US: Senior lender forecloses My Vintage Baby assets
US children's wear company My Vintage Baby has announced that its assets have been foreclosed upon by the senior secured lender.
A statement by the company said that effective 16 November, all assets of My Vintage Baby were surrendered to Agile Opportunity Fund LLC.
It said the company has spent months trying to move past the issues associated with and surrounding an SEC investigation.
The investigation reportedly involved a firm who advised and led My Vintage Baby to acquire the public shell corporation MVBY, and move into the Pink Sheet markets. These issues ultimately led to a freeze by the DTC on the MVBY stock, it said.
The statement added: "With a freeze to the stock and the SEC investigation surrounding the past advisors, My Vintage Baby has been unable to raise the necessary capital to continue normal operations and fulfill the company's obligations.
"On or about 9 November 2010, My Vintage Baby received notice of default from its largest secured lender, Agile Opportunity Fund and their intent to accelerate and foreclose on their loan to My Vintage Baby."
Despite an emergency meeting, My Vintage Baby's class "A" shareholders therefore agreed to a peaceful transfer of the assets of My Vintage Baby to Agile Opportunity Fund in lieu of the foreclosure and the termination of the company, the statement added.
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