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John Rudd
John Rudd is a “turnaround specialist formerly a principal of New Market Partners. He was an initial member of the October, 2000 scheme to seize control of Level Propane. In October, 2000, he attempted to seize control of LTV and Level Propane. He recruited his contacts within each company to organize the schemes. His scheme with respect to LTV Steel was foiled when LTV filed for Chapter 11 Reorganization in Youngstown, putting the case before Judge Bodoh, the nationally recognized expert in steel reorganization cases. His scheme to take over Level Propane was delayed by the 9/11 crisis. He first arranged, in January, 2001, for the defamation of then current CEO, William Maloof, which would have sent him to prison for years were it not for exculpatory evidence so conclusive that the Cuyahoga County Prosecutor was forced to drop the charges. Simultaneously, he worked in concert with Dick Jacobs to induce the State of Ohio, through Betty Montgomery, to pursue a consumer protection suit against Level Propane the day after a full settlement including $750,000 to the State of Ohio, had been finalized in writing and presented for her signature within the deadline set by her office.
He resurfaced as the Chief Restructuring Officer of Level Propane under the Forbearance Agreement of March 7, 2002. By this time, his plans had dovetailed with the Bank Group’s to seize control of Level Propane. His termination as CRO, for any reason, would be an event of default under the Forbearance Agreement. By resigning in May, 2002, he triggered the default of the Forbearance Agreement. The Chapter 7 Involuntary Petition was filed on June 6, 2002, three days after the effective date of his resignation, June 3, 2002. He was appointed the Bank Group’s onsite monitor under the terms of the Conversion Agreement of June 11, 2002.
See links to: “RB” e-mail sequence; Verbos-Anter e-mail sequence; Forbearance Agreement; Examiner’s Report; Agreed Conversion Order; Maloof Affidavit of Prejudice.
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