.
I should also add that in the motion they allege those funds would be used to partially satisfy the debt vis a vis First United, not attorneys' fees
They filed a motion with the bankruptcy court asking for permission to sell the 17PoleCat Towers and 5 PoleCat mobile carriages, back to the manufacturer for $72,000. There is a hearing on this motion on 7/2- in the motion they allege that First United (which has a lien on those particular assets) does not object to the sale, but no info as to all the other creditors' positions.