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Bankrupt store's vendors probing past credit deals.(Strouds Acquisition Corp. )
Unsecured creditors of linen retailer Strouds Acquisition Corp. have launched an investigation into whether the chain's management, lenders or secured creditors engaged in self-dealing prior to its filing for Chapter 11 bankruptcy protection in May.
The forensic accounting arm of BDO Seidman has been hired to determine if preferential payments, fraudulent money transfers or breaches of fiduciary duty occurred, said Jeffrey Garfinkle, a lawyer for the unsecured creditors.
It's "a little early to make an assessment of where the culpability is," he said.
But the investigation is expected to look at the dealings of Walter Cruttenden, the Newport Beach financier whose private equity firm, Cruttenden Partners, brought Strouds out of its first bankruptcy in April 2001.
"He stands to lose a lot more than anybody else on this deal," said Aaron Malo, a lawyer for Cruttenden.
Malo would not indicate how much Cruttenden Partners had invested in the company. Cruttenden himself was out of town last week and could not be reached for comment.…
- For investor at center of Strouds probe, it's water off his back. (Up...
- Magazine article from: Los Angeles Business Journal Berry, Kate July 7, 2003 700+ words
...loans he made to Strouds in 2001. The...group, the Yogananda Foundation, were elevated...investment in Strouds relegated to...founded the Yogananda Foundation, which made...million loan to Strouds. "Walter Cruttenden...
- Creditors, lawyers fight over shreds of Strouds bankruptcy.(Up Front)(Strouds...
- Magazine article from: Los Angeles Business Journal Berry, Kate March 22, 2004 700+ words
...City of Industry that Strouds moved into and leased...lent $4 million to Strouds in April 2001, and...profit group he heads, Yogananda Foundation, lent another $1 million...amount to that group. Strouds also had agreed to pay...
- Strouds files Ch. 11, begins reorganization.
- Newspaper article from: DSN Retailing Today DUFF, MIKE September 18, 2000 700+ words
...Cash strapped and in financial straits, Strouds is undertaking bold measures, including...Charles Chinni told DSN Retailing Today Strouds was pursuing a substantial revision to...the protection filing was set to assure Strouds had sufficient inventory as it entered...
- Strouds creates a buzz.(Brief Article)(Company Profile)(Statistical Data...
- Magazine article from: Home Textiles Today Lillo, Andrea October 29, 2001 700+ words
...when a shroud of uncertainty surrounded Strouds, this market has been a pleasant surprise...s starting to be a positive buzz about Strouds," said Rob Valone, president, and...to be so." Valone is confident that Strouds will return to a net profit level comparable...
- Strouds Making an Upscale Move to Aid Performance.
- Magazine article from: Los Angeles Business Journal BELGUM, DEBORAH July 17, 2000 700+ words
...a wet blanket over the stock price of Strouds Inc., but the company hopes to remedy...year low for the stock. Analysts say Strouds' weak stock price reflects the stiff...a retail battle that pits the smaller Strouds against bigger domestic retailers that...
- Retailer Strouds to go public with $54 million IPO.
- Magazine article from: Los Angeles Business Journal Cole, Benjamin Mark August 29, 1994 700+ words
Having weathered a tough recession, Strouds Inc., the City of Industry-based retailer...the NASDAQ under the symbol "STRO." Strouds, which posted net income of $2 million...stores are in Las Vegas. After the IPO, Strouds plans to open 16 stores in 18 months...
- Starting anew: Strouds in year two: sixteen months after its resurrection the...
- Magazine article from: Home Textiles Today September 9, 2002 700+ words
...impossible to cover even the tiniest bet that Strouds would be anything more than a fading memory...Entrenched in the retail scene since 1979, Strouds enjoyed nearly two decades as a comer...times largely of its own making. But for Strouds Acquisition Corp., the partnership that...
- This time it's over: Strouds to liquidate.
- Magazine article from: Home Textiles Today Felgner, Brent May 26, 2003 700+ words
...of his retail dream have also passed. Strouds, the distressed 50-store specialty...money?' Where did it all go?" Word of Strouds' liquidation came initially from some...principal in Fog Cutter Capital Group, Strouds' controlling shareholder. "The company...
- Strouds to make its last bed.
- Newspaper article from: The Daily Deal May 26, 2003 700+ words
Byline: Soma Biswas Strouds, a luxury bedding and linen chain in California...for bankruptcy for the second time in 32 months. Strouds Acquisition Corp., the successor company to Strouds Inc., filed for Chapter 11 last week in the U...
- Strouds Announces Newest Store Location - On the Web; New Commerce Offering on...
- Press release article from: PR Newswire May 12, 1999 700+ words
...Calif., May 12 /PRNewswire/ -- Strouds, Inc. (Nasdaq: STRO), The Linen...information and products for their homes, Strouds' e-commerce site will offer a new way...fashions in bedding and bath products. Strouds offers consumers a full selection of name...
Source: HighBeam Research, Bankrupt store's vendors probing past credit deals.(Strouds...
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