Whoo Files for Chapter 7 Bankruptcy?

Written by CFB Blogger. Posted in Blog

Solar technology company Ascendant Energy, of Owls Head, Maine, has filed Chapter 7 bankruptcy. The Chapter 7 filing lists $781,957 in liabilities and a mere $1,610 in assets for the energy company. The bankruptcy would effectively eliminate the debt owed to the Maine Technology Institute (MTI) and the investment from the Wiscasset-based Coastal Enterprises Inc. Ascendant Energy also owes money to Oakhurst Dairy, for whom Ascendant was to have provided solar energy systems at 16 of its farms. It also owes tens of thousands of dollars to area contractors Jim Godbout Plumbing & Heating Inc. and G&E Roofing Co. Inc. The company lists its only assets as one laptop and one printer valued at $500, 6-year-old solar modules valued at $600 and tools valued at $500. According to a news report in the Bangor Daily News by Darren Fishell, Ascendant Energy had received some $1 million in loans or grants through MTI, a nonprofit organization that is supported with state money.  Ascendant Energy required the funding to develop a proprietary solar panel technology as well as to launch a manufacturing facility that could have provided some 40 jobs. The energy company was hired to install solar panels on the Wells Conference Center at the University of Maine by the end of 2010 to provide electricity and hot water; work that was never completed. Chris Straka, founder and CEO of Ascendant Energy, is the 100% shareholder in the company. He has separately declared Chapter 13 bankruptcy, which will allow for the reorganization of his debt and would allow him to keep his home. The Chapter 13 bankruptcy payment plan reportedly calls for Straka to pay $600/month for 54 months to a bankruptcy trustee, who would make car and mortgage payments, as well as other applicable payments. Straka had secured a patent in 2006 for a device that would ostensibly concentrate and amplify solar energy that is thinner than earlier devices performing the same task. At an energy conference, the company had publicized that its invention was 37% efficient at converting solar energy to electricity, when the industry standard was 14%. Ascendant had been in the media back in 2010, when it faced a number of lawsuits from creditors. For experienced and knowledgeable Chapter 7 or Chapter 13 personal bankruptcy assistance, you can depend on the attorneys from Client First Bankruptcy who have helped thousands of satisfied clients discharge their crushing debt. For your free initial consultation, please call our knowledgeable and empathetic lawyers toll-free at 800-383-6004.  We answer our phones Monday-Friday from 8:30 a.m. – 6:00 p.m.  And log onto www.clientfirstbankruptcy.com for vital and timely bankruptcy information 24/7 so you can get the information you need at your convenience. Call us today.