CARDINAL CARTRIDGE & IMAGING RESOURCES DECLARE INSOLVENCY

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CARDINAL CARTRIDGE & IMAGING RESOURCES DECLARE INSOLVENCY

 user 2011-01-19 at 8:34:18 am Views: 108
  • #24140

    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