Orange County Choppers Merchandising files Chapter 7 bankruptcy on January 31, 2013
Hudson Valley Merchandising, LLC d/b/a Orange County Choppers Merchandising, LLC (Newburgh, NY), the merchandising division of Orange County Choppers filed for Chapter 7 bankruptcy on Thursday in the Southern District of New York. The Bankruptcy Schedules were signed by Paul Teutul, Sr.[image_frame style=”reflect_shadow” align=”right” alt=”Orange County Choppers Merchandising files Chapter 7 Bankruptcy” height=”150″ width=”150″]http://chapter11dallas.com/wp-content/uploads/2013/02/Orange_County_Choppers_logo.jpg[/image_frame]
The case is pending as a Chapter 7 Bankruptcy under Case No. 13-35193-CGM-7 in the United States Bankruptcy Court for the Southern District of New York (Poughkeepsie). The parent company, Orange County Choppers Holdings, did not file. The 341(a) Meeting of Creditors is scheduled for February 28. A Chapter 7 Bankruptcy Trustee has been assigned.
The company’s bankruptcy Schedules list 1.1 million in assets and $1.4 million in liabilities. The assets consist primarily of accounts receivable. The liabilities consist primarily of judgments. The company stated in its Statement of Financial Affairs that it had no gross income during 2011-2013. The sole member of the company is Orange County Choppers Holdings, Inc. of Newburgh, New York. The company’s Corporate Ownership Statement indicates that Paul Teutul, Sr. owns more than 10% of the company’s equity.
Presumably, the Chapter 7 Trustee (Paul Banner) will merely liquidate the accounts receivable and distribute the funds to the judgment holders in accordance with the bankruptcy priority scheme.
“American Chopper,” a reality show featuring the bike-building company led by Paul Teutul Sr. of Montgomery, New York ended its 10-year TV run in December.