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Amazing Energy Debtor Seeks to Avoid Creditors’ Lien Rights

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April 4, 2022, Texas – Amazing Energy, LLC and Amazing Energy Holdings, LLC (the “Debtors”) filed a lawsuit against two Texas residents, Jed and Lesa Renee Misner, and their companies Petro Pro, Ltd. and JLM Strategic Investments, LP seeking declaratory relief. The Debtors allege that they 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 Debtors by Jed Miesner who is also either the “secured party” or “the owner of the secured party” under the Deeds of Trust.

Debtors have 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 Debtors seek 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” or “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.

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