Our Alchemy trustee seeks approval of $560,000 Best Buy settlement

By Caroline Salls

Pittsburgh, May 9 – Our Alchemy, LLC Chapter 7 trustee George L. Miller requested court approval of an account receivable settlement reached with Best Buy Stores, LP, according to a motion filed May 8 with the U.S. Bankruptcy Court for the District of Delaware.

Miller said in the motion that Our Alchemy supplied film and related media merchandise to Best Buy.

“The trustee and his professionals have reviewed the debtors’ available records, and those records indicate that Best Buy may owe the debtors as much as $2,093,518.16 for unpaid merchandise,” the motion said.

Miller said Best Buy denied that it is obligated to pay the Best Buy account receivable because of setoffs, credits and discounts under pre-bankruptcy agreements and that Best Buy has claims against Our Alchemy in excess of the account receivable amount.

Under the proposed settlement, Best Buy will pay $560,000 to the trustee.

In addition, Best Buy agreed not to file a claim in the Our Alchemy bankruptcy cases.

A hearing is scheduled for May 29.

Our Alchemy is an independent film distribution company. The company filed for bankruptcy on July 1, 2016 under Chapter 7 case number 16-11596.

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