Now that is a whole lot more complicated BK situation than whats here!! Pretty easy math: Easy Math: Liabilites were = $22,700,000 - (Victory park) 10,000,000 - (John Riconda) 10,900,000 - (Remaining Secured Creditors) $2,256,140 = Case Dismissed and the remaing $456,000 paid to IRS, US Trustee, Atty's....
According to the petition, the company has assets of almost $24 million and debt of $22.7 million, with 48 million shares of common stock. And supported by the Original Bk Petetion below!
On June 5, 2008, the Company entered into a Senior Security Purchase Agreement with Victory Park Capital. This agreement allows the Company to borrow up to $10 million to finance both working capital needs and future acquisitions. The new facility replaced the Company's $7.5 million asset based working capital facility with Wells Fargo Bank. The new revolving line of credit agreement provides for borrowings limited to the lesser of $10,000,000
John Riconda ("JR") submitted a Proof of Claim, as a secured lender, in the amount of $10,909,000 and QSG1-CCSI, Inc. listed JR on its "Schedule" D of secured creditors in the Bankruptcy Proceeding as the sole secured creditor, with a claim of approximately $10 million, secured by the stock of CCSI.
11.On March 26,2010, JR filed a Motion to Compel Abandonment (the "Abandonment Motion") [DE 222], which sought the entry of an order, inter al/a, compelling the Debtors to abandon the stock to JR.
Case 09-23658-EPK Doc 284 Filed 07/02/10 Page 3 of 13
12.The Debtors asserted substantive and procedural defenses to the Abandonment Motion in their response [DE 231].
13.The final preliminary hearing on the Abandonment Motion was scheduled for June 24, 2010. See [DE 262].
14.The Parties entered into settlement negotiations and reached a resolution such that on or about June 24, 2010, subject to the approval of the Bankruptcy Court, the parties entered into a Settlement Agreement. The terms of the settlement are exclusively embodied in the Settlement Agreement attached hereto as Exhibit "A" ("Settlement Agreement").
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