I believe this only applies to secured creditors. Unsecured creditors may be out of luck.
Whither Audio Research
- Thread starter davidavdavid
- Start date
I agree. I do not think it is premature to celebrate though.
edit: Order was not posted until after I expressed my joy. My joy was misguided and premature.
edit: Order was not posted until after I expressed my joy. My joy was misguided and premature.
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When I first posted that it was closed, the new hearing on 6/20 had not yet been posted.
Neither was the order.
My joy was premature.
Neither was the order.
My joy was premature.
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Hell is apparently freezing over; I must agree with Lee. The judge approved the Lighthouse Management Group as general receiver.
I am saddened by your last couple of posts. All you needed to do was look up the order and read it to know this.
Yes, but is hard to guess the exact number of power tubes from this statement - the REF250 used eight KT120 each, but two of them were used as drivers. But as far as we see in the picture is looks it uses six KT150 as power tubes.
Edit - just confirmed at the ARC site that six power tubes are used in each REF320. Probably an improved and beefed REF250.
(6) KT150 Power Output
(2) KT150 Driver
(1) 6H30 Input
(1) 6550 and (1) 6H30 Power Supply
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When I posted, the only thing that had changed was that the case was marked closed.
Later in the morning the hearing on 6/20 was added.
Then the Order was added.
I’ve now read it.
The Order affirms that Lighthouse is in charge. Every aspect. So there is no deal with anyone unless and until Lighthouse says there’s a deal. All the powers of the state of Minnesota are at Lighthouse’s disposal.
There is no way to cut through this without a crystal ball. I don’t have one.
I’m going to stop following it and wait until the resolution is published in a paper edition of TAS or Stereophile.
I apologize for my irrational exuberance. I wanted “case closed “ to mean just that. But the legal system is whimsical.
While on the matter of Minnesota Court Case Records, there is this one that remains open which may OR may not have any bearing on a forthcoming acquisition, regardless it should be shared:
And yes, it is pretty much sit and wait until the ink is dry on any new events.
Case Number: 27-CV-23-6500 (when searching the public access records site the dashes/hyphens can be removed)
Case Title: Minnesota Bank & Trust, a division of HTLF Bank vs AUDIO RESEARCH CORPORATION, Trenton M Suggs Minnesota Bank & Trust, a division of HTLF Bank versus AUDIO RESEARCH CORPORATION, Trenton M Suggs
Case Type: Confession of Judgment
And yes, it is pretty much sit and wait until the ink is dry on any new events.
Case Number: 27-CV-23-6500 (when searching the public access records site the dashes/hyphens can be removed)
Case Title: Minnesota Bank & Trust, a division of HTLF Bank vs AUDIO RESEARCH CORPORATION, Trenton M Suggs Minnesota Bank & Trust, a division of HTLF Bank versus AUDIO RESEARCH CORPORATION, Trenton M Suggs
Case Type: Confession of Judgment
The only thing you must apologize for is for me having to agree with Lee. He is on the wrong side of many audio issues. And I prefer to be on the right side of them.
You might want to read my dear Jim posts before you place any value on what is in Stereophile about financial matters. TAS is a lost cause on this kind of stuff too.
As late as it is right now in Oz, it’s the perfect time to sleep it off. Sweet dreams.
Does that mean I have to give up my Padrons or my Lafite (yes, I am a cigar and wine snob.)
No. It means that you can support the tube maintenance on the REF750SE.
I personally think HOA's are the spawn of Satan and I absolutely hate them with a bloody passion. Oh yeah, I am the President of our HOA because they can't find anyone willing, ie stupid enough, to take the job.
I was once approached by the representative of an “important guy” to serve on a high level board.
He said “He really wants you … no one else will do.”
Although I eventually agreed to serve, my initial response was “I think what you really mean is that “no one else will do … it”
The latest development is that Minnesota Bank & Trust has given notice of a hearing for June 7 on its motion for entry of judgment against Trent Suggs under his Confession of Judgment. In exchange for the bank previously having agreed to forbear from immediately foreclosing on the assets of Audio Research, Mr. Suggs (who is a personal guarantor) had agreed to a Confession of Judgment. We know from prior filings that Audio Research failed to raise equity capital or sell the company before the deadline imposed under the forbearance agreement. Based on the closing of the receivership case, the fact that the bank is not seeking entry of a judgment against Audio Research, and the reports of a sale of assets of Audio Research (which could not have occurred without the bank releasing its security interest on those assets), it would appear (this is speculation) that the following has occurred:
1. The bank agreed to release its security interest in the assets to facilitate the sale of the assets.
2. The proceeds from the sale were insufficient to cover the debt owing to the bank.
3. The bank is seeking a judgment for the deficiency from Trent Suggs.
I tried to confirm the release of the security interest at https://www.sos.state.mn.us/business-liens/ucc-cns-tax-liens-help/how-to-search-ucc-lien-filings/; however, I do not have the file number for the UCC-1 Financing Statement. Minnesota charges a fee for UCC searches by name and, well, this case is interesting but not that interesting.
1. The bank agreed to release its security interest in the assets to facilitate the sale of the assets.
2. The proceeds from the sale were insufficient to cover the debt owing to the bank.
3. The bank is seeking a judgment for the deficiency from Trent Suggs.
I tried to confirm the release of the security interest at https://www.sos.state.mn.us/business-liens/ucc-cns-tax-liens-help/how-to-search-ucc-lien-filings/; however, I do not have the file number for the UCC-1 Financing Statement. Minnesota charges a fee for UCC searches by name and, well, this case is interesting but not that interesting.
Not a lawyer, but based upon the three points @Nathanu made it looks like ARC owed the bank money, the bank agreed to the sale assuming it would cover the money owed to the bank, but the sale did not in fact generate enough to cover the debt to the bank, so now the bank is suing the new owner (Trent Suggs) for the money owed to it.