Alfred Angelo: Lien claimant submits lead bid for California inventory

By Caroline Salls

Pittsburgh, Oct. 3 – Alfred Angelo Newco, Inc. Chapter 7 trustee Margaret J. Smith requested court approval of the proposed auction and sale of the company’s California inventory, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of Florida.

Lien claimant Dynamic Worldwide Logistics, Inc. will serve as stalking horse bidder for the sale. Dynamic agreed to credit bid $225,000 of its lien claim and to pay the Alfred Angelo estates $30,000 within five business days after it resells the inventory to a third party.

To the extent an auction generates an offer greater than $300,000, then the Alfred Angelo estates and Dynamic will split any net proceeds above $300,000 on a 50/50 basis.

Dynamic will also reimburse the estates up to $5,000 for marketing and promotional expenses.

Competing bids are due by 5 p.m. ET on Nov. 3 and must be for at least $250,000.

An auction will be held on Nov. 6, if necessary.

Alfred Angelo is a Palm Beach, Fla.-based bridal retailer. The company filed bankruptcy on July 14 under Chapter 7 case number 17-18864.

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