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BioSafe Creditors Bid For Chapter 11 Trustee

Law360 (March 26, 2007, 12:00 AM EDT) -- Two weeks after placing BioSafe Medical Technologies Inc. into involuntary Chapter 11, creditors of the bankrupt home medical-testing company want a federal judge to appoint a Trustee to probe the activities of its chief executive and chairman.

The motion, filed Friday in the U.S. Bankruptcy Court for the Northern District of Illinois, asks Judge Susan Pierson Sonderby to appoint a Chapter 11 Trustee to investigate CEO Henry Warner’s rejection of at least three offers to purchase the company that would have satisfied BioSafe’s debt obligations....
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