National Heritage Foundation Files for Bankruptcy in Virginia

National Heritage Foundation, Inc., which describes itself as “the nation’s leading independent donor-advised fund,” has filed a voluntary chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Eastern District of Virginia.  In its audited financial statements, the company reported assets of approximately $232 million and liabilities of approximately $23.6 million as of December 31, 2007 (the most recent financial statements available).  The company is represented by Patton Boggs LLP.

UPDATE: An article from Forbes.com provides some additional background on NHF and some insight into the issues that brought about the bankruptcy filing.  The article is available here.

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PBGC Seeks Allowance of Administrative Claim for Intermet Minimum Funding Contributions

The Pension Benefit Guaranty Corporation has filed a motion seeking allowance of an administrative expense claim against Intermet Corporation and its affiliates (jointly and severally) on behalf of six pension plans for unpaid minimum funding contributions that arose after Intermet’s bankruptcy filing.  The amount of the requested administrative claim is approximately $1,389,553.  The six pension plans for which the PBGC seeks the administrative claim are:

1. Lynchburg Foundry, LLC Retirement Plan for Hourly Employees
2. Wagner Castings Company Pension Plan
3. Retirement Plan for Employees of Columbus Foundry, L.P. Represented by Local No. 2948 of the United Steelworkers of America, AFL-CIO
4. Ganton Technologies, LLC Racine Hourly Employees Retirement Plan
5. Ganton Technologies Inc. Pulaski Hourly Employees Retirement Plan
6. Ganton Technologies, LLC Salaried Employees Retirement Plan

The PBGC has not yet become the trustee of any of the above-listed pension plans and therefore has not sought a hearing on the claim request.  The motion reports that the PBGC is working with Intermet to resolve the status of the six pension plans.  Each of the six plans is a single-employer defined benefit pension plan.

Download a copy of the PBGC’s motion which provides a breakdown of the amounts due under each of the pension plans and other details, as well as every other document filed in both of Intermet’s bankruptcy cases, using netDockets.  Sign up now for a free trial account.

The Parent Co. Seeks Approval of Selection of Stalking Horse Bidder for PoshTots Assets

The Parent Company/eToys Direct I, LLC has filed a motion with the bankruptcy court seeking approval of its selection of a stalking horse bidder for the assets of its affiliate PoshTots, Inc. (also a debtor) and, further, approval of a break-up fee and expense reimbursement in connection with the stalking horse selection.  According to the companies’ first day declaration, PoshTots is one of The Parent Company’s luxury brands and offers luxury baby apparel and furnishings through its online presence (www.poshtots.com).

The proposed stalking horse bidder for the PoshTots assets is Posh Ventures, LLC.  The principal of Posh Ventures is Andrea Edmonds.  Ms. Edmonds is currently a vice president of the debtors and she is also a founder of PoshTots.  The proposed purchase price for the PoshTots assets is $500,000 and, if Posh Ventures is the ultimate purchaser of the assets, Posh Ventures has committed to offer employment to all 20 employees of PoshTots, Inc.

As noted above, the motion also seeks approval of a break-up fee of $15,000 and an expense reimbursement of $20,000 in the event that the assets are sold to a bidder other than Posh Ventures.  The motion also proposes a minimum overbid for the assets of $560,000.

UPDATE: The bankruptcy court has entered an order approving the selection of a stalking horse bidder.  More details are available here.

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