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Sefton Resources updates on former Executive Chairman litigation


Published Jul 27, 2015
Sefton Resources, Inc.

Sefton Resources has previously announced that James Ellerton (Sefton's former Executive Chairman) initiated legal proceedings in the State of Colorado against the Company in May 2015 (the 'Ellerton Action').

The Company announced on 10 July 2015 that Mr. Ellerton had filed an Involuntary Petition under Chapter 7 of the US Bankruptcy Code (the 'Petition') in the US Bankruptcy Court for the District of Colorado in an attempt to force the Company into bankruptcy proceedings. The Company has been informed today that Mr Ellerton's attorney filed the certificate of service for the Petition with the US Bankruptcy Court for the District of Colorado on 21 July 2015.

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 (the 'Code'), a view supported by the Company's US legal counsel. 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.

Tags: Sefton Resources




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