Point Blanks gets court OK on SEC agreement, plans to deregister

By Lisa Kerner

Charlotte, N.C., March 31 - Point Blank Solutions, Inc.'s request for approval of a consent agreement with the Securities and Exchange Commission and request to deregister as a public company were approved, according to a filing with the U.S. Bankruptcy Court for the District of Delaware.

The consent agreement will enable a resolution of the causes of action that the SEC intends to assert in a complaint against Point Blank.

As previously reported, Point Blank seeks to deregister in connection with approval of the consent agreement so that it does not immediately violate the terms of the final order when it becomes effective. The company was not current on its filings at the time its bankruptcy cases were filed, and it is not currently filing public disclosures.

Point Blank, a Pompano Beach, Fla., producer of body armor systems for law enforcement and the military, filed for bankruptcy on April 14, 2010. Its Chapter 11 case number is 10-11255.

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