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Bankruptcy Keyed to Epstein 6th Ed.
In re Trans Max Technologies, Inc.
Citation:
349 B.R. 80 (2006)Facts
Trans Max Technologies, Inc., formerly known as Perma-Tune Electronics, was acquired by Samuel Higgins in 2004, who then changed its name and closed its manufacturing operations. Higgins directed the company to invest in new technologies, including a Vertical Takeoff and Landing (VTOL) aircraft design and “axial vector technology” for engines, with the goal of developing flying cars. Facing legacy debts from its prior business, Trans Max filed for Chapter 11 bankruptcy. Its reorganization plan proposed to cancel all outstanding debt and equity securities, issue 1,000,000 shares of new common stock to creditors on a pro-rata basis, and 9,000,000 shares to Higgins in exchange for his contribution of $50,000 and VTOL aircraft design rights. The plan envisioned Trans Max functioning as a royalty licensing vehicle by licensing its flying car designs to joint ventures funded entirely by unspecified outside investors. The Office of the United States Trustee and several creditors objected to the plan’s confirmation.
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