On Friday, Syntax-Brillian Corporation and its affiliates filed a proposed Chapter 11 Liquidating Plan and an accompanying Disclosure Statement. Syntax-Brillian and its affiliates designed, developed and distributed high-definition televisions utilizing liquid crystal display (or LCD) technologies under the Olevia brand name.
After filing for bankruptcy protection on July 8, 2008, the company sought and received (after receiving no other bids for the assets) authority to sell substantially all of its assets to Olevia International Group, LLC, an affiliate of TCV (a Taiwanese manufacturing company). However, prior to the closing, the purchaser filed a motion alleging that Syntax-Brillian had materially breached the asset purchase agreement. Syntax-Brillian countered by filing an adversary complaint seeking specific performance. The bankruptcy court denied the motion and granted Syntax-Brillian’s request for specific performance. The purchaser has appealed the bankruptcy court’s ruling. The bankruptcy court has also held the purchaser and certain of its officers and directors in civil contempt for failing to close on the transaction. The purchaser has also appealed that order. Both appeals remain pending and the sale has not closed. If a sale (to the proposed purchaser or another party) has not closed by the effective date of the proposed plan, the plan provides for the assets to vest in a trust.
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Categories: Bankruptcy and Restructuring News · Disclosure Statement · Major Bankruptcy Case Events · Plan of Liquidation
Tagged: adversary, asset, bankrupt, bankruptcy, breach, brillian, chapter 11, complaint, contempt, court, disclosure, group, hdtv, international, lcd, liquidate, liquidation, olevia, plan, sale, sell, statement, syntax, syntax-briliian, tcv
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, basf, benefit, chapter 11, chemical, claim, committee, company, creditor, creditors, creditors' committee, debenture, delaware, guaranty, law, liquide, lyondell, member, new york, official, pbgc, pension, secured, steel, trust, trustee, union, united, unsecured, veolia, wilmington, workers
On Friday, the bankruptcy court entered an order transferring venue for WHM Copper Mountain Investments, LLC’s (“WHM”) bankruptcy case from the Northern District of Georgia to the District of Arizona. The request for transfer of venue was initial brought by Vestin Realty Mortgage, I, Inc., Vestin Realty Mortgage, II, Inc. and Vestin Mortgage, Inc. and was supported by numerous parties. The Vestin parties, which collectively are secured creditors owed approximately $20 million on a loan secured by 2,000 acres of vacant land in Pinal County, Arizona, argued that venue in Georgia was improper because WHM is a Delaware limited liability company and all of the company’s assets are located in Arizona (8,000 acres of undeveloped property).
The Debtor, WHM, opposed the motion, arguing that venue was proper in Georgia as its executive offices and all of its executives were located in Atlanta. The debtor also argued that Arizona was not a more convenient venue for the parties.
For copies of the motion, the objection, and the order – as well as every other document filed in WHM’s bankruptcy case, use netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: arizona, bankrupt, bankruptcy, chapter 11, copper, delaware, georgia, investment, mountain, transfer, venue, whm
