It looks to be an ignominious end for D&L Energy, the company previously owned by Youngstown fracking wastewater dumper Ben Lupo (see Youngstown Business Dumped >200K Gal of Untreated Wastewater). Yesterday, D&L filed for Chapter 11 bankruptcy in U.S. District Court. The paperwork for the filing notes that although Lupo recently resigned as an officer and director at D&L, he retained 80% of the stock. The rest of the stock is owned by his wife and one other person. The paperwork also indicates the three D&L owners may have “improperly diverted funds of the debtors to other peripheral business entities owned or operated by one or more of these individuals for little or no consideration.” So it appears some hiding of assets/money may have gone on.
Here’s the low-down on the bankruptcy filing and who’s owed how much from D&L: