Like the Stuart monarch who had the grace to apologise for it, Vector Graphic Inc is taking an unconscionable time a’dying: it was about a year ago that the Westlake Village, California company announced that it intended to liquidate, and everyone assumed that no more would be heard of the micro pioneer – but yesterday the firm piped up from its deathbed to say that it would be unable to reorganise and will take all steps necessary to convert its Chapter XI protection proceeding into a Chapter VII liquidation; the company’s secured creditors have informed Vector of their intention to take possession of all of its assets and to form a liquidating trust to administer such assets and distribute any proceeds arising therefrom; so far, the company has distributed about $770,000 in cash to the secured creditors, and estimates that the value of all remaining assets does not exceed $275,000, leaving an unpaid deficiency of about $1.5m owed to secured creditors; there will be nothing for unsecured creditors or holders.
