The Junkitz bankruptcy auction took place on April 15th and the auctioneer has filed his bill with the court, which included the amount of the proceeds of the sale. The auction did not bring any good news for the company’s unsecured creditors.
Despite the fact that in their bankruptcy filing (and the auction advertising), the company’s assets included 5 computers, office equipment, warehouse equipment, and what the company’s petition estimated was $30,000 in unsold inventory, the auction only produced gross proceeds of $6,955.50. (It is unclear from the report whether all the items were sold or not, but it appears likely they were from some wording.)
After the auctioneer takes his fees and expenses, $4416.47 should remain to be turned over to the trustee – only a small fraction of the company’s outstanding bills to even its secured creditors.
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