Estate Closedown Paying all Creditors 100%

Immunicon Corp, Plymouth, MD Maryland


Medical diagnostics testing company. No sales and no debt.

  • Slow acceptance of cancer testing product caused significant negative cash flow.
  • Company sued marketing partner and agreed to arbitration over breach of contract to conduct best efforts marketing.
  • Over $16 million spent on arbitration pursuit which rendered company insolvent when it lost case.


  • Engaged as Liquidating Trustee after bankruptcy of company and completion of 363 sale
  • Upon bankruptcy company sold for approximately $34 million in 363 sale.
  • Proceeds available for distribution by liquidating trustee.
  • Approximately 130 claims for $32 million reviewed.
  • Successfully challenged 25 claims (or 19%) totaling over $1.6 million .
  • Additional proceeds sought through pursuit of D&O lawsuit.
  • Four month investigation of books, records, email files and thousands of documents.


  • All secured creditors paid in full – 100% shortly after closing of 363 sale.
  • All unsecured creditors paid in full – 100% within 120 days post 363 sale.
  • Liquidating trustee returned over $2 million to shareholders within one year after filing for bankruptcy.