Halcon’s Motion for Summary Judgment Denied; Great Plains Exploration files Motion to Continue Injunction/Temporary Restraining Order

On or about October 19, 2012, Halcon filed a Motion for Summary Judgment (“Motion”) against the Debtor with respect to the Debtor’s Complaint for Injunctive Relief (“Complaint”), as mentioned in previous posts.  On October 23, 2012, the Court entered an Order denying Halcon’s Motion primarily because the Debtor’s Complaint is already on a fast track for trial and Halcon’s Motion is not timely.  As a result, the matter remains scheduled for trial beginning on Monday, November 19, 2012, at 9:30am at Bankruptcy Courtroom, U.S. Courthouse, 17 South Park Row, Erie.

In addition, Great Plains Exploration, LLC (“GPE”), an entity affiliated with Oz Gas, Ltd., filed in its own Bankruptcy Case a Complaint for Injunctive Relief (“GPE Complaint”) against 1^st Source Bank in an effort to extend the benefits of the automatic stay to its principal, Richard Osborne.  GPE filed the GPE Complaint to protect Mr. Osborne from 1^st Source Bank’s collection efforts in Indiana state court to the extent that it views him as an important source of funding for any proposed plan of reorganization.  Because Mr. Osborne is also viewed as an important source of funding for any proposed plan of reorganization in the Oz Gas, Ltd. Bankruptcy Case, the Oz Gas Committee has joined in GPE’s efforts to extend the automatic stay.  Those matters remain pending before the Court.