Genisys Software, Inc., BKY 14-40472
Feb 04, 2014OUTCOME: Sale of the debtor to High Reach Company, LLC.
Chapter 7 panel trustee for the District of Minnesota took control of operations for the business of Genisys Software, Inc. after the company filed a chapter 7 bankruptcy. Although uncommon for a ch ... apter 7 trustee to operate the business of a chapter 7 debtor, the trustee recognized that the sale of Genisys Software as an ongoing concern would realize a greater benefit than simply liquidating its personal property assets and collecting accounts receivable. Because operating a business in a Chapter 7 is rare, the trustee , through her counsel, Manty & Associates, P.A., filed a motion with the bankruptcy court to obtain court permission to operate the business for a limited time and for the limited purpose of the sale. The court granted the trustee’s request. She operated the debtor’s business while soliciting potential bidders through a sealed bidding sale process that maximized the benefit for the estate and the creditors. Manty’s strategic insight resulted in significant success for the bankruptcy estate and the creditors who will receive distributions from the April 22nd sale of the debtor to High Reach Company, LLC.
