By May 31, 2005, both Fleer/Skybox International, LP and Fleer Collectibles, LLC had ceased all operations. The assets of both companies have been assigned to Warren J. Martin Jr. (the "Assignee"), an attorney with Porzio, Bromberg & Newman, P.C. in Morristown, NJ. Martin specializes in bankruptcy and insolvency matters.
The Fleer Companies have not filed for bankruptcy protection. Rather, they have commenced a state court proceeding called an Assignment for the Benefit of Creditors (ABC), filed in the Probate Part, Chancery Division of the Burlington County, New Jersey, Superior Court. The Assignee is charged with the task of marshaling the assets of the Estates and selling them for the highest and best value in order to pay creditors a share of what they are owed. The amounts paid to creditors are governed by the creditor priority scheme set forth under the laws of the State of New Jersey. Mr. Martin’s role, as Assignee, is similar to a Trustee’s role in a bankruptcy.
