IGPS Ch. 11 Auction Floor Too Low, Say US Trustee, Ex-CEO

Law360, Wilmington (July 12, 2013, 10:57 PM EDT) -- The U.S. Trustee’s Office and the founder and former CEO of bankrupt plastic pallet maker iGPS Co. on Friday blasted the company’s sale plan, arguing that the $36 million auction floor is too low for a debtor they say could have more than $500 million in assets.

U.S. Trustee Roberta A. DeAngelis and former iGPS CEO Bobby L. Moore argue that when the value of all of the company’s pallets is factored, the debtor has assets of between $400 million and $590 million, according to separate...
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