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