CARDINAL CARTRIDGE & IMAGING RESOURCES DECLARE INSOLVENCY

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CARDINAL CARTRIDGE & IMAGING RESOURCES DECLARE INSOLVENCY

 user 2011-01-19 at 8:33:16 am Views: 91
  • #24325

    http://www.therecycler.com/news/15029/Cardinal-Cartridge-and-Imaging-Resources-declare-insolvency.aspx

    CARDINAL CARTRIDGE & IMAGING RESOURCES DECLARE INSOLVENCY
    Two American aftermarket companies, Cardinal Cartridge and Imaging Resources, have declared insolvency.Californian company Imaging resources entered into an Assigment for the Benefit of Creditors (ABC) on December 30 2010. ABC is an alternative to bankruptcy whereby a company’s assets and liabilities are transferred to a third party. Imaging Resources’ claims are being handled by Equitable Transitions Inc.

    Cardinal Cartridge, a Chicago based company, also went into liquidation on December 30, 2010. Nik Arora, Controller at Cardinal Cartridge, stated in a letter on January 3, 2011: “all assets of Cardinal Cartridge Inc. were foreclosed by our lender, Fifth Third Bank and have been sold. Consequently, there are no additional funds available to unsecured creditors.”

    In 2008, Cardinal Cartridge entered into a strategic alliance with Imaging Resources, which acted as supplier for the Chicago based company. The Recycler contacted Patsy Weingaertner, Vice President of Sales and Marketing at Cardinal Cartridge, who declined to comment.This news follows The Recycler’s recent report on the launch of a significant intellectual property lawsuit, which affects 25 aftermarket companies. Among the defendants was Cardinal Cartridge.


    http://www.therecycler.com/news/15029/Cardinal-Cartridge-and-Imaging-Resources-declare-insolvency.aspx