Tuesday, November 12, 2013

Order Entered Resolving Dispute between Debtor, Grey Mountain, and Bank



Updating a previous post, the Court entered an Order on or about November 5, 2013, resolving the dispute between the Debtor, GMP, and First Commonwealth Bank regarding the allocation of certain monetary obligations in the wake of the Debtor’s non-real estate asset sale.  Per the terms of the Order stipulated by the Parties, the Bank will turn-over to GMP certain funds attributable to accounts receivable, and GMP will pay certain unpaid employee obligations subject to offset against its lease payments to the Bank.  As a result, the evidentiary hearing on these matters has been cancelled.