After one of three joint owners obtained a restraining order barring the other two from operating the business, they filed for Chapter 11.
that Martinez’s I.M. Investments was attempting a “hostile takeover.”
“There’s nothing that prohibited Mr. Martinez, through his company I.M., from taking out that debt to protect himself,” counteredCappuccio said Haldar and Moran didn’t have the authority to put the companies into Chapter 11 because they were required to cease control and management when a judge granted the temporary restraining order June 9.
After a lunch break, the lawyers told the judge they had reached a resolution, agreeing to appoint a third party to act in Proppant’s interests. Under the agreement, Haldar and Moran are allowed on the quarry property and will have access to Proppant’s books and records, but they are prohibited from making any management decisions. Proppant’s employees will receive their wages under the deal.
“He didn’t sue them for forcing him out,” Cappuccio said. “Instead, he bought the debt, which was in default.” Haldar and Moran found Martinez in default for “misappropriation of funds” that should have gone to pay creditors, Haldar testified at Thursday’s hearing. Tittle had earlier told the judge that there were “potentially $5 million of funds that were misappropriated by … Mr. Martinez.”Haldar didn’t have evidence while on the stand to substantiate the allegation. Tittle declined to comment on the allegation.
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