On or about January 17, 2013, the Official Committee of
Unsecured Creditors of Oz Gas, LTD (the “Committee”) filed a Motion for
Authority to Prosecute Fraudulent Transfers (“Motion”) with respect to payments
made by the Debtor to FirstMerit Bank, NA (“FirstMerit”) on account of a loan
between FirstMerit and Oz Gas Aviation, LLC (“Oz Aviation”), Richard M.
Osborne, and Richard M. Osborne Trust for the purchase of an airplane owned by
Oz Aviation. The total amount of
payments made by the Debtor to FirstMerit during the four (4) years prior to
the filing of the Bankruptcy Case is approximately $900,000. The Committee’s Motion seeks standing on
behalf of the Debtor to pursue such an action on account of the Debtor’s inherent
conflict of interest and refusal to do so.
