A business controlled by developer Randall Walters cannot reorganize its finances under federal bankruptcy laws. Bankruptcy Judge Lee Jackwig dismissed the case of Griz Lee LC after the U.S. trustee overseeing the case said the operating company could not produce a workable reorganization plan, citing more than $500,000 in delinquent property taxes and an inability to pay a bank loan. Walters is the managing partner of Griz Lee and two other businesses that are tenants in a retail and office building in Johnston. Griz Lee bought the property in 2002 from developer John Kline, according to property records. Griz Lee filed for bankruptcy court protection from its creditors on March 22, claiming $4.7 million in assets and $4.3 million in debts.