On December 21st, after review of all titles and documents, the U.S. Bankruptcy court ordered Oilex to return approximately $200,000.00 in oil field equipment to Phoenix Reserves, Inc.
The U.S. Bankruptcy Court acknowledged Phoenix Reserves, Inc.'s $1,559,910.00 proof of claim, with all required back-up and supporting documents, for monies and services advanced to Oilex through May 1998, making Phoenix Reserves, Inc. the principle creditor. 101 other creditors totaled approximately $300,000.00.
The Baron |
