Redcon1 Not Done … All Sides Ask Court To Dismiss Case As Aaron Singerman Remains In Prison…
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — The just-filed forced Chapter 7 Bankruptcy of Boca Raton-based nutritional supplement company Redcon1 was a mistake, according to a document filed Tuesday with the federal bankruptcy court.
Attorneys for Redcon1 creditors who claimed that the company owed them roughly $7M now say it was all a misunderstanding.
“Redcon1 contends the Petition was filed due to a misunderstanding between the Parties as to payment terms. Nevertheless, shortly after the filing of the Petition, the Parties reached an agreement to amicably resolve all issues between them. The parties believe that it is in the best interests of all creditors of Redcon1 for the Petition to be dismissed on an expedited basis, which will avoid further time, expense, and business disruption to Redcon1.”
Redcon1 founder Aaron Singerman remains in federal prison after pleading guilty to his role in mislabeling nutritional supplements several years ago for a company unrelated to Redcon1.
Read the complete request to dismiss the bankruptcy proceeding, below. Read our original coverage here.
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