Gold Weems bankruptcy attorneys, Bradley L. Drell
and B. Gene Taylor, III
, were successful in forcing Revolution Aluminum Propco, LLC into Chapter 11 Bankruptcy on an involuntary petition for relief. Propco holds title to a large tract of land that was to be developed into an industrial park. Propco failed to pay numerous creditors and continued to borrow against the property, thus eliminating any equity which would otherwise benefit its creditors.
The involuntary petition was filed to stop further mortgages and preserve the remaining Propco estate. Gold Weems represented three of Propco’s largest creditors and ultimately prevailed on the petition by establishing that Propco was failing and unable to pay its debts when due. After Propco’s management could not obtain promised financing to pay all creditors, the Bankruptcy Court in Alexandria ordered relief on February 1, 2017.
to see KALB news video
for The Town Talk newspaper article