Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comKey Contacts
Back
A U.S. Bankruptcy Court is treading carefully on a Chapter 7 bankruptcy liquidation that will leave behind a large cache of weapons.
Seattle-based company Advanced Interactive Systems recently sought bankruptcy law protection under Chapter 7 of the Bankruptcy Code. The company owns a number of shooting ranges and also trains security professionals, and as a result of their liquidation, a weapons arsenal of Glock and Beretta handguns, as well as AR-15 rifles, are still in the business’s inventory, according to Reuters.
However, the recent climate and controversy surrounding gun control has made it difficult for court officials to determine how to proceed.
In a Chapter 7 bankruptcy such as this one, bankruptcy trustees are directed to be appointed by the bankruptcy court to manage the liquidation. However, the weapons left in the company’s inventory make this bankruptcy more complicated. The article notes that the trustee could potentially be liable if buyers purchased the weapons at auction and then used them illegally or harmed individuals. Some professionals estimate that the trustee may choose to sell the business as an ongoing operation to help avoid liability, Reuters reports.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Related Posts
See all
Does Your Homeowners Insurance Provide Adequate Coverage?
Your home is likely your greatest asset, which is why it is so important to adequately protect it. Homeowners insurance protects you from the financial costs of unforeseen losses, such as theft, fire, and natural disasters, by helping you rebuild and replace possessions that were lost While the definition of “adequate” coverage depends upon a […]
Author: Jesse M. Dimitro
Understanding the Importance of a Non-Contingent Offer
Making a non-contingent offer can dramatically increase your chances of securing a real estate transaction, particularly in competitive markets like New York City. However, buyers should understand that waiving contingencies, including those related to financing, or appraisals, also comes with significant risks. Determining your best strategy requires careful analysis of the property, the market, and […]
Author: Jesse M. Dimitro
Fred D. Zemel Appointed Chair of Strategic Planning at Scarinci & Hollenbeck, LLC
Business Transactional Attorney Zemel to Spearhead Strategic Initiatives for Continued Growth and Innovation Little Falls, NJ – February 21, 2025 – Scarinci & Hollenbeck, LLC is pleased to announce that Partner Fred D. Zemel has been named Chair of the firm’s Strategic Planning Committee. In this role, Mr. Zemel will lead the committee in identifying, […]
Author: Scarinci Hollenbeck, LLC
Novation Agreement Process: Step-by-Step Guide for Businesses
Big changes sometimes occur during the life cycle of a contract. Cancelling a contract outright can be bad for your reputation and your bottom line. Businesses need to know how to best address a change in circumstances, while also protecting their legal rights. One option is to transfer the “benefits and the burdens” of a […]
Author: Dan Brecher
What Is a Trade Secret? Key Elements and Legal Protections Explained
What is a trade secret and why you you protect them? Technology has made trade secret theft even easier and more prevalent. In fact, businesses lose billions of dollars every year due to trade secret theft committed by employees, competitors, and even foreign governments. But what is a trade secret? And how do you protect […]
Author: Ronald S. Bienstock
What Is Title Insurance? Safeguarding Against Title Defects
If you are considering the purchase of a property, you may wonder — what is title insurance, do I need it, and why do I need it? Even seasoned property owners may question if the added expense and extra paperwork is really necessary, especially considering that people and entities insured by title insurance make fewer […]
Author: Patrick T. Conlon
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Sign up to get the latest from our attorneys!
Explore What Matters Most to You.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Bankrupt Company Leaves Weapons Arsenal
Author: Joel R. Glucksman
A U.S. Bankruptcy Court is treading carefully on a Chapter 7 bankruptcy liquidation that will leave behind a large cache of weapons.
Seattle-based company Advanced Interactive Systems recently sought bankruptcy law protection under Chapter 7 of the Bankruptcy Code. The company owns a number of shooting ranges and also trains security professionals, and as a result of their liquidation, a weapons arsenal of Glock and Beretta handguns, as well as AR-15 rifles, are still in the business’s inventory, according to Reuters.
However, the recent climate and controversy surrounding gun control has made it difficult for court officials to determine how to proceed.
In a Chapter 7 bankruptcy such as this one, bankruptcy trustees are directed to be appointed by the bankruptcy court to manage the liquidation. However, the weapons left in the company’s inventory make this bankruptcy more complicated. The article notes that the trustee could potentially be liable if buyers purchased the weapons at auction and then used them illegally or harmed individuals. Some professionals estimate that the trustee may choose to sell the business as an ongoing operation to help avoid liability, Reuters reports.