August 7, 2013
The federal trustee assigned to oversee Endicott Interconnect’s bankruptcy is objecting to a proposed sale to one of its shareholders. The trustee, Tracy Hope Davis, said in a court filing Tuesday that the company did not offer a reason for the favorable terms offered to an insider.
The electronics manufacturer filed for bankruptcy in July, citing $100 million in unpaid debts. It was founded ten years ago in a former IBM site in Endicott.
Soon after filing for bankruptcy, a company owned by one of the founders, James T. Matthews, put in a bid for $250,000.