Schafer and Weiner Closes ABC for Multi-Location Discount Retailer
November, 2024
Daniel J. Weiner and John Stockdale, Jr. closed an assignment for the benefit of creditors (“ABC”) for a discount retailer having multiple locations in West Michigan. An ABC is a state law form of liquidation akin to a Chapter 7 bankruptcy proceeding. Working together with the Assignee for the Benefit of Creditors, Schafer and Weiner negotiated and consummated a sale of the remaining business assets, which was approved by the Ottawa County Circuit Court; received, reviewed, and resolved various proofs of claim filed by creditors including the Small Business Administration; and distributed the proceeds of the Assignor’s assets in order of priority under the ABC statute.