By: E&P Staff
A petition for Chapter 11 bankruptcy protection filed last November by Seidel Enterprises Inc., Emmaus, Pa., was rejected buy the U.S. Bankruptcy Court for the Eastern District of Pennsylvania late last month.
Bankruptcy Judge Richard E. Fehling granted the U.S. trustee’s motion to dismiss the case and ordered the company to pay $650 in fees.
Acting U.S. Trustee Roberta A. DeAngelis had moved for either dismissal or conversion to a Chapter 7 bankruptcy, stating that the case had been pending for more than six months “and the Debtor has failed to file and/or obtain approval of a disclosure statement and/or confirmation of a plan of reorganization.”
DeAngelis stated further that Seidel failed to stay current with the required filing of monthly operating reports and with its post-petition financial obligations.
By its own count, at the time it filed for bankruptcy, the company faced 29 breach-of-contract suits, two suits involving labor disputes and a patent-infringement suit brought by Muller Martini Mailroom Systems Inc. (formerly GMA) and Grapha-Holding AG.
An amended list of creditors shows the 20 largest unsecured claims total more than $3.5 million, of which $400,000 is credited to Randy Seidel, the company’s president and sole owner.
The former president of GMA, in nearby Allentown, founded Seidel Enterprises in 2007 as a supplier of new post-press equipment and to rebuild and modify existing equipment (E&P Online, Mar.27, May 1, July 16, 2008).