AMG Resources Inc. v. Industrial Concerns, Inc. (In re Industrial Concerns, Inc.)

MEMORANDUM OPINION

BERNARD MARKOVITZ, Bankruptcy Judge.

AMG Resources Corporation has brought a motion to dismiss the voluntary chapter 11 petition which was filed in this case on behalf of Industrial Concerns, Inc (“ICI”) by its president, Charles Barletto, without obtaining prior authorization of ICI’s board of directors. AMG Resources, which owns fifty percent of ICI’s outstanding shares of stock, maintains that Barlet-to lacked authority to file the petition on his own initiative.

ICI and Barletto oppose the motion. They assert that Barletto had not defaulted on his obligations to AMG…