The next act of the A&B Sound-Seanix drama is about to unfold on Thursday, February 5. Seanix Technology Inc. has filed a proposal under the Bankruptcy and Insolvency Act which will be presented to creditors at the office of the official receiver, MacKay & Company Ltd., at the latter's office at 1117 West Hastings St., Vancouver, at 2 p.m., PST.
According to official documents, Seanix claims as of the end of December 2008 realizable assets of $2,838,568 and liabilities of $9,955,568, resulting in a shortfall of $7,117,203.
The largest portion of the liabilities is owed to Girard Holdings for its infusion of money into A&B Sound, which declared bankruptcy in November. Girard Holdings is owed approximately $4.5 million, and is the largest, and only secured creditor, listed in documents dated November 10, 2008. Although A&B Sound had accounts receivables in excess of $5.29 million, book value, Seanix estimated the realizable value of that asset at just $300,000.
The notice of the general meeting of creditors, issued by MacKay on January 27, lists creditors who are owed over $250, and states that: "The creditors or any class of creditor qualified to vote at the meeting may, by special resolution, accept the Proposal either as made or as altered or modified at the meeting. If accepted and approved by the court, the Proposal is binding on all the creditors or the class of creditors affected." Proofs of claim, proxies, and voting letters intended to be used at meeting, the notice continued, must be lodged with MacKay "prior thereto."
Unsecured creditors listed in the documents are owed amounts from $301.21 for Whale Pods Marketing, to over US$500,000 and over US$938,000 to Intel Corp. and Microsoft Licensing GP, respectively. In between, are a whole range of individuals and businesses, with many Canadian CE suppliers owed multiple thousands of dollars.
Seanix's proposal offers to first play preferred creditors, employees past and present, administration costs, goods and services contracted for after the filing, and Canada Revenue Agency payroll source deductions, GST, and other CRA monies. Other monies owed to federal and provincial governments are to be paid within six months.
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3 comments »
ausmo October 25, 2009, 21:54 pm
Mr. Jack, let me see if I understand your position. You would have Seanix provide warranty service on product that "the dealer" (???) elected to not pay for because they thought they could take advantage of the Seanix bankruptcy and simply ignore paying the outstanding money they owe. I think the real crook is about as far away as the mirror. Go and take a look.
Mr. Jack August 12, 2009, 02:48 am
Paul Girard is a crook. Paul has left thousnads of customers without warranty on their Seanix computers. Dealers have been left high and dry as Paul has decided to with hold warranty parts. Paul has used warranty promises to force dealer to pay money owed to Seanix Technology Inc. to a new Seanix company, Seanix Technology Canada Inc. That is money rightfully owed to creditors whom Paul is trying to stiff. Shame on you Mr. Girard. The world has a long memory.
indabiz February 04, 2009, 19:16 pm
Quel surprise!
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