11.01.05
IdeaSphere, Inc. (ISI), Hauppauge, NY, decided on September 19th to terminate the asset purchase agreement filed earlier this year to acquire certain assets of Metabolife International Inc., San Diego, CA. ISI signed an asset purchase agreement on July 1st to acquire assets of Metabolife, which is in Chapter 11 bankruptcy. However, the asset purchase agreement included provisions requiring Metabolife to operate the business in the ordinary course during the bankruptcy. ISI claims Metabolife did not meet its obligations under the agreement, despite several good faith attempts to negotiate with Metabolife to restructure the agreement to reflect the current state of the business. Because Metabolife consistently refused to open any such discussions, ISI invoked its contractual right to terminate the agreement.
In other news, IdeaSphere recently moved its headquarters to expanded space in New York City, NY, thereby consolidating operations in New York and American Fork, UT. IdeaSphere acquired the assets of Twinlab out of bankruptcy in 2003, and has been re-structuring the company’s operations, streamlining product lines and expanding relationships with key retailers over the past 18 months.
In other news, IdeaSphere recently moved its headquarters to expanded space in New York City, NY, thereby consolidating operations in New York and American Fork, UT. IdeaSphere acquired the assets of Twinlab out of bankruptcy in 2003, and has been re-structuring the company’s operations, streamlining product lines and expanding relationships with key retailers over the past 18 months.
