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 Before bankrupt Steve & Barry's LLC goes on the auction block later this month, it will pay tennis star Venus Williams the $250,000 the company owes her under a licensing agreement.
A judge approved the payment because Williams will wear Steve & Barry's apparel while competing in the
Olympic Games in Beijing over the next few weeks, according to an
article on Reuters.
The bankrupt retailer wanted to also pay off professional surfer Laird Hamilton and basketball player Ben Wallace for their licensing agreements, but since the need to pay them wasn't immediate the judge asked that the company wait to pay them until after the scheduled auction in two weeks. Steve & Barry's also has licensing contracts with actresses Sarah Jessica Parker and Amanda Bynes, but no word on when their licensing agreements will be paid off. The company announced Monday that that BH S&B Holdings, a newly formed subsidiary of investment firm Bay Harbour Management, has placed a $163 million stalking-horse bid to acquire certain of the company's assets. The firm intends to continue to operate the chain of clothing stores. Steve & Barry's filed for Chapter 11 protection on July 9. - Maria Woehr See Dealscape: Steve & Barry's gets bidder See Dealscape: Steve & Barry's may have bidders See Bankruptcy Insider: Steve & Barry's latest retail casualty See TheDeal.com: Buyers not likely for Steve & Barry's CategoriesComments Deal Video
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It is no doubt the S&B rascal group is playing dirty in the business also this deal.
First, creditors do not have sufficient information to determine whether or not it is a good deal. Steve & Barry's, LLC has not yet filed schedules listing its assets and liabilities. The Bankruptcy Rules require that schedules of assets and liabilities be filed no later than fifteen days after the bankruptcy petition is filed. Because of the complexity of the debtors, the court granted them an extension of time to file schedules. However, without schedules, neither the Bankruptcy Court nor the creditors have any information about what the assets of the company may be worth.
Second, a sale of all of the assets of the company ought to be done in the form of a Chapter 11 plan. Doing it as a plan would entitle creditors to vote whether to accept or reject the plan, and the plan would not be confirmed by the court unless a majority of creditors by number and two thirds by dollar amount in each class of claims voted to accept the plan. The Debtors would also be required to furnish adequate information to creditors including an estimate of what the creditors might receive if the sale is approved and what the creditors might receive if the assets of the company are liquidated by a bankruptcy trustee.
Third, no reason has been shown why this deal must be done right now. The sale ought to be postponed until the Debtors have filed schedules and furnished sufficient information for the Court and the creditors.
And the last is they had habit and get use to stole vendors goods, S&B get use to forces overseas vendors to shipped the cargoes under D/P terms but cooperate with their appointed forwarder to released the containers without the surrender of the original Bill of Lading which is totally illegal, most of the overseas vendors even not yet to get pay for the cargoes shipped 12 months before, however, S&B kept placing and pushing shipment before 9th July but ever and never response for the payment issue even before filed Chapter 11, all these fraud business conduct will be continuous after Asset Purchase deal were done and there will be more victims get kill by them.