Tuesday, August 20, 2019

Oshkosh arena owner provides ownership statement after warning from bankruptcy clerk court

The developer of the Menominee Nation Arena is seeking bankruptcy protection. 

By Miles Maguire

After being warned that its Chapter 11 bankruptcy could be dismissed, the owner of the Menominee Nation Arena has filed a required document showing that an entity called Fox Valley Arena Management LLC owns 100 percent of the "voting common stock."

On Tuesday morning the U.S. Bankruptcy Court for eastern Wisconsin warned Fox Valley Pro Basketball Inc., the arena developer, that its petition for Chapter 11 protection is missing a critical document and could be dismissed.

"You must file the corporate ownership statement IMMEDIATELY," according to a notice posted Tuesday on behalf of Janet L. Medlock, the clerk of court. This sentence is in boldface on the notice.

"If you do not file the corporate ownership statement immediately, a trustee, creditor or other interested party can file a motion asking the court to dismiss your case," the notice warned. 

Fox Valley filed for bankruptcy protection on Monday to fend off an effort by the builder of the arena to force it into receivership so that it could be sold.

Fox Valley has paid a retainer of $27,000 to the Milwaukee law firm of Kerkman & Dunn, according to court papers. The developer is planning to pay fees of up to $425 per hour to be represented in the case. 

Most of the money for legal fees, $15,000, was sent via wire transfer from Windward Wealth Strategies Inc., an Oshkosh firm that is headed by Gregory B. Pierce. Pierce is also the president of Fox Valley, which is the developer and owner of the arena. 

Pierce is also listed as the registered agent for the arena management company that appears on the new filing. 

The law firm did not respond immediately to a request for comment.

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