Ultimate Acquisition trustee, Sony reach $1.3 million claim settlement

By Caroline Salls

Pittsburgh, Oct. 17 - Ultimate Acquisition Partners, LP's Chapter 7 trustee requested court approval of a preference claims settlement with Sony Electronics, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Chapter 7 trustee Alfred T. Giuliano said he filed a complaint against Sony on July 19, 2011, claiming he is entitled to avoid and recover $23.94 million in alleged preferential transfers made during the 90-day period before Ultimate Acquisition filed for bankruptcy.

The trustee said he also demanded $1.65 million in vendor creditors from Sony.

Under the proposed settlement, Sony will pay the trustee $1.3 million in full and complete settlement of the avoidance action.

A hearing is scheduled for Nov. 14.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 26, 2011. The Chapter 11 case number is 11-10245.

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