NEW INFO: Shawano's SIST has Bankruptcy Protection Thrown Out

By: Mikel Lauber Email
By: Mikel Lauber Email

Correction: A Sheriff's sale has not been scheduled at the USA Raceway. A sale cannot be scheduled until the plaintiff receives a judgement of foreclosure.

Bankruptcy cases filed by Shawano’s Samanta Roy Institute of Science and Technology, or SIST, and two of its subsidiaries, are now dismissed by the United States Bankruptcy Court, and SIST has been ordered not to file any more bankruptcy claims under any name for one year.

This ruling allows civil actions against SIST and its subsidiaries to move forward. Several civil actions, including a civil lawsuit from Shawano’s Mayor, Lorna Marquardt, had been tied up in Federal Bankruptcy proceedings since March of 2009. That’s when SIST and 6 subsidiaries re-incorporated their businesses in Delaware and filed for Chapter 11 protection there.

Marquardt says her civil action against SIST, a lawsuit she filed for defamation in 2007, will now likely move forward soon. Marquardt also says a Sheriff’s sale for SIST’s apartment buildings in Shawano is currently being scheduled.

For more information on SIST, see our Secrets in Shawano Web Section

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