Even in a down economy, things are looking up in the male enhancement business. An investment group led by Cincinnati developer Charles Kubicki acquired Berkeley Premium Nutraceuticals Inc., maker of the male enhancement supplement Enzyte, out of bankruptcy in a deal valued at $4.05 million.
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Once a company with $200 million in annual sales, Berkeley filed for Chapter 11 protection on Sept. 16 after a grand jury found the company guilty on multiple counts of bank fraud and wire fraud. Berkeley was ordered to pay a $459.54 million forfeiture judgment to the federal government and a $15 million criminal penalty.
When it filed for Chapter 11, the debtor asked that Richard Nelson be appointed Chapter 11 trustee. Judge J. Vincent Aug Jr. of the U.S. Bankruptcy Court for the Southern District of Ohio approved the sale in a Dec. 29 order. Nelson said in a court filing that the sale closed that same day. -
John Blakeley
Comments
Considering the subject, is "swell" a word that is really appropriate to use? Perhaps another component as to why they fell on to hard times, along with the enormous settlement, is the monumental amount they've spent thus far on advertising. You can't watch 15 minutes of TV these days, even on kids and family channels, without seeing Enzyte or similar products being hawked.