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