Creditors petition for Old Town Fuel and Fiber's bankruptcy, claiming
In the involuntary bankruptcy petition, Bangor-based Portage Wood Products claimed the largest debt against Red Shield, indicating that as of Friday it was owed $ 634,344 for wood chips delivered to the mill between Feb. 10, 2014, and March 11, 2014.
Read more on Bangor Daily News

Clearing Up Liquidation Value vs. Fair Value
… imminent when the chance of recovering from liquidation is “remote” and (a) there is an approved plan by authorities empowered to implement the plan, or (b) a liquidation plan is imposed on the firm from outside sources (e.g., involuntary bankruptcy).
Read more on Corporate Counsel (registration)

11th Circ. Won't Review Global Energies Bankruptcy Reversal
In June 2010, Juranitch and Tarrant hatched a plan to have Chrispus file an involuntary bankruptcy petition against Global Energies and then have Chrispus buy the company's assets in an auction, according to the appeals court. The plan was described in …
Read more on Law360 (subscription)