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Phoenix Payment Systems, Inc.

  1. March 10, 2015

    Phoenix Payment Systems Wins Nod For Chapter 11 Plan

    A Delaware bankruptcy judge on Tuesday blessed Phoenix Payment Systems Inc.'s Chapter 11 liquidation plan, a deal that will pay creditors of the card transaction processor in full and provide a return for equity holders.

  2. January 30, 2015

    Phoenix Payment Gets Nod For Ch. 11 Disclosure Statement

    A Delaware bankruptcy judge blessed Phoenix Payment Systems Inc.'s disclosure statement on Friday, allowing the card transaction processor to solicit creditor votes for a Chapter 11 plan designed to dole out proceeds from the company's $50 million sale.

  3. December 08, 2014

    Phoenix Rival Fights Bid To Cut Software Claim By $9.5M

    A card transaction company embroiled in a software dispute with bankrupt rival Phoenix Payment Systems Inc. urged a Delaware judge Monday to reject the debtor's move to cap its $10 million claim at $500,000, saying that the sum it seeks cannot be reduced by estimation.

  4. November 21, 2014

    Phoenix Seeks To Cap $10M Software Claim At $500K

    Phoenix Payment Systems Inc. told a Delaware bankruptcy judge Thursday that a $10 million claim lodged by a rival card transaction company over old software code should be capped at $500,000, saying it should not be forced to set aside the full sum while litigation plays out.

  5. October 28, 2014

    Phoenix Hit With Rival Card Processor's $10M Software Claim

    A fight over whether bankrupt Phoenix Payment Systems Inc. had and was using old software code that another card transaction company claims it owns was primed to move forward Tuesday, after the firm lodged a $10 million claim and a Delaware bankruptcy judge set some ground rules.

  6. September 23, 2014

    Phoenix $50M Ch. 11 Sale Ok'd Despite 11th-Hour IP Dispute

    A Delaware bankruptcy judge gave the green light Tuesday to card transaction processor Phoenix Payment Systems Inc.'s $50 million sale to North American Bancard LLC, despite eleventh-hour opposition from another card processor, which argued the transaction could include software it owns, stretching the hearing into a tense evidentiary proceeding.

  7. September 18, 2014

    Phoenix Drops Ch. 11 Auction For $50M Stalking Horse

    Card transaction processor Phoenix Payment Systems Inc. cancelled its Thursday bankruptcy auction, saying it didn't get any qualified bids and would pursue North American Bancard LLC's $50 million stalking horse offer for the company, which was said to have attracted significant prepetition interest.

  8. September 03, 2014

    Phoenix Payment OK'd To Hire Raymond James For Ch. 11

    A Delaware bankruptcy judge allowed card transaction processor Phoenix Payment Systems Inc. to hire Raymond James & Associates Inc. as its investment banker Wednesday after the debtor and its controlling stakeholder worked out differences over the application in an agreement that could reduce part of the firm's transaction fee.

  9. August 26, 2014

    Bankrupt Phoenix Payment Gets OK For Sept. Auction

    Card transaction processor Phoenix Payment Systems Inc. got the nod Tuesday to proceed toward a mid-September auction as a Delaware bankruptcy judge rejected a call by its former CEO for an extended process that would give prospective suitors more time to get involved.

  10. August 22, 2014

    Ex-Phoenix Payment CEO Balks At $4M Fee For Ch. 11 Sale

    The former CEO and controlling stakeholder of bankrupt card transaction processor Phoenix Payment Systems Inc. took issue Friday with the fee structure for the debtor's proposed investment banker, Raymond James & Associates Inc., arguing a $4 million "success fee" heavily favors a sale instead of the reorganization he supports.

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