Business Law Money News

MedMen accused of chapter 7 ‘smear campaign’ after $33m deal

A debtor who co-founded a cannabis business he once sold to MedMen has claimed that a bankruptcy court wrongfully converted his reorganization bankruptcy into a Chapter 7 bankruptcy after MedMen claimed it held a $10 million judgment against the debtor.

Charles Michael Colburn said in an opening brief filed Tuesday that MedMen Enterprises Inc. had argued he wasn’t eligible for Chapter 13 reorganization under the Bankruptcy Code in support of its motion to convert the proceedings to Chapter 7.

The company also accused him of acting in bad faith before he filed his bankruptcy petition, Colburn said. MedMen had claimed it…

To Read The Rest Of This Article By Sarah Jarvis on Law360

Published: October 23, 2021

Jim Belushi Blazes On To Discovery With Reality Series About His Cannabis Business
Proceeds from state cannabis tax go to SoCal fight against impaired driving
Congress urged to fully open banks to marijuana industry

Leave Your Reply