Judge Meyers of the U.S. Bankruptcy Court for the Southern District of Illinois, has now dismissed the involuntary petition of bankruptcy.
PMA filed for dismissal on the legal grounds that an involuntary case may not be commenced when a debtor (PMA) is the subject of a bona fide dispute. The court found PMA in dispute with the petitioner of the involuntary bankruptcy (attorney Larry Beard) in litigation in DuPage County Circuit Court (Illinois), and in Circuit Court in Florida.
Based on the existence of a bona fide dispute between the petitioner and the debtor, the motion to dismiss was granted.
PMA has filed a petition for costs, attorneys' fees, and damages against the petitioning creditors and attorney Larry Beard.
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