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Bankrupt Protective Products of America Completes $10.7M Sale of Assets to Sun Capital Affiliate - cbl
By citybizlist Staff
SUNRISE, Fla. -- Protective Products of America Inc. (XTSE: PPA), the bankrupt maker of body armor, has completed the sale of most of its assets to Protective Products Enterprises Inc., an affiliate of the Boca Raton-based buyout firm Sun Capital Partners Inc., for about $10.7 million and assumed liabilities, according to an 8-K filing with the U.S. Securities and Exchange Commission.
Sunrise, Fla.-based Protective Products of America, which in January sought Chapter 11 bankruptcy protection, said the sale will benefit its secured lender, Canadian Imperial Bank of Commerce, and others. The sale excludes 42.85 percent of any income tax refunds in excess of $2 million.
The sale, approved by the U.S. Bankruptcy Court for the Southern District of Florida in Fort Lauderdale, came after former CEO R. Patrick Caldwell faced federal charges of corruption, days after the company filed for bankruptcy protection.
Subsequent to the sale, all executive officers and all directors except Frank Jaumot quit. Jaumot was named the chief restructuring officer and will be paid at the rate of $385 an hour, subject to a cap of $15,000 a week.
Form 8-K filing: http://tinyurl.com/yeeggtp
Forbes profile:
Frank E. Jaumot
Director
Bimini Capital Management Inc.
Vero Beach , FL
Sector: FINANCIAL / Mortgage Investment
52 Years Old
FRANK E. JAUMOT, 52, has been a director of the Company since April 24, 2009. He has been the Director of Accounting and Auditing for the certified public accounting firm of Ahearn, Jasco & Company, P.A. since 1991, and is a shareholder in that firm. From 1979 to 1991, Mr. Jaumot was associated with Deloitte & Touche LLP. Mr. Jaumot is a certified public accountant in Florida and Ohio and is a member of the American Institute of Certified Public Accountants and the Florida Institute of Certified Public Accountants. He also is a member of the Board of Directors of MasTec, Inc. and Protective Products of America, Inc., and serves on the audit committees and the compensation committees for both. Mr. Jaumot is also on the Board of Directors for Junior Achievement of South Florida, Inc., a not-for-profit entity.
Director Compensation (MasTec, Inc.) for 2008
Fees earned or paid in cash | $68,000.00 |
Stock awards | $57,011.00 |
Option awards (in $) | $17,492.00 |
Non-equity incentive plan compensation | $0.00 |
Change in pension value and nondisqualified compensation earnings | $0.00 |
All other compensation | $0.00 |
Total Compensation | $142,503.00 |
Posted March 12, 2010
