Opinion ID: 4105752
Heading Depth: 2
Heading Rank: 4

Heading: Order of Dissolution

Text: The parties stipulated to the entry of an Order for the Dissolution of Source 1 on May 8, 2012, and the district court issued the Order of Dissolution on May 17, 2012. The Order of Dissolution stated that the dissolution was to take place “as soon as reasonably practicable, with the participation and cooperation of all parties, in a manner which is fully transparent, accountable, fair and equitable to all members of Source 1.” The Order of Dissolution further stated that the dissolution would be conducted with the goal of paying off all of Source 1’s debts and maximizing the funds left over for the members. According to the Order of Dissolution, Source 1 had approximately $900,000 in open purchase orders, which were to be filled by Source 1 employees using company assets. The Order of Dissolution further stated that the 4 members had agreed to reduce the overhead of Source 1 during its dissolution to the absolute minimum required to fill the open orders. In addition, the Order of Dissolution stipulated that Hodge would propose a budget for the completion of the dissolution and circulate the budget among the members. The budget included those employees that Hodge deemed necessary to complete the open orders. The Order of Dissolution also indicated that no party was to use any of Source 1’s assets for the benefit of “Source 2 or any other person or entity.”