WOLF Sanctuary Executive Director Shelley Coldiron announced in an email today that the group had filed Chapter 11 bankruptcy and is reorganizing. Her email is below.
October 8, 2014
On, October 7, 2014 W.O.L.F. formally filed for Ch. 11 Bankruptcy under the U.S. Bankruptcy Code. However, as the Executive Director of W.O.L.F., I want to assure you that W.O.L.F. is not going out of business and all of our animals are safe and will continue to live peaceful and happy lives at the Sanctuary. The purpose of a Ch. 11 bankruptcy is to re-organize our finances and build a more solid financial footing for the coming years. The mere mention of the word “bankruptcy” raises fears that donor funds are in jeopardy or have not been properly used. I want to allay those fears. None of W.O.L.F.’s funds are in jeopardy and donor funds are safe and as always, will be utilized according to donors’ wishes.
For the past two years, the Board of Directors and I have been creating a new governance and financial accounting structure for W.O.L.F. This Ch. 11 proceeding is one more step in that process. We anticipate that W.O.L.F. will be far stronger and the reorganization will help us create a more sustainable business plan to further ensure the future of our organization.
I ask our many supporters and followers to continue their loyalty to our cause and our animals. We will always put the needs of our animals first. The bankruptcy proceeding is a business transaction that will strengthen W.O.L.F. going forward and create a bright future for our wolves.
If you have any questions or concerns, I urge you to contact me at email@example.com. I will be happy to respond.
Shelley J. Coldiron, Ph.D.