Ultimate Acquisition trustee's Sony preference claims settlement OK'd

By Caroline Salls

Pittsburgh, Nov. 15 - Ultimate Acquisition Partners, LP's Chapter 7 trustee received court approval of a preference claims settlement with Sony Electronics, Inc., according to a Nov. 14 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 agreement, Sony will pay the trustee $1.3 million in full settlement of the avoidance action.

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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