Ultimate Electronics trustee wins approval for $2.55 million settlement

By Jim Witters

Wilmington, Del., Nov. 12 - The Chapter 7 trustee for Ultimate Electronics parent Ultimate Acquisition Partners, LP received approval for a $2.55 million settlement with Synnex Corp., doing business as New Age Electronics, according to a Nov. 12 filing with the U.S. Bankruptcy Court for the District of Delaware.

The settlement stems from the trustee Alfred T. Giuliano's claim that he is entitled to avoid and recover alleged preferential transfers totaling about $9.18 million made during the 90-day period before the bankruptcy petition date.

Ultimate Electronics, a Thornton, Colo.-based consumer electronics retailer, filed for bankruptcy on Jan. 26, 2011. The Chapter 7 case number is 11-10245.

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