Southern
Mineral Reorganization Plan Becomes Effective
Southern
Mineral Corp. and certain of its subsidiaries yesterday announced
that the order confirming their second amended plan of reorganization,
filed May 2 in the U.S. Bankruptcy Court for the Southern District
of Texas in Victoria, became effective on Tuesday, according to
a newswire report. In accordance with the terms of the plan, the
Houston-based company's new board is composed of the following:
John C. Capshaw, Paul J. Coughlin, III, David E. Fite, Thomas
R. Fuller, James L. Payne, Myron M. Sheinfeld and Donald H. Wiese
Jr. Southern Mineral is an oil and gas acquisition, exploration
and production company that owns interests in oil and gas properties
located along the Texas Gulf Coast, Canada and Ecuador. The company's
principal assets include interests in the Big Escambia Creek field
in Alabama and the Pine Creek field in Alberta, Canada.
Lumenyte
International Emerges from Chapter 11
Lumenyte International Corp.’s reorganization plan, filed in May
in the Central District of California, was confirmed yesterday,
according to a newswire report. The plan will provide a substantial
cash payment to its creditors. The Irvine, Calif.-based company
filed chapter 11 after its secured lender, Imperial Bank, declared
a default, claiming that LIC tangible net worth did not increase
at the rate called for under Imperials loan documents. Imperial
subsequently moved for the appointment of a state court receiver
that compelled LIC to institute the bankruptcy proceeding. Lymenyte
develops and manufactures plastic fiber optic lighting systems.
Parcells
Posts Bail for Financier
Former NFL coach Bill Parcells was
among those who gathered at the federal courthouse yesterday to
post bail for former penny-stock tycoon Robert E. Brennan, according
to a newswire report. Parcells, director of football operations
for the
href='http://sports.excite.com/nfl/nyj/'>New York Jets, declined to
speak about Brennan, who had just pleaded innocent to bankruptcy
fraud charges at his arraignment at federal court in Trenton,
N.J. Parcells posted $150,000 of the $500,000 federal bail set
Tuesday after Brennan's arrest. Brennan has been under house arrest
at the property since Tuesday while awaiting the posting of the
$500,000 bail. He arrived at the Newark, N.J., courthouse to finalize
his bail shortly after Parcells left. Brennan, 56, was charged
Tuesday in connection with his bankruptcy and was released on
$250,000 bail soon after; defense lawyer Michael Critchley declined
to say who posted the money. The two indictments unsealed with
his arrest charge that Brennan attempted to hide from creditors
over $500,000 he got from cashing casino chips less than a month
after he filed for bankruptcy in 1995.
Restaurant
Employee Charged with Embezzlement
Fred E. Clanton
Jr. was charged with embezzlement and 10 counts under Title 18
of knowingly and fraudulently trying conceal, destroy, mutilate,
falsify and make false entries in recorded information relating
to the property and financial affairs of Marilyn’s First Mexican
Restaurant Inc., according to a Department of Justice report.
Between 1996 and 1999, Clanton recorded or caused to be recorded
in Marilyn’s books and records, as payable to various third parties,
approximately $90,000 in company checks that the defendant knew
and believed had been made payable to Fred Clanton consulting.
He removed the checks from the canceled checks returned to the
company along with its bank statements.
