{"id":23713,"date":"2012-07-11T03:43:21","date_gmt":"2012-07-11T03:43:21","guid":{"rendered":"http:\/\/newspaper.ctsi-logistics.com\/?p=23713"},"modified":"2012-07-11T03:43:21","modified_gmt":"2012-07-11T03:43:21","slug":"dpl-files-1-4m-claim-on-bankrupt-firm","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/dpl-files-1-4m-claim-on-bankrupt-firm\/","title":{"rendered":"DPL files $1.4M claim on bankrupt firm"},"content":{"rendered":"<div>The Department of Public Lands is claiming $1.4 million in royalty and quarry permit from Camacho Equipment Co. Inc., a local company that filed for bankruptcy in November 2011.<\/div>\n<p>DPL, through assistant attorney general Charles E. Brasington, filed in the U.S. District Court for the NMI on Monday a motion to amend its proof of claim to change its status from unsecured to secured creditor.<\/p>\n<p>Secured creditors are those having a secured interest in the property and can use that property as collateral in case of default.<\/p>\n<p>Brasington said that DPL&#8217;s previous filing as an \u201cunsecured creditor\u201d was an inadvertent error.<\/p>\n<p>He cited a temporary quarry permit dated May 22, 2007, that states that if Camacho Equipment Co. \u201cfiles for relief under the U.S. Bankruptcy Code.any rent due and payable.shall constitute a valid first lien upon any of [Camacho&#8217;s] buildings, improvements, machinery and equipment on the premises.\u201d<\/p>\n<p>Camacho Equipment Co. has filed for relief under Chapter 7 of the U.S. Bankruptcy Code.<\/p>\n<p>The government lawyer said the company owes DPL $1,428,679.21.<\/p>\n<p>Under a Chapter 7 petition, most assets of the debtors are liquidated as quickly as possible to pay off his or her debts over a period of three to five years.<\/p>\n<p>Timothy H. Bellas, counsel for Camacho Equipment Co., listed over 20 creditors that the company owes a total of $366,325.85. He said the company&#8217;s assets total only $103,638.33, and consist of personal property.<\/p>\n<p>By Ferdie de la Torre<br \/>\nReporter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Department of Public Lands is claiming $1.4 million in royalty and quarry permit from&#8230;<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[93,175,257],"class_list":["post-23713","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-district-court","tag-dpl","tag-nmi"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/23713","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=23713"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/23713\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=23713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=23713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=23713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}