The waters over at Cheyenne Mountain Entertainment (CME) have been a little rough over the last few years to say the least. After the company's recent filing of Chapter 11, a press release was sent out announcing that the company had severed all ties with its CEO Gary Whiting and removed him from his position on the board of directors. However, according to recent court documents, it appears CME may not be getting rid of Gary Whiting as easily as they had hoped.
As to Plaintiffs request for a TRO, the Court finds insufficient grounds to remove Mr.
Whiting and Mr. Safiulla from the board of directors; the Court similarly finds insufficient grounds to appoint independent directors to the board of directors.
CME did manage to convince the court that there was sufficient evidence to appoint a receiver to protect and preserve the corporation and assets. The two parties will be submitting their short-list to the court for evaluation and selection no later than Thursday, February 25th, 2010.
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