Judge Orders AIM Bankruptcy

U.S. Bankruptcy Judge J. Craig Whitley approved the efforts by Biesse America Inc. and three other creditors to force AIM into involuntary bankruptcy and sell off assets to pay outstanding bills of the company.

Charlotte-based Biesse filed the action in the Wilkesboro Division of federal bankruptcy court to put AIM into Chapter 7 on April 9, claiming $100,874 in unpaid commissions. AIM initially fought the action, claiming in court documents on May 1 that Biesse violated unspecified fiduciary duties and breached an agreement between the two companies.

At that time, AIM’s attorney also contended that Biesse action was unwarranted, since it was the only AIM creditor to seek the Chapter 7 action. AIM filed a report with the bankruptcy court, showing 81 creditors with unsecured debt of $505,090 as of May 1. (The totals don’t include Biesse’s amount, which AIM disputed as a debt.)

However, three companies on the creditor list – Premier Transportation and Warehousing Inc., Oikos Group Inc. and Newton Machine Co. Inc. – joined with Biesse on May 27 in the involuntary bankruptcy push.

AIM, through its attorney, relented on July 14 and consented to the Chapter 7 action, with Judge Whitley’s action starting the liquidation process.

A trustee will collect creditor information and determine the disposition of AIM’s assets, although there’s no firm timetable for any sale of AIM equipment or property.