Court Approves Sale of Trainor Glass Assets
in Fla., N.C., Va., and Texas to Harmon; Resolves Objection to Sale
May 31, 2012
by Penny Stacey, email@example.com
The U.S. Bankruptcy Court for the Northern District of Illinois
has approved the sale of substantially all of Trainor Glass' assets
in Florida, North Carolina, Virginia and Texas to Harmon Inc. for
approximately $3 million. Trainor had
motioned for authorization of the sale in mid-May.
The sale includes all machinery, equipment, tools and supplies,
"and other tangible property," according to the asset
purchase agreement filed with the court. The agreement catalogs
a list of equipment and machinery included with the asset sale.
However, the sale excludes any asset not specifically identified
as a purchased asset, according to the agreement, including "any
cash, accounts inventory, goods, vehicles, boats, video conference
equipment, computer equipment, office furniture, office equipment,
and modular wall assets located in Farmers Branch, Texas, and all
assets located in New Buffalo, Mich."
The court had received one objection to the sale from Daniel Budorick
of Pecker & Abramson, representing New York-based general contractor
Skanska USA Building Inc., which had subcontracted several projects
to Trainor in the south. These included the James B. Hunt Jr. Library
at North Carolina State University, the Nemours Children's Hospital
in Orlando, Fla., and the Keohane Quadrangle at Duke University
in Durham, N.C.
The company had requested permission from the court to hire substitute
contractors to complete the work, and this request was accepted,
but, upon the filing of the motion for authorization of the sale
to Harmon, Skanska also requested that the court enter an order
"excluding certain assets from the sale order, specifically
all equipment and tools of [Trainor] that were left at any of the
In addition, Budorick requested Trainor provide a list of all the
equipment and tools left at the Skanska projects, and that the company
be permitted to use the equipment and tools until completion of
the projects, and then return to Harmon upon completion.
"The substitute contractors and/or Skanska will have to use
the equipment and tools that may have been left on the Skanska projects
by the debtor," writes Budorick.
According to the order from the court approving the sale to Harmon,
the Skanska matter was resolved, permitting the company to continue
to use the equipment and tools, and that the companies will work
out "an agreeable procedure for return of any such equipment
and tools" at the completion of the named projects.