Mike-sell's Potato Chip Co.
Assignment for the Benefit of Creditors
April 17, 2024
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To: The Creditors of Mike-sell’s, Inc. and Mike-sell’s Potato Chip Co.
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Re: Notice of Commencement of ASSIGNMENT FOR THE BENEFIT OF CREDITORS
Please be advised the owners of Mike-sell’s, Inc. and Mike-sell’s Potato Chip Co. (collectively and henceforth referred to as the “Company”) have voluntarily surrendered and assigned the assets of the Company to Mike-sell’s ABC LLC (the “Assignee”), a subsidiary of Oxford Restructuring Advisors LLC, in an Assignment for the Benefit of Creditors (“ABC”). An ABC is a Court regulated process whereby a company’s affairs are wound down and any remaining assets of the company are disbursed to creditors who file timely claims. The Assignee will monetize the Company’s remaining assets to pay creditors on a pro-rata basis, with payments first allocated to pay down the Company’s secured loans. The ABCs were filed on April 15, 2024 in the Montgomery County Common Pleas Court, Probate Division. The case numbers for the ABCs are 2024TRS00005 and 2024TRS00006.
The Dayton, OH based Company was the oldest operating snack food and potato chip manufacturer in the United States. As a result of historically high levels of inflation and significant retiree pension liabilities due and owing to the Central States, Southeast, and Southwest Areas Pension Fund (the “CPSF”) for the Teamsters and Bakers and Confectioners Unions, the Company experienced insurmountable hurdles which led to management’s difficult decision to close its business in February of 2023. Before its decision to shut down, the Company attempted to restructure their operations, but this ultimately failed as negotiations with its senior secured lender, Telhio Credit Union, and the CPSF were unsuccessful. Prior to the ABC, the Company’s management undertook various actions to maximize recovery to its creditors including, but not limited to, selling its brand rights to a subsidiary of Conn’s Potato Chips Co., striving to secure an Employee Retention Credit (“ERC”) from the IRS, and initiating a sale process of its remaining real estate. The Assignee will continue these recovery efforts.
This notice is being sent to all known creditors of the Company. Your organization has been identified as a creditor. As such, you may have specific legal rights and you should consider consulting an attorney regarding those rights. In the meantime, we suggest that you file a proof of claim for the amount of money that the Company owes you. To substantiate your claim, you need to attach to the claim form copies of your invoices and any supporting documentation that helps clarify the dollar amount of your claim. We would encourage you to file your claim as quickly as possible. The Probate Court will set a claim filing deadline and you will receive notice of the same when filed.
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Creditors who fail to file proof of their claim by the Court-established deadline may not be entitled to share in any distribution on account of unsecured claims arising out of this liquidation of the Company’s assets, to the extent there is any value beyond administrative claims. The filing of a proof of claim does not guaranty that there will in fact be a recovery for unsecured creditors.
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Should you have any questions regarding this process please contact the Assignee, Mike-sell’s ABC LLC, at info@mike-sells-abc.com or by telephone at (937) 203-0801. Additional information about the ABCs and a blank suggested proof of claim form will be posted as it becomes available on the Assignee’s website at mike-sells-abc.com.