Waterton Global Value, L.P. and Borealis Mining Company, LLC, filed a motion in the US Bankruptcy Court seeking the dismissal of Gryphon Gold Corporation's Chapter 11 bankruptcy case on April 14, 2015. The creditors alternatively seeks conversion of the case to Chapter 7. Debtor has no viable operating business, no income, no employees, no officers and its sole asset is a 36% interest in BMC that is encumbered by Waterton's security interest. There is no reasonable likelihood of reorganization and therefore the case should be dismissed.