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Gold/Mining/Energy : Ness Energy International -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (224)	1/9/2001 1:26:29 AM
From: Q.	Read Replies (5) \| Respond to of 364

re. JASON R. SEARCY V. RESTAURANT TEAMS INTERNATIONAL ET AL. I downloaded the 16-page complaint, and the 6-page answer to the complaint, as bitmap images, from the court's server (which is nice, BTW). The case is described in the complaint as a "complaint to prevent preferential, fraudulent, and unauthorized postpetition transfers" after a company files BK. The complaint says that Curtis A Swanson and his father together own 85% of a company called "Four Seasons Marine & Cycle" which filed BK in June 1999. The plaintiff, Mr. Searcy, is a trustee of Four Seasons in BK. He is suing the defendants, the Swansons and another company they control, Restaurant Teams, (which is publicly traded as RTIN. RTIN's stock trades for $0.035. The financial statements show that RTIN is small, highly unprofitable, and has negative working capital. Overall, its liquidity looks really bad. BTW, I can't find any mention of this suit in RTIN's filings.) The complaint alleges that after Four Seasons declared BK, it did a no-no by transferring assets to the defendants, which the plaintiff wants to stop and he wants Four Seasons' money back from the defendants. The complaint alleges that "some of the badges of actual fraud include transfers made to an insider, concealing transfers, transferring substantially all of the debtor's assets, and transfers made while Debtor was insolvent or rendered insolvent shortly thereafter." Re. concealment: * the complaint lists a bunch of checks that were made payable to a local bank but alleges the ledger was written differently, as if the checks had been written payable to Restaurant Team. * It also alleges that Four Seasons made a concealed transfer of $4,000 to "Mirage Casino for Curtis A. Swanson, presumably, to cover his personal gambling debt." That's all what the plaintiff said in the complaint (I emphasize I'm not the one who is saying this stuff.) In the defendants' answer to the complaint, they deny all the allegations, mostly without offering any elaboration. They say some transfers were made but these were to pay "antececent debts." The case is still underway. I paste party info and docket below: Full Case Summary 00-06032 In re: Jason R. Searcy v. Restaurant Teams International, et al Case type: ap Judge: Bill Parker Office: Tyler Reopen: Reopen date: // Filed: 05/19/00 Term: // Reterm: // Disp: County: Flags: Discharged: // Status: Awaiting Trial Hearing Related Bankruptcy Case: 99-61315 Party: 1 : Jason R. Searcy (pla) Party: 2 : Restaurant Teams International (def) Party: 3 : Stanley L. Swanson (def) Party: 4 : Carole A. Swanson (def) Party: 5 : Curtis A. Swanson (def) Atty: Jason R. Searcy (903) (757-3399) Represents party 1: pla Atty: Thomas G. Overbeck (713) (237-1234) Represents party 2: def Atty: Thomas G. Overbeck (713) (237-1234) Represents party 3: def Atty: Thomas G. Overbeck (713) (237-1234) Represents party 4: def Atty: Thomas G. Overbeck (713) (237-1234) Represents party 5: def U.S. Bankruptcy Court Eastern District of Texas (Tyler) Adversary Proceeding #: 00-6032 Date filed: 5/19/00 Assigned to: Bankruptcy Judge Bill Parker Related Bankruptcy Case #: 99-61315 In Re: Four Seasons Marine and Cycle, Inc., Demand: $0,000 Nature of Suit: 454 * Parties * * Attorneys * FOUR SEASONS MARINE AND CYCLE, INC. 1706 E. Whaley St. Longview, TX 75601 Tax ID: 75-2732446 * Debtor * JASON R. SEARCY P. O. Box 3929 Longview, TX 75606 * Plaintiff * Jason R. Searcy P. O. Box 3929 Longview, TX 75606 903-757-3399 v. RESTAURANT TEAMS INTERNATIONAL fka Fresh 'N Lite, Inc. dba Restaurant Teams of San Francisco * Defendant * Thomas G. Overbeck 1600 Smith Suite 4050 Houston, TX 77002 713-237-1234 STANLEY L. SWANSON * Defendant * Thomas G. Overbeck (See above) CAROLE A. SWANSON * Defendant * Thomas G. Overbeck (See above) CURTIS A. SWANSON * Defendant * Thomas G. Overbeck (See above) Docket Proceedings Date Doc. No. Docket Entry 5/19/00 1 Complaint (00-6032) Jason R. Searcy, vs. Restaurant Teams International . NOS 454 Recover Money/Property . (dd) [EOD 05/22/00] [00-6032] 5/19/00 -- 4 Summons(es) Issued On Curtis A. Swanson in 00-06032, Carole A. Swanson in 00-06032, Stanley L. Swanson in 00-06032, Restaurant Teams International in 00-06032 Answer Due 6/19/00 for Curtis A. Swanson, for Carole A. Swanson, for Stanley L. Swanson, for Restaurant Teams International . (dd) [EOD 05/22/00] [00-6032] 5/31/00 2 Summons Served 5/23/00 On Stanley L. Swanson. (jm) [EOD 05/31/00] [00-6032] 5/31/00 3 Summons Served 5/23/00 On Curtis A. Swanson. (jm) [EOD 05/31/00] [00-6032] 5/31/00 4 Summons Served 5/23/00 On Carole A. Swanson. (jm) [EOD 05/31/00] [00-6032] 5/31/00 5 Summons Served 5/23/00 On Restaurant Teams International. (jm) [EOD 05/31/00] [00-6032] 6/16/00 6 Answer To Complaint By Defendant Curtis A. Swanson, Defendant Carole A. Swanson, Defendant Stanley L. Swanson, Defendant Restaurant Teams International . (dd) [EOD 06/16/00] [00-6032] 6/21/00 7 Notice and Order for Status Conference. Hearing Set for 8/9/00 @ 9:35am. (cb) [EOD 06/21/00] [00-6032] 6/21/00 -- Hearing Re: [7-1]Notice and Order for Status Conference Scheduled For 9:35 8/9/00 at U. S. Bankruptcy Courtroom in Tyler. (cb) [EOD 06/21/00] [00-6032] 6/26/00 8 Certificate of Mailing Re: [7-1] Order . (vh) [EOD 06/26/00] [00-6032] 8/9/00 9 Hearing Held Re: [7-1]Notice and Order for Status Conference. Trial Set for Thursday, February 15, 2001 at 9:30am in Tyler. Judge Signed Scheduling Order Setting Forth Deadlines. (cb) [EOD 08/09/00] [00-6032] 8/9/00 10 Scheduling Order. Trial Hearing Scheduled For 9:30 2/15/01 at U. S. Bankruptcy Courtroom ; Discovery Due: 12/7/00 ; Pre-Trial Order Due: 2/8/01 . (cb) [EOD 08/09/00] [00-6032] 11/17/00 11 Motion By Trustee Jason R. Searcy To Extend Time To To File Designation of Expert Witnesses . (vh) [EOD 11/17/00] [00-6032] 12/19/00 12 Order Granting [11-1] Motion To Extend Time To To File Designation of Expert Witnesses by Jason R. Searcy ; Discovery Due: 12/22/00 . (dd) [EOD 12/19/00] [00-6032] 12/20/00 13 Motion By Plaintiff Jason R. Searcy To Dismiss Case . (dd) [EOD 12/20/00] [00-6032] 12/26/00 14 Certificate of Mailing Re: [12-1] Order . (dd) [EOD 12/26/00] [00-6032]