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Red Arrow now under new ownership

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Friday, Dec. 20, 2013 12:08 AM

All Red Arrow Gold assets, including the keys, are now in the custody of a Texas bankruptcy court.

Donald Allen, attorney for Jaeger Kottmeier Associates, informed Colorado District Court Judge Todd Plewe of the asset turnover during a seven-and-a-half minute status conference on Tuesday, Dec. 17. Judge Plewe then discharged Jaeger Kottmeier Associates as the court-appointed receiver in the case.

Plewe said he would next conduct an internal review of the case on May 1, ordering plaintiffs Maximilian Investors to submit a status report on the Texas bankruptcy proceedings.

Based in Katy, Texas, He-Man LLC owns the Red Arrow gold mining claims. As a result of the acquisition of He-Man by Rock Energy Resources, Inc., He-Man’s name was changed to American Patriot Gold, a subsidiary of Rock Energy Resources.

In August, defendant American Patriot Gold filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. Chief Bankruptcy Court Judge Karen Brown was to consider a motion for turnover in the case on Wednesday, Dec. 18. The outcome of those proceedings was not immediately available.

Plewe ordered Red Arrow Gold into receivership in April.

After investing $25 million into Red Arrow Gold, Maximilian Investors claim they are still owed nearly $11 million in outstanding loans after partnering with Red Arrow Gold owner Craig Luikko and American Patriot Gold.

Last week, an Australian company announced it had secured $4.5 million in financing to purchase Red Arrow’s gold and silver claims.

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