Waterton Global Value, LP filed a motion to dismiss or to convert the Chapter 11 case of Gryphon Gold Corp. on November 21, 2013. As per the motion, Waterton Global is requesting for dismissal or conversion to Chapter 7 of the case since the debtor has no income-producing assets and no other assets available for liquidation.

Its most of its officers and directors have resigned and that the remaining directors are apparently unable or unwilling to manage the debtor's affairs. The debtor itself admits that it should not be in charge of its own affairs.