NEW INFO: SIST, Related Businesses File for Chapter 11 Bankruptcy Protection

By: Mikel Lauber Email
By: Mikel Lauber Email

The Samanta Roy Institute of Science and Technology, or SIST, and 6 of its subsidiaries have filed for Chapter 11 bankruptcy protection, according to Federal court records.

SIST, along with subsidiaries U.S. Acquisitions & Oil, INC., Midwest Oil of Wisconsin, LLC, Midwest Oil of Shawano, LLC, Midwest Oil of Minnesota, LLC, Midwest Properties of Shawano, LLC, and Midwest Hotels & Motels of Shawano, LLC filed in Bankruptcy Court for the District of Delaware after re-incorporating there last month. They were first incorporated in Shawano in 1992, according to County records.

In an affidavit, the CEO of SIST, Naomi Isaacson says they were forced to file for bankruptcy because of intentional business interference, organized negative publicity, and the economic downturn.

In a press release, SIST says it has retained trial lawyer Mark Lane to counter what it calls "outrageous attacks" against SIST with legal action. They also say they plan to remain in business during the reorganization process and will offer a "high level" of customer service.

The group has had well-documented problems paying City and County taxes, was involved with lawsuits from several businesses, and a Sheriff's sale of 3 foreclosed gas stations in Shawano was scheduled for Wednesday, before being cancelled because of the Chapter 11 filing. SIST is also being sued by Shawano Mayor Lorna Marquardt for defamation.

In the filed affidavit, Isaacson also says SIST’s financial picture was worsened when a Canadian businessman offered them a $10 million loan in exchange for a significant advance fee. She says that agreement “turned out to be worse than a scam” and the incident “started possibly the worst publicity imaginable which obviously has affected our business and loan relationships.” Isaacson’s Affidavit can be found above.

NewsChannel 7, together with the CBS Evening News, were the first to report the allegations of Canadian businessman Bob Cameron in December. He says the group paid him nearly $200,000 to 'take care of' a list of people in the Shawano community. He believes he was being hired to kill. Shawano Law enforcement says it was Cameron’s allegations that led to the F.B.I.’s involvement.

SIST has denied any involvement in a hit-list, and says no one from their group has even been questioned by the F.B.I. No arrests or charges have been made in the case, although the F.B.I. says the case remains open and active.

The bankruptcy filing moves forward in Federal court with a hearing this Friday, according to court records.

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