Gold Rock Creek

Amended Complaint in Condor Insurance Limited (In Official Liquidation) v. Condor Guaranty, Inc., PetroQuest Resources, Inc., Harvey Milam, Byron Tyghe Williams, Ross N. Fuller, T. Alan Owen, Intercontinental Development and Investment Corporation, Gymnogyps Management, Inc., and Finpac Holdings, Inc. at the U. S. Bankruptcy Court for the Southern District of Mississippi.

The liquidators of a Nevis-licensed offshore insurer have filed a complaint in the United States in an attempt to recover assets that they claim were fraudulently transferred to an unlicensed Bahamas insurer. Richard Fogerty, of Kroll (Cayman) Ltd., and William Tacon, of Kroll (BVI) Ltd., as liquidators of Condor Insurance Ltd., filed an adversary proceeding at the U. S. Bankruptcy Court for the Southern District of Mississippi on November 20, 2007. Defendants are Condor Guaranty Inc., a Bahamas corporation with addresses of 15 Lillian Court, Lucaya, Freeport, Grand Bahama, and 1145 Robinson Avenue, Ocean Springs, Mississippi 39564, and PetroQuest Resources Inc., a Nevada corporation headquartered in Arlington, Texas.

Complaint in Condor Insurance Limited (In Official Liquidation) v. Condor Guaranty, Inc., PetroQuest Resources, Inc., Harvey Milam, Byron Tyghe Williams, Ross N. Fuller, T. Alan Owen, Intercontinental Development and Investment Corporation, Gymnogyps Management, Inc., and Finpac Holdings, Inc. at the U. S. Bankruptcy Court for the Southern District of Mississippi.

The principals of Condor Insurance Limited, which was recently forced into liquidation in Nevis amid allegations of fraud, have set up an identical business in the Bahamas. Even the name of the new company is similar to the old one.