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MVBY's assets foreclosed upon by senior secured lender
27 Dec '10
2 min read
My Vintage Baby Inc, a public children's apparel company, announced that its assets have been foreclosed upon by the senior secured lender.
My Vintage Baby Inc a Florida Corporation has spent months trying to move past the issues associated with and surrounding an SEC investigation. The investigation involved a firm who advised and led My Vintage Baby, Inc. 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.
With a freeze to the stock and the SEC investigation surrounding the past advisors, My Vintage Baby, Inc. has been unable to raise the necessary capital to continue normal operations and fulfill the company's obligations.
On or about November 9, 2010, My Vintage Baby, Inc., received notice of default from its largest secured lender, Agile Opportunity Fund, LLC, and their intent to accelerate and foreclose on their loan to My Vintage Baby, Inc.
My Vintage Baby, Inc.'s Class “A” shareholders met in an emergency meeting to explore possible remedies to resolve the indebtedness, including but not limited to pursuing all possible legal avenues to prevent the foreclosure of the loan on the assets of the company.
It was determined that there were no viable solutions within the time frame allowed to cure this default and secure the capital required to produce a new line of merchandise which would enable the company to continue operations. The class “A” shareholders therefore agreed to a peaceful transfer of the assets of My Vintage Baby, Inc. to Agile Opportunity Fund LLC, in lieu of the foreclosure and the termination of the company.
My Vintage Baby Inc a Florida Corporation has spent months trying to move past the issues associated with and surrounding an SEC investigation. The investigation involved a firm who advised and led My Vintage Baby, Inc. 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.
With a freeze to the stock and the SEC investigation surrounding the past advisors, My Vintage Baby, Inc. has been unable to raise the necessary capital to continue normal operations and fulfill the company's obligations.
On or about November 9, 2010, My Vintage Baby, Inc., received notice of default from its largest secured lender, Agile Opportunity Fund, LLC, and their intent to accelerate and foreclose on their loan to My Vintage Baby, Inc.
My Vintage Baby, Inc.'s Class “A” shareholders met in an emergency meeting to explore possible remedies to resolve the indebtedness, including but not limited to pursuing all possible legal avenues to prevent the foreclosure of the loan on the assets of the company.
It was determined that there were no viable solutions within the time frame allowed to cure this default and secure the capital required to produce a new line of merchandise which would enable the company to continue operations. The class “A” shareholders therefore agreed to a peaceful transfer of the assets of My Vintage Baby, Inc. to Agile Opportunity Fund LLC, in lieu of the foreclosure and the termination of the company.
My Vintage Baby Inc
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