Here’s an update:
After that was filed in May of last year, the company went through the SISP seeking a buy-out, financing, investment, reorganization, restructuring, but failed to get a single bid. Then the assets were liquidated for $4.34M. Those proceeds and income from the sale of remaining inventory and accounts receivable only provide a small partial recovery to 2 of the secured creditors, nothing for the rest, and nothing for the unsecured creditors and shareholders. There’s over $80M of debt, and recoveries will be about 5-6% of that. The company is going to disappear once the bankruptcy proceedings are complete.
