Future Tech International Inc., the Miami computer parts distributorthat once prospered in Latin America and whose founder is on the runfrom the law, is coming out of bankruptcy. What’s not clear is whetherthe founder, Mark Jimenez, will gain from a potential $100 millionwindfall that could result from a court-approved reorganization plan.Last week, U.S. Bankruptcy Judge Robert Mark approved a plan thatallows Future Tech to sell the bulk of its assets to BellMicroproducts, a San Jose, Calif., computer components distributor, fora minimum of $24.5 million in cash and debt. About 90 percent of FutureTech’s 110 employees are expected to keep their jobs.
The sale amount could end up covering the company’s total debt, andthere is a strong possibility that shareholders � primarily Jimenez,with 80 percent, and chief executive officer Leonard Keller, with 20percent � could take home a lot of money. That’s because the companymay still gain from a lawsuit in which Future Tech is claiming $100million in damages.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
