SulmeyerKupetz Partner Howard M. Ehrenberg Appointed Trustee of Axium International, Inc. Bankruptcy.
LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- SulmeyerKupetz, (www.sulmeyerlaw.com), a Los Angeles-based law firm specializing in bankruptcy, business reorganizations, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute.
When a person begins a civil lawsuit, the person enters into a process called litigation. and commercial collections, today announced that Howard M. Ehrenberg, partner at the firm, has been appointed Trustee of Axium International, Inc. by the Office of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Trustee effective January 9, 2008. Ehrenberg immediately took over all finances and operations of the company.
Axium International, Inc., one of three major companies that processed payrolls for and provided related services to production companies, studios, trade unions and other entertainment-industry clients, filed for Chapter 7 bankruptcy protection on January 8, 2008. The action was a result of primary lender Golden Tree Asset Management seizing $22 million from Axium bank accounts because the company defaulted on a $140-million loan.
The assets seizure left the company unable to honor its payroll obligations and continue to operate. Axium laid off all of its employees and closed its offices in Los Angeles, New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Toronto and London.
"As the court-appointed Trustee of the Axium Chapter 7 bankruptcy my duty is to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the the company's assets in an attempt to ensure repayment of debt to its unsecured creditors," Ehrenberg said. "Axium handled approximately $3 billion last year in payroll and related services and is estimated to have assets worth more than $100 million. The sale of the company's assets, including its proprietary software program RightsMax, will be used to recoup money for creditors."
Ehrenberg was recently Trustee for the Queen's Seaport Development Inc. (QSDI), the developer which oversaw the 66-year lease of the Queen Mary Queen Mary, Queen Marie, or Queen Maria may refer to: Queens
Ehrenberg is a member of the Chapter 7 Bankruptcy Panel of Trustees, appointed by the Office of the United States Trustee, and a state court receiver. He is certified as a Business Bankruptcy Law Specialist by the American Bankruptcy Board of Certification and member of the Los Angeles Bankruptcy Forum, the Financial Lawyers Conference, American Bankruptcy Institute The American Bankruptcy Institute (ABI) is the largest multi-disciplinary, non-partisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide the United States Congress and the public with unbiased analysis of and Council of Certified Bankruptcy Specialists. Ehrenberg is also a member of the Executive Board of the Commercial Law and Bankruptcy Section of the Los Angeles County Bar Association and a former commissioner in the City of Burbank, California For the community in Santa Clara County, California, see Burbank, Santa Clara County, California. For other uses, see Burbank.
Burbank is a city in Los Angeles County, California, United States. As of 2004, the city had a population of 105,400. .
SulmeyerKupetz is a Los Angeles-based law firm that specializes in bankruptcy, business reorganizations, litigation and commercial collections. Established in 1952, SulmeyerKupetz has vast experience representing a variety of clients in all aspects of insolvency proceedings, including out-of-court debt restructurings, negotiation and implementation of complex Chapter 11 plans, debtor-in-possession financing Debtor-in-possession financing
New debt obtained by a firm during the Chapter 11 bankruptcy process, Federal Bankruptcy Rule 4001 (c)(1). This financing is unique because it is secured, that is, it has priority over existing debt, equity and other claims. , acquisitions and asset sales for distressed businesses, and bankruptcy litigation. The firm represents both secured and unsecured creditors, lessors, creditors' committees, debtors, governmental entities, trustees and receivers. The firm also serves as local counsel on cases being managed outside of California. For more information, please access the company's Web site -- www.sulmeyerlaw.com.