Butler International, an engineering service and staffing firm, announced it struck a deal to be acquired by Butler America LLC a company affiliated with D Stephen Sorensen, chairman and ceo. It also filed for chapter 11 bankruptcy protection. In it's BK filing, Butler Intl listed assets of 96.4 million (representing book value, not necessarily market value) and total debts of 75.6 million as of March. Sorenson's company would acquire Butler International for $27 million in cash under the deal. SOME IMPORTANT BULLET POINTS TO REMEMBER.....Butler International filed chapter 11 reorganization and during that period they were aquired lock stock and barrel. SHAREHOLDERS WERE NOT WIPED OUT. In fact, one poster on here long ago stated that they had spoken to the BK attorneys and the chapter 11 case may have even been dismissed! Since that time period, there have been no updated financials (I believe we just went dark) however we are still trading. Select Staffing debt due in 2014.....Select Staffing acquired the shell for a reason.
