ORPHEUM Property, Inc Announces Voluntary Chapter 11 (Subchapter V) Filing of KLMKH, Inc Division

Rhea-AI Summary

ORPHEUM Property, Inc. (OTC: PLFF) announced on March 11, 2022, that its division, KLMKH, Inc., filed for Chapter 11 bankruptcy protection in North Carolina due to a $4.67 million judgment. This move aims to address financial obligations while keeping the Company's separate assets unaffected. The Company is expanding its operations, including into cryptocurrency and energy sectors, with plans for significant revenues through major project negotiations. Management anticipates resolving KLMKH's financial issues within 60 days, utilizing revenue and loans.

Positive

• Expansion into cryptocurrency and energy sectors.
• Negotiations in final stages for a major project expected to generate significant revenues.
• Management confidence in resolving KLMKH's financial issues within 60 days.

Negative

• KLMKH's Chapter 11 bankruptcy filing due to $4.67 million judgment.
• Unsuccessful negotiations with the lender prior to bankruptcy.

MATTHEWS, N.C., March 11, 2022 /PRNewswire/ -- ORPHEUM Property, Inc. (OTC: PLFF)(the "Company"), a Delaware corporation, today announced that effective March 10, 2022, a division of the Company, KLMKH, Inc., filed a Chapter 11 (Subchapter V) bankruptcy petition in North Carolina. The timing of the filing was in response to a scheduled auction of KLMKH's assets related to a $4.67MM judgment issued and reported last summer. With all negotiations with the lender being unsuccessful, the petition was filed to give KLMKH an opportunity to meet its financial obligations in full. The separate assets and liabilities of the Company are not part of or affected by the KLMKH filing. 

The Company has been expanding its scope of operations, including into cryptocurrency tokens, a Crypto COLO Center and several other energy sectors. The Company has established three separate subsidiaries to be used in connection with a major project that will yield significant revenues. Negotiations are in the final stages and once fully executed will include advance payments that should be sufficient to retire all debt and provide significant capital to invest in the Company's oil and gas holdings, purchase additional holdings, and fund expanding renewable energy divisions.

Management and the Board are confident that the need for Chapter 11 protection for KLMKH should be unnecessary within 60 days, by which time the Company intends to have the judgment paid in full from revenues, advances and loans. 

Update on Tokens

In October 2021, the Company published a release reporting that it had contracted to receive $25,000,000 in XUSD tokens, offset by a Convertible Note for the tokens being developed by the Company. The Company received 31,911 XUSD tokens that began marketing in late 2021 at a rate exceeding the purchase price paid. The Company subsequently sold 5,000 XUSD tokens to a related party in early 2022 in exchange for a Promissory Note in the amount of $5,000,000. Recently, however, the issuer of the XUSD tokens developed a more reliable coin known as RoRa tokens that are backed with sufficient assets and replaced the Company's remaining XUSD tokens with an equal value of the new coin ($20,000,000) based on the pre-sale valuation. The RoRa tokens will not enter the public market until June of this year; therefore, the actual value of the tokens will not be established until mid-year.

Forward-Looking Statements:

Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing, responding to competition and other risks. Actual results may differ materially from such forward-looking statements.

View original content:https://www.prnewswire.com/news-releases/orpheum-property-inc-announces-voluntary-chapter-11-subchapter-v-filing-of-klmkh-inc-division-301501162.html

SOURCE ORPHEUM Property, Inc.

FAQ

What is the recent bankruptcy filing by ORPHEUM Property, Inc. concerning PLFF?

On March 10, 2022, KLMKH, Inc., a division of ORPHEUM Property, Inc. (OTC: PLFF), filed for Chapter 11 bankruptcy in North Carolina.

How does the Chapter 11 filing affect ORPHEUM Property, Inc.?

The Chapter 11 filing is limited to KLMKH, Inc., and does not affect the separate assets and liabilities of ORPHEUM Property, Inc.

What are ORPHEUM Property, Inc.'s future plans following the bankruptcy filing?

The Company plans to expand into cryptocurrency and energy sectors, aiming for significant revenues through ongoing negotiations.

What kind of cryptocurrency investments is ORPHEUM Property, Inc. involved with?

The Company is involved with XUSD and RoRa tokens and expects revenue from these investments in the near future.