The owners of the bankrupt Menominee Nation Arena in Oshkosh are suing to get some money back from the company that built the facility.
Under federal bankruptcy law, a company is considered to be “insolvent” 90 days before a Chapter 7 filing is made.
Fox Valley Pro Basketball argues in a counter-suit against Bayland Buildings that $254,000 payments made on their construction loan in May and July of this year should have been handled under the terms of their bankruptcy.
The filing notes that when FVPB defaulted on its loan, the interest rate doubled from 12 to 24 percent.
A hearing on the suit will be held in federal bankruptcy court on November 20th.
