Some general blather about Peetah (pronounce like Lois on Family Guy)
July 8, 2008
CREATIVE DESPERATION [Peetah's latest company]: Court Questions Assets & Debts Disclosure
The Hon. John K. Olson of the U.S. Bankruptcy Court for the
Southern District of Florida will hold a hearing on July 22, 2008,
to determine whether or not Creative Desperation Inc. should
remain in bankruptcy, Mike Schoeck writes for The Deal.
On July 22, Judge Olson will hold a status conference to
investigate why the Debtor filed for chapter 11 bankruptcy on June
30 and listed $501 million in assets and only $2.5 million in
debts, The Deal says.
The Deal notes that the Debtor's type of operation is unclear.
Based on court documents filed under a 2007 litigation against the
Debtor's founder, Peter Letterese, The Deal relates that Creative
Desperation, dba Galileo Systems International, conducts holistic
martial arts seminars.
Mr. Letterese sued four creditors of Creative Desperation
demanding $250 million injunction, The Deal writes. The latest
lawsuit was filed by with the U.S. District Court for the Southern
District of Florida against Kendrick Moxon, Esq., at Moxon &
Kobrin PA, who represents the Church of Scientology International,
The Deal says. The church and Creative Desperation are involved
in a pending $300,000 copyright infringement case, The Deal adds.
Court documents show that Mr. Letterese filed the lawsuits based
on the belief that the dental practices of Dr. Marc Schwartz of
Belmont, Calif., Dr. Scott Brady of Castle Rock, Colo., and Dr.
Douglas Ness of Anchorage conspired with Mr. Moxon in an probe
against Mr. Letterese, The Deal notes. The doctors have asserted
disputed claims against Creative Desperation in amounts ranging
from $300,000 to $350,000, The Deal says.
Creative Desperation, according to the Deal, is owed an undisputed
claim of $1 million.
The Deal reveals that Mr. Letterese was previously connected with
the Church of Scientology in the 1970s.
About Creative Desperation
Weston, Florida-based Creative Desperation Inc., dba Galileo
Systems International, was founded by Peter Letterese. Creative
Desperation has changed its name six times. Its other names
include Peter Letterese & Associates Inc., Safepoint Family
Training, Buildstrong International and S.A.V.E. International.
The Debtor filed its chapter 11 petition on June 30, 2008 (Bankr.
S.D. Fla. Case No. 08-19067). Judge John K. Olson presides over
the case. Charles D. Franken, Esq., represents the Debtor in its
restructuring efforts. The Debtor listed total assets of
$501,000,050 and total liabilities of $2,552,400 when it filed for
bankruptcy.