Posted on Tuesday, February 28th, 2012 at 7:05 pm
Dippin’ Dots, the novelty ice cream maker, filed for bankruptcy last year and now Regions Bank, its largest creditor, is demanding that CEO Curt Jones step down. Regions Bank has refused to loan the company any more money until Jones is ousted.
The ice cream maker is in need of at least $2 million to pay its bills until the summer, when business usually picks up. The bank wants the courts to appoint a third party trustee to take over during the bankruptcy proceedings because it believes Jones acted in his own self-interest when he sold a majority of the company to avoid having it sold in bankruptcy court.
Dippin’ Dots has listed its liabilities at $12 million and its assets at $20.2 million.
If your business is struggling with overwhelming debt, contact the business bankruptcy lawyers of the Law Offices of Russell Van Beustring, P.C. by calling 713-973-6650.