The controversial Shawano group, the Samanta Roy Institute of Science and Technology, is no longer under the protection of U.S. Bankruptcy court.
The group, which owns various businesses and properties in the Shawano area, filed for bankruptcy protection last March. Court records showed they had more than 22 million dollars in liabilities, and several of their properties had been foreclosed on.
They were protected under their bankruptcy filing until September, when a bankruptcy judge dismissed their case, saying they exercised a 'gross mismanagement' and 'lack of candor' in their financial negotiations.
SIST appealed that decision in October, and had been protected under that appeal until Monday, when the original decision dismissing the case was upheld.
The decision means businesses which are owed money by SIST can move forward with legal actions, and a lawsuit for defamation against the group filed by Shawano Mayor Lorna Marquardt can move forward.
You can see our Edward R. Murrow Award-winning series about the group in our 'Secrets in Shawano' section here.
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