The rocky courtship between a bankrupt Bonneville Pacific and its trustee seems to have mellowed into marital bliss in a matter of days.
The company has put on hold its attempts to annul last week's hasty nuptials with Chapter 11 trustee Roger Segal, saying Segal and the company now are getting along well.Friday, U.S. Bankruptcy Judge John H. Allen signed an order appointing Segal as the company's trustee and thus, its chief executive officer. Bonneville Pacific officials were bitterly opposed to the appointment.
In a hearing the day before, Bonneville Pacific attorney David Leta had pleaded with Allen not to force a trustee on the company. The appointment of a trustee would cause irreparable injury to the company, creating a "bureaucratic gridlock that will push the company inevitably toward liquidation," Leta said.
Monday, Leta filed a motion asking a federal judge to overturn Allen's appointment of Segal.
Bonneville Pacific also scheduled a hearing Tuesday before Allen, intent on urging him to put Segal's appointment on hold until the federal judge had heard their appeal.
Instead, Leta showed up at the afternoon hearing and told Allen the company is getting along well with Segal.
Company officials met with Segal several hours on Monday. Segal seems willing to let the corporation complete several urgent negotiations on various projects, Leta told Allen. Officials had feared Segal would put the matters on hold until he understood them well enough to authorize any transactions.
But in light of Monday's congenial meeting, Leta asked that discussion on the requested stay of Segal's appointment by postponed until Friday at 1 p.m.
Presumably by then, Bonneville Pacific and Segal will know if its really love.