🚨 **Bummer News: Prime Trust Enters Chapter 11 Bankruptcy** 📉
📌 **Las Vegas-based Prime Trust** recently made the tough call to file for Chapter 11 bankruptcy protection. In their filing on August 15th, they disclosed having 25,000 to 50,000 creditors and are looking at liabilities ranging from $100 million to $500 million.
**➡️ Companies under the Prime Trust umbrella, like Prime Core Technologies Inc., Prime Trust LLC, Prime IRA LLC, and Prime Digital LLC, show estimated assets valued at $50 million to $100 million.
✅ According to a linked press release, Prime Trust is gearing up to present motions to the Bankruptcy Court to explore strategic options, such as possibly selling off assets and sustaining its operations. Nevertheless, recent tussles with Nevada Regulators and Creditors might make the sales process a bit tricky.
**➡️ This Chapter 11 move is all about transparency and delivering value for clients,** and to steer this ship, John Guedry, former president of Bank of Nevada, will be taking the reins under the guidance of Judge Susan Johnson. Prime Trust will continue its operations as “debtors-in-possession” under the court’s watchful eye during this phase. 🚀