Business Services Industry
Former PHD vendors sue in effort to recoup $2.8M.(News)
Crain's Cleveland Business, December, 2003
Byline: RYAN CORNELL Unsecured creditors in the bankruptcy case of PHD Inc. of Wickliffe, a now-defunct distributor of household appliances, are suing to recover more than $2.8 million they say Bank One and one of its subsidiaries wrongfully received during the bankruptcy process. The unsecured creditors, including well-known companies such as Bunn-O-Matic Corp., Remington Products Co.
and Sunbeam Corp., filed their amended complaint Dec. 1 in U.S. Bankruptcy Court in Cleveland. The companies are vendors that supplied products to PHD, which distributed the products to retailers such as Wal-Mart, Kmart and Amazon.com. According to the complaint, in the three months leading up to PHD's Chapter 11 bankruptcy filing on Jan. 29, 2003, Bank One and PHD's owners...
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