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Gold/Mining/Energy : JAB International (JABI)
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To: Mr Metals who wrote (3922)10/12/1998 12:30:00 PM
From: Ron  Read Replies (1) of 4571
 
GRASS VALLEY, Calif. -(Dow Jones)- Brush Creek Mining & Development Co. Inc. said Monday that it plans to seek Chapter 11 bankruptcy protection as a result of the default in July of its former partner, Volcanic Resources.
Brush Creek (BCMD) said that "no doable deals have been offered to the company as of last week, but discussions relating to fund raising" are continuing.
In July, Brush Creek laid off its 30-member work force because of its dispute with Volcanic Resources over a $1.08 million payment the company claimed was due. Volcanic Resources owns 30% of Brush Creek. Brush creek said it has been sued in the past few days by Ruby Development Co., from which it leases Ruby and Rising Sun mines, and by its former partners. The company said it intends to counter-sue in some instances.
The Sierra County government on Friday seized the company's bank account and attached all of its mining equipment, because the company hasn't paid county property taxes on its mining claims. As a result, the company has no cash, and is unable to meet payroll or challenge the legality of the county's action.
Brush Creek said liens on its its properties are valued at more than their liquidation value. If the company's attempt to file Chapter 11 fails, it will request delisting and cease to operate since it has no assets to liquidate in Chapter 7.
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