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Thursday, November 21, 2013

Bankrupt D&L Energy Auctions Off Assets to Colorado Company

The ongoing saga of Ben Lupo's companies in the wake of his ordering the illegal dumping of thousands and thousands of gallons of wastewater into a storm sewer have been chronicled here at The Daily Digger all along (see some of the background here, here, here, here, and here.)  Now there is a new development in the story.

From Business Journal Daily:
The U.S. Bankruptcy Court of the Northern District of Ohio Tuesday approved the sale of the assets of D&L Energy Inc. to a Denver company for $20.7 million. 
Resource Land Holdings LLC emerged as the successful bidder for the assets of the beleaguered energy company that filed for Chapter 11 earlier this year. 
According to documents filed with the court, four qualified bidders attended an all-day auction in Cleveland Nov. 13. The auction was continued to Nov. 16 with two buyers present. 
The asset purchase agreement approved Tuesday includes D&L's participation in joint ventures in pipeline agreements, operating agreements, lease inventories, real estate, equipment, and its subsidiaries.
Read the whole article here.

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