Treasure Hunter's Bankruptcy Dismissal Faster than Most Cases in Rancho Cordova, CA

The vast majority of bankruptcy cases are voluntary in Rancho Cordova, CA. When a business or person has trouble paying debts filing for bankruptcy helps create debt relief. However, in very rare cases, it is possible for creditors to force a person into bankruptcy.

This is what happened to Tommy Thompson, a treasure hunter. In the 1980s, Mr. Thompson found the wreckage of a ship that had sunk in 1857. The ship was carrying 18 tons of gold. As far as we know, Mr. Thompson was able to recover approximately $100 million worth of the gold and other treasures.

However, his partners and investors wanted their share, and they have all been fighting over the money since it was found. Apparently in an attempt to get paid, a group of creditors filed an involuntary bankruptcy petition against several of Mr. Thompson's companies. The petition was granted and the companies ended up in bankruptcy involuntarily.

Now, a receiver that was appointed by an Ohio court to run the companies is asking the bankruptcy judge to dismiss the bankruptcy case. As for Mr. Thompson, he disappeared after a judge in a different case issued an order for his arrest.

Source: Patrick Fitzgerald, The Wall Street Journal, "Receiver Wants Fugitive Treasure Hunter's Bankruptcy Case Tossed," July 15, 2013.

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