SGGAMINGINFO » Chapter 11 removed from CME SGGAMINGINFO » Chapter 11 removed from CME

Chapter 11 removed from CME

On February 24, 2010 by Aaron Meehan

Earlier this month it was reported that CME had filed for chapter 11. Recently it has come to life that in fact the Chapter 11 was rejected. The bankruptcy notice was filed by Gary Whiting who was former CEO of CME and CMG. The bankruptcy charge was rejected because Gary Whiting was no longer CEO at the time he filed for Chapter 11.Gary whiting was apparently removed in and around 11/2/2010 where a restraining order was placed on him and a motion to dismiss was filed by CME/CMG.

The removal of chapter 11 is backed up by an email I received from CME’s president and chief executive officer Tim Jenson when I asked him about it.

Aaron, Mr. Whiting continues to represent himself as CME and CMG in an attempt to confuse the court.  The bankruptcy that Mr. Whiting filed was dismissed yesterday.  The attached minute entry was notification of the assignment of a receiver which is what the plaintiffs (which is us) requested.  The denial of CMG’s motion to dismiss was not CMG but Mr. Whiting’s request.  Mr. Whiting and his attorney continue to represent to everyone that he is still the chairman and CEO of CME and CMG.  The court has not removed Whiting but the board of directors removed Whiting and Whiting is fighting that.  This whole legal circus related to Whiting  is a nightmare


Tim Jenson

It looks like Chapter 11 is gone from CME and it does not look in danger of bankruptcy.

5 Responses to “Chapter 11 removed from CME”

  • Aaron,

    This is a weird situation. Do you think the investors who lost their money during Whiting’s tenure has lost their investment? If CME does not honor those dealing this could be a ponzi scheme. Who do you believe?

  • That’s one hell of a speculation, sgr_player. Here’s another. If it were a Ponzi scheme being run solely by Whiting, the rest of CME could’ve become wise to it, and this was merely the end result of their strategy to ditch him and begin (re-)honouring investments.

    Either way, he’s gone. Money is being managed properly now. Perhaps we (CME, and fans) can finally look forward to an actual release date.

  • I feel so bad for these guys sometimes, and angry others. but after reading the last line of this email… i just feel bad… Say you’re sitting at your job, and all of the sudden you get a call. Your ex-wife is still claiming you’re married when she robbed a bank and so you are brought in for possible association when you haven’t even talked to the biotch for a year!

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