Energy Debtor Asserts Lack of Security Interest in Oil & Gas Sale Proceeds and Equipment; Seeks to Avoid Creditors’ Lien Rights
April 4, 2022, Texas – Plaintiff Debtors Amazing Energy, LLC and Amazing Energy Holdings, LLC filed a lawsuit against two Texas residents, Jed and Lesa Renee Misner, and their Companies Petro Pro, Ltd. and JLM Strategic Investments, LP in the Debtors’ bankruptcy cases. The Plaintiff in its Complaint alleges that the “Debtors issued promissory notes to the Defendants” in the total amount of approximately $5,040,000 secured with three separate leasehold Deeds of Trusts, “the Deeds of Trust lists certain oil and gas leases located in Pecos County, Texas” and that “the Deeds of Trust were all signed on behalf of the Debtor by Jed Miesner who is also either the secured party or the owner of the secured party under the Deeds of Trust.”
The Plaintiff has alleged that “The Defendants have previously taken the position that the Deeds of Trust constituted an “absolute assignment” of the funds identified in the Deeds of Trust.” By way of this lawsuit, the Plaintiff seeks a declaration that “the security interest asserted by the Defendants against the leasehold interests of the Debtors in the Pecos County Leases does not attach to the proceeds from the production of oil and gas on the leases” and “to the equipment located on the leased premises.”
Amazing Energy, LLC and Amazing Energy Holdings, LLC v. Jed Miesner, et al. (In re Amazing Energy LLC, et al.) Adversary Proceeding No. 22-04022, Bankruptcy Court for Eastern District of Texas.