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The former owner of COLT Studios, Jim French is trying to force COLT Studio Group out of Chapter 11 bankruptcy and into the much more severe Chapter 7 bankruptcy.Chapter 11 is sought when a company thinks it can be profitable again if given a chance to keep creditors at bay while it "reorganizes," hopefully to emerge able to continue operations and pay off its debts.
Chapter 7, in contrast, is for when a business ceases operating without enough assets to pay all its debts, and the remaining assets are sold off by the court, with the proceeds going the company's creditors.
Chapter 7 would mean that COLT Studio Group would cease to exist, though the COLT trademark and properties would wind up being owned by either the creditors or the current owners, John Rutherford and Tom Settle, depending on how the assets were divided.
Papers filed by Jim French on Wednesday say that COLT is currently operating at a "continuing loss," owing more than $600,000 in taxes and with about $1 million in other debts, and for that reason the company should be put into Chapter 7 and shut down.
Revenues for COLT have been decreasing, from $2.2 million in 2008, to $1.6 million in 2009, to $433,000 in the first half of 2010.
COLT has a counter-lawsuit against Jim French for copyright and trademark infringement for $2.5 million. If COLT wins, it would seemingly cancel out what French claims he is owed ($1.49 million) with $1.1 million to spare.
Sounds like the makings of some courtroom drama!
I hope COLT Studio Group pulls through this, they are a great company and great people.
(Read more mind-numbing financial and legal details at XBiz.)
COLT Mobile
Stud Ranch: Hung N' Strung
POSTED BY JEFF KLINK 9/24/2010 2:01 AM 
COLT, GAY PORN LAWSUITS, JIM FRENCH, JOHN RUTHERFORD, GAY PORN INDUSTRY
COLT, GAY PORN LAWSUITS, JIM FRENCH, JOHN RUTHERFORD, GAY PORN INDUSTRY
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