Wednesday, September 9, 2009
CPM Bankruptcy: Abandoning Property, other developments
Since Central Park Media filed for bankruptcy on April 27, 2009 , news regarding the bankrucpty has been pretty scarce. However the Nigorimasen Blog (Calaggie) recently reported that "Two Notices of Abandonment of Property were filed along with corresponding Certificates of Service on July 27th and on August 17th.". John O'Donnell ,the debtor’s principal, has stated "the property of the Debtor would not have any value to anybody" David R. Kittay, the trustee the estate, will "abandon his right, title and interest in the personal property of the Debtor (described as approximately 17,148 media titles contained in approximately 556 boxes)". Therefore the property will be returned to the debtor (Central Park Media). This means that those items will not be auctioned off (as of yet anyway), but instead will return to "the 'Personal property' of CPM." (as Calaggie writes).
Calaggie also reports that "September 1st was the deadline for filings of Proof of Claims as well as for Objections (to the intents to abandon property)". No known objections to the claims have been made, and so we should be moving past the preliminaries.