Joel R. Glucksman
Partner
201-896-7095 jglucksman@sh-law.comFirm Insights
Military, Law Enforcement Supplier Seeks Chapter 11 Bankruptcy Protection
Author: Joel R. Glucksman
Date: April 19, 2013
Key Contacts
Back
U.S. Cavalry Store Inc., a provider of military and law enforcement gear and equipment, has filed for Chapter 11 Bankruptcy protection.
The Kentucky-based company owes money to between 200 and a thousand creditors. It listed assets of less than $50,000 and liabilities ranging from $1 million to $10 million, according to The Associated Press. However, company president James Leonard said U.S. Cavalry’s decision to seek protection is part of a planned process, and announced a deal between it and ERMC Property Management, which plans to purchase its assets out of bankruptcy, the AP reports.
The buyer has agreed to maintain the name of U.S. Cavalry, retain all employees currently working for the company, and keep the supplier’s headquarters in Radcliffe, Kentucky. Leonard told the AP that while the company has yet to file a reorganization plan, he hopes the bankruptcy process will be completed quickly so that the company can continue serving the needs of the community and improve its financial position.
U.S. Cavalry currently supplies tactical gear, boots and uniforms to a number of retail stores in Fort Knox and Fort Campbell, Kentucky, as well as Fort Stewart and Columbus, Georgia.
- Practices: Corporate Transactions & Business, Bankruptcy & Creditors' Rights, Bankruptcy Litigation
- Locations: Red Bank, NJ, New York City, Little Falls, NJ
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
Understanding Portability for Estate and Gift Tax
Portability of estate and gift tax enables a surviving spouse to inherit any unused portion of their deceased spouse’s federal estate and gift tax exemption. So, if one spouse doesn’t utilize their full exemption, the surviving spouse can effectively double their exemption amount with regard to estate tax liability. For married couples, portability offers a […]
Author: Marc J. Comer
Pet Trusts in New Jersey and New York: A Practical Estate Planning Tool
For many of us, pets are more than companions—they are members of the family. Yet they are often overlooked or inadequately provided for when it comes to estate planning. A pet trust offers a legally enforceable way to ensure that your animal continues to receive proper care if you become incapacitated or pass away. As […]
Author: Marc J. Comer
How Can Trusts Be Used in Business Succession?
For many New Jersey business owners, a closely held company represents decades of work, financial investment, and personal sacrifice. Trusts in business succession planning are one of the most effective tools for protecting that value, allowing founders to control how and when the business passes to the next generation while reducing the risk of disputes, […]
Author: George McGowan
Read Before You Sign: IT Contract Pitfalls Every NJ Business Should Know
In today’s digital economy, New Jersey businesses of all sizes rely heavily on technology vendors, software providers, cloud platforms, and managed IT services. Whether your company is purchasing software, migrating data to the cloud, engaging a cybersecurity consultant, or entering into a long-term managed services agreement, a careful IT contract review can have significant operational, […]
Author: George McGowan
New York NDA Requirements for Businesses
Non-disclosure agreements (NDAs) remain a critical tool for protecting sensitive business information. However, New York NDA requirements have evolved, and businesses must ensure these agreements are carefully drafted to remain enforceable. In a competitive market like New York City, NDAs are commonly used to protect proprietary information, client relationships, and strategic plans. At the same […]
Author: Dan Brecher
New Jersey Will Contest Grounds Explained
How Courts Evaluate Testamentary Capacity and Undue Influence Will contests in New Jersey are difficult to win, given the strong presumption that a properly executed will reflects the testator’s intent. However, challenges based on lack of testamentary capacity and undue influence remain common, particularly where there are concerns about mental capacity or the involvement of […]
Author: Marc J. Comer
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.