"We anticipated the return of the title and we're pleased to have this behind us," said Michael J. The company had anticipated the return of the title all along but did not want to wait for the normal title process, which could have taken nine months or more to resolve. NxTrend made this unusual decision to assure its customers of its stability. Due to the debt BuildNet owed NxTrend from the merger, NxTrend felt confident that no one would be able to match its bid. The company essentially bid for itself, Turner explained. "Technically, we foreclosed on ourselves." "We were a secured creditor of BuildNet in bankruptcy," he said. After BuildNet's auction of its assets, the title of all NxTrend assets was returned to NxTrend, formally separating the two firms.Īmid recent rumors that NxTrend was also to be auctioned off, Matt Turner, marketing manager at NxTrend, told Supply House Times that technically the rumor was true. The company has been operating independently of BuildNet since March of this year.
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