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Tue, Oct 20, 2015

More 'Signs Of The Times?' Quicksilver Declares Itself 'Insolvent'

Company Was Significant Part of Sport Aviation History

ANN has been sent a letter on behalf of Quicksilver Aeronautics indicating that the company, first known on the Sport Aviation scene as an early manufacturer of powered hang gliders over 4 decades ago, is currently insolvent.

According to Shulman, Hodges and Bastian, LLP, they are the, "insolvency counsel for Quicksilver Aeronautics, LLC, a Delaware limited liability company." The firm notes that the letter serves as "formal notice that (i) Quicksilver has elected to voluntarily wind up and dissolve the company; and (ii) Quicksilver has voluntarily commenced the winding up of its business affairs."

Attorney Leonard Shulman further states that, "Quicksilver determined that it had no going concern value to preserve and that it had insufficient assets to operate. Quicksilver intends to liquidate the balance of its assets, pay off any secured and priority creditors (i.e., tax authorities) and then to the extent any funds are left, shall pay unsecured creditors on a pro rata basis. As such, there will be no distribution of dividends to any member."

According to the same letter, the dissolution process could take 30-90 days.

Where this leaves the intellectual property of the company and the potential future of the Quicksilver line is as yet unknown, but company officials have promised calls on Tuesday to provide additional info.

We'll keep you updated.

FMI: www.quicksilveraircraft.com

 


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