Axium International trustee details fund usage, proposed distributions

By Caroline Salls

Pittsburgh, Nov. 12 – Axium International, Inc.’s Chapter 7 trustee said $30.08 million is available for distribution to company creditors.

According to a final report filed Monday with the U.S. Bankruptcy Court for the Central District of California, $122,120 of the available funds will go to secured creditors, $4.92 million will be used to pay Chapter 7 fees and administrative expenses, and priority claims must be paid in advance of any payment to general unsecured creditors.

Trustee Howard M. Ehrenberg said $8.45 million will be paid to holders of timely filed general unsecured claims.

In all, the trustee said he realized $103.49 million in gross receipts.

Of that amount, $48.55 million was allocated for administrative expenses, $172,259 for bank service fees and $22.6 million for “other payments to creditors.” In addition, $2.07 million of the total were non-estate funds paid to third parties.

Axium, a Los Angeles-based provider of payroll and human resources services, filed for bankruptcy on Jan. 8, 2008. Its Chapter 7 case number is 08-10277.

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