any interest, at all, in getting paid some of what your company is owed, you
need to move very, very quickly to put into motion an orderly process for the
liquidation of SP USA’s assets (including the collection of its accounts
receivable) and the distribution of whatever cash remains after SP USA’s tax
obligations and secured obligations are paid.
If vendors do not do anything, it is virtually guaranteed that vendors
wind up with nothing.
we’ve learned from various sources, some internal, some external, SP USA shut
down operations last Friday. And, based
on what we’ve heard, so far, the Managing Director of SP USA terminated all SP
USA employees, effective last Friday and, right afterwards, terminated
himself. There is always the possibility
that not everyone is gone; perhaps someone still remains on SP USA’s payroll
and is working at the SP USA HQ office in Woburn. If I were a vendor, I’d want to check that
out.
is gone, and I mean “everyone”, here’s the situation (in my humble
opinion.) SP USA was not a small
business. If, at the end, it had 100 or
so employees, it is likely that, at the end, SP USA, was still generating sales
in the neighborhood of $1 mil per month.
SP USA was not a cash business – and customers don’t always pay their
bills on time – so it is very likely that SP USA’s is owed in the neighborhood
of $1 million or more (its accounts receivable.) In addition, I’m fairly positive that SP USA
owned at least some of its non-cash assets (equipment, computers, furniture,
fixtures, etc.), and the liquidation of those assets could raise at least some
cash. Unfortunately, the way SP USA
walked away from its business – and customers – the significant “goodwill” (asset)
that SP USA did have evaporated overnight.
to my comments above, if no one is left at SP USA, that raises these questions:
the books and records (especially invoices and A/R records)?
to collect what’s owed to SP USA?
to inventory (supplies, consumables, equipment) what’s left?
to return leased equipment to lessors?
to convert non-cash assets to cash?
to distribute what’s left….to pay vendors?
to ensure that vendors are dealt with fairly?
Etc.
that everyone of you know that the U.S. has laws that pertain to
insolvent/bankrupt companies – our country’s bankruptcy laws.
the Bankruptcy Court will take no action on a case until it knows that there is a case!
Apparently, no one from SP USA has filed a bankruptcy petition with
the BK Court, and, if there is no one left at SP USA, then there is no one from
the company to file a bankruptcy petition.
is the case, then Vendors need to step quickly to the plate and file an “involuntary” Chapter 7 against
SP USA. It takes three vendors to do
that. It requires that they, together,
complete a simple form, submit statements regarding what happened, and state
the amount they are owed. And, in this case, vendors should request that the BK
court take immediate action – immediate action to take control of SP USA
premises, computers, books and records. And, immediate action to appoint a
Chapter 7 “Trustee”.
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not put into Chapter 7, then it is, as I said previously, virtually guaranteed
that vendors will end up with absolutely nothing. If, on the other hand, SP USA is put into
Chapter 7, then the appointment of a Trustee will, at the very least, provide
at least some order to the “wind-up” process and ensure that the wind-up
process is handled in an open, transparent, fair manner.
10:00 AM
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“top section”, will “update” this blog-post with information I receive from SP
USA vendors)
us $8,801.00
us $25,134.96
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Vendor #3 – SP USA owes us $4,470.00
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USA – SP USA owes us $8,355.00 (prox)
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If
you are a reprographer, please point your vendors to this blog-post. Thank you.
Service Point USA:
by now, Service Point USA shut down operations last Friday. A truly extraordinary event.
and, so far, I’ve not found any bankruptcy petitions (Chapter 7 or Chapter 11)
filed by SP USA.
USA and if your company is owed money by SP USA, then please kindly report to
me – via e-mail to joel.salus@mac.com –
“an estimate” of the amount of money SP
USA owes your company.
publish them; I will publish “the amount” that is owed, but, unless I’m
specifically given permission, I will
not publish the name of the vendor who reported the amount.
to include your company’s name, the entry will be published as per this
example:
Co, Inc. – Amount owed, approximately $12,000.
include your name, the entry will be published as per this example:
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Vendor #1 – Amount owed, approximately $6,000.
Reprographics 101 
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