AIM, Biesse in Bankruptcy Tiff

The U.S. Bankruptcy Court for North Carolina’s Western District will consider Biesse’s petition to force AIM into Chapter 7 liquidation bankruptcy, and AIM’s request to dismiss the action.
Charlotte-based Biesse filed the action to put AIM into involuntary bankruptcy on April 9, claiming $100,874 in unpaid commissions from Hickory, N.C.-based AIM.
In a May 1 bankruptcy-court filing, however, AIM claims Biesse violated unspecified fiduciary duties and breached an agreement between the two companies.
AIM also noted that Biesse is the only creditor seeking the involuntary bankruptcy and, in an argument to dismiss the liquidation petition, cited a federal bankruptcy rule that more than a dozen other entities hold unsecured debts with AIM.
Ironically, to argue against the involuntary bankruptcy, AIM ended up filing a creditor list in much the same manner as a regular bankruptcy action. As of May 1, AIM reported 81 creditors with unsecured debt of $505,090.