Ultimate Acquisition Partners, LP
Ultimate Acquisition Partners, L.P. (UAP) was a consumer electronics company, and retail distributer of home entertainment and consumer electronics products. UAP was incorporated in 2005 and based in Thornton, CO, for the purpose of acquiring the Ultimate Electronics chain out of Bankruptcy. Since then UAP, doing business as Ultimate Electronics, owned and operated 45 retail locations in 15 states. In January, 2011, UAP filed for Chapter 11 bankruptcy protection. Shortly thereafter, on May 3, 2011, the case was converted to Chapter 7.
The assets available to the trustee in UAP were primarily Preferences and Vendor Credits.
PREFERENCES: The Trustee and his professionals evaluated the 90 day transfers of UAP, and identified 207 matters to pursue. 131 Adversary cases were filed, seeking gross preferences of $104,753,015.74. In addition to the adversary cases filed, an additional $4,382,505.47 was pursued through 76 demand letters. To date, the Trustee has collected $11,942,110.30 through adversary cases and demand letters. There are currently no open adversary cases. These actions also resulted in 12 default judgments
VENDOR CREDITS: The Trustee and his professionals have also evaluated credits earned from vendors through various incentive programs. Overall, there were 36 vendors from whom UAP earned incentives. Overall, these demands were for a combined gross amount of $9,146,707.28. To date, the estate has recovered $1,467,228.84 in vendor credits, as well as significant reductions in outstanding claims from those vendors.
All other significant assets have been fully administered, resulting in additional recoveries of approximately $4.6 Million from various actions.
- Liquidation of various bank accounts, escrow accounts, and credit card accounts (732,672.80)
- Collection of Accounts Receivables (99,553.03)
- Refunds and Collection of Security Deposits & Merchant Deposits (2,908,073.45)
- Sale of real estate (265,291.08)
- Sale of De Minimis Assets (35,980.00)
- Sale of interest in Class Action Suits from the LCD Anti-Trust Lawsuits (411,527.67)
PROFESSIONAL FEES - OUTSTANDING ORDERS:
There are currently no outstanding approved fee applications.