24th Jul 2015 11:40
LONDON (Alliance News) - Sefton Resources Inc Friday said it has filed to dismiss a petition filed by James Ellerton, its former executive chairman, that it calls "an attempt to force the company into bankruptcy proceedings".
"The company maintains a firm position that Mr Ellerton has filed the Petition in bad faith, and that the petition is invalid under the US Bankruptcy Code, a view supported by the Company's US legal counsel," Sefton said in a statement.
"The company has today filed to dismiss the petition, and will seek all available remedies under the code, including attorneys' fees, costs, and compensatory or punitive damages," Sefton added.
Sefton said that Ellerton's attorney filed the certificate of service for the petition with the US Bankruptcy Court for the District of Colorado on July 21.
Sefton told shareholders earlier in July that Ellerton had filed an involuntary petition under Chapter 7 of the US Bankruptcy Code.
Sefton shares were down 8.1% at 0.0735 pence on Friday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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