Crumbs Sale To Joint Venture Wins Court Approval

Law360, Los Angeles (August 26, 2014, 5:43 PM EDT) -- A New Jersey bankruptcy judge on Tuesday signed off on the $6.5 million acquisition of bankrupt Crumbs Bake Shop Inc. by a joint venture between television investment guru Marcus Lemonis and the owner of ice cream chain Dippin' Dots, days after Crumbs canceled a planned auction for lack of competing suitors.

U.S. Bankruptcy Judge Michael B. Kaplan approved the sale during a hearing, Michael D. Sirota of Cole Schotz Meisel Forman & Leonard PA, one of Crumbs' attorneys, confirmed to Law360. The judge's approval effectively marks the end of Crumbs' brief stint in Chapter 11 after an acute liquidity shortage forced...

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