Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
Bruce Cole's Mamtek Fraud Allegations

Bruce Cole's Mamtek Fraud Allegations

Ratings: (0)|Views: 601|Likes:

More info:

Published by: Columbia Daily Tribune on Jun 04, 2012
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

06/04/2012

pdf

text

original

 
 
F:\WP\VICTOR\MAMTEK\BRUCE COLE\COLE ADVERSARY\ADVERSARY COLE FIRST AMENDED FINAL.DOC
 
IN THE UNITED STATES BANKRUPTCY COURTFOR THE WESTERN DISTRICT OF MISSOURICENTRAL DIVISIONIN RE: ))MAMTEK US, INC. ) Case No. 11-22092-drd7))Debtor. ))BRUCE E. STRAUSS, TRUSTEE, )) Adv. Proc. No. 12-02009-drdPlaintiff, )) v.
 
))BRUCE COLE ))and ))NANETTE COLE ))and )) THE MAMTEK GROUP ))Defendants. ))FIRST AMENDED COMPLAINT TO AVOID AND RECOVER FRAUDULENT TRANSFERS AND PREFERENTIAL TRANSFERS, AND FOR BREACH OFFIDUCIARY DUTY, AND FOR CONSTRUCTIVE TRUST
COMES NOW Bruce E. Strauss, Trustee, and for his Complaint states and alleges as follows:
PARTIES
 1.
 
Plaintiff, Bruce E. Strauss is the duly appointed, qualified and acting Chapter 7 trustee in theabove captioned chapter 7 bankruptcy case.2.
 
 At all times pertinent to the allegations in this Complaint, Bruce Cole was the president andCEO of Mamtek U.S., Inc. He is a recipient of transfers from Mamtek US, Inc. and resides at
Case 11-22092-drd7 Doc 99 Filed 05/24/12 Entered 05/24/12 14:34:34 Desc MainDocument Page 1 of 32
 
 
F:\WP\VICTOR\MAMTEK\BRUCE COLE\COLE ADVERSARY\ADVERSARY COLE FIRST AMENDED FINAL.DOC
 
630 N. Elm Dr., Beverly Hills, California.3.
 
Nanette Cole is Bruce Cole’s wife. She is a recipient of transfers from Mamtek US, Inc. Sheresides at 630 N. Elm Dr., Beverly Hills, California.4.
 
 The Mamtek Group is a California Corporation which is a recipient of transfers from Mamtek US, Inc.
 JURISDICTION AND VENUE
 5.
 
 This Court has jurisdiction over this adversary proceeding pursuant to Sections 157(a) and1334(a) of Title 28 of the United States Code because it relates to the Chapter 7 case of thedebtors administered in this Court under case number 11-22092. This adversary proceeding is acore proceeding pursuant to Section 157(b)(2)(A), (F), and (H) of Title 28 of the United StatesCode.6.
 
 Venue of this adversary proceeding is proper in this district pursuant to Section 1409(a) of Title28 of the United States Code.7.
 
 This adversary proceeding is commenced pursuant to Rule 7001 of the Federal Rules of Bankruptcy Procedure.
GENERAL ALLEGATIONS
 8.
 
On December 15, 2011, petitioning creditors UMB Bank, N.A., solely in its capacity asindenture trustee under certain bond documents; Frost Electric Supply Company; Shick USA; Septagon Construction Company, Incorporated - Columbia; and Faith Technologies,Inc. filed their involuntary petition for relief under Chapter 7 of the United StatesBankruptcy Code against Mamtek U.S., Inc. ("Debtor") on December 15, 2011 (the "Filing Date").9.
 
On December 30, 2011, the Court entered its Order appointing Bruce E. Strauss as Interim
Case 11-22092-drd7 Doc 99 Filed 05/24/12 Entered 05/24/12 14:34:34 Desc MainDocument Page 2 of 32
 
 
F:\WP\VICTOR\MAMTEK\BRUCE COLE\COLE ADVERSARY\ADVERSARY COLE FIRST AMENDED FINAL.DOC
 
 Trustee (the "Trustee").10.
 
On January 9, 2012, the Court entered the Order for Relief under Chapter 7 in the above-captioned case.11.
 
Bruce Cole was the president and CEO of Mamtek US, Inc. at all times pertinent to theallegations in this Complaint.12.
 
 As CEO and president of the Debtor, Bruce Cole was and is an insider of the Debtor as thatterm is used in Section 101 of the Bankruptcy Code.13.
 
 At all times pertinent to the allegations in this Complaint, Bruce Cole was a fiduciary of Mamtek US, Inc.14.
 
 At all times pertinent to the allegations in this Complaint, Bruce Cole was an officer anddirector of Mamtek International, Ltd., a Hong Kong corporation which was related toMamtek US, Inc.15.
 
Mamtek US, Inc. is a Delaware corporation which was incorporated on May 17, 2010.16.
 
 At all times pertinent to the allegations in this Complaint, Mamtek US, Inc’s. principal placeof business was in Moberly, Randolph County, Missouri.17.
 
Shortly after Mamtek US, Inc. was formed, the Industrial Development Authority of theCity of Moberly, Missouri issued $39,000,000 worth of bonds which were to be used toconstruct a 90,000 square foot factory to produce sucralose, an artificial sweetener, inMoberly, Missouri (the “Manufacturing Facility”).18.
 
 This Manufacturing Facility was to be constructed by Mamtek US, Inc.19.
 
 The Manufacturing Facility was to be the property of the City of Moberly, Missouri. So long as Mamtek US, Inc. was not in default of its obligations under its agreements with the City of Moberly, Missouri and UMB Bank, N.A. relating to the bonds, Mamtek US, Inc. was tohave to the right to use the Manufacturing Facility. Once Mamtek US, Inc. repaid the
Case 11-22092-drd7 Doc 99 Filed 05/24/12 Entered 05/24/12 14:34:34 Desc MainDocument Page 3 of 32

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->