In re Advanced Biomedical, Inc.
N/AOUTCOME: Favorable
Mr. Gardner represented Advanced Biomedical, Inc., a biomedical laboratory, as a debtor in its Chapter 11 case from the start of the case until he sold this debtor for $4.4 million 2 and a half years l ... ater under a plan confirmed by the Bankruptcy Court. To achieve this sale, Mr. Gardner defended the debtor against an aggressive creditor, which had obtain an order for an assignment of the debtor’s accounts’ receivable just days before the debtor filed this bankruptcy case; prevented this creditor from enforcing this order for 2 and half years through litigation in the bankruptcy court and through an appeal; resolved numerous claims against the debtor from a prior shareholder through a settlement to avoid litigation; obtained approval for the Debtor to use its cash subject to several liens (including an IRS tax lien) for the entire case. These actions permitted the debtor to stabilize its cash flow and grow its customer base to return to profitability before the sale. Mr. Gardner advised the debtor’s CEO on actions to take to stabilize and grow the debtor’s laboratory business. Mr. Gardner negotiated the sale of the laboratory with several potential suitors and the buyers before the sale occurred.
