TSIC's $3.33 million settlement with company founder approved

By Lisa Kerner

Charlotte, N.C., Aug. 5 - TSIC, Inc.'s settlement agreement with Richard Thalheimer was approved, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.

Under the settlement, Thalheimer will pay $3.33 million to TSIC to settle all claims and pending litigation.

As previously reported, TSIC had been attempting to retrieve a payment of $6,055,000 plus interest from Thalheimer, a TSIC founder and former chief executive officer.

Each party brought actions against the other in court and the matter was sent to mediation, the filing said.

TSIC, a San Francisco-based specialty retailer formerly known as Sharper Image Corp., filed for bankruptcy on Feb. 19, 2008. Its Chapter 11 case number is 08-10322.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.