RDNYC FILES FOR CH.11
Byline: Vicki M. Young
NEW YORK — RDNYC Inc., the design firm of Rebecca Danenberg, filed for Chapter 11 bankruptcy court protection in Manhattan earlier this month, confirming a report in these columns May 3.
The firm filed May 4, but the petition was not immediately available.
In the filing, the firm listed assets of $1.7 million and liabilities of $2.2 million, at least $1.2 million in secured claims and the balance in unsecured claims. Hilldun Corp., the firm’s factor, holds a secured claim of $229,000.
Top unsecured creditors are American Express Executive Corporate Card, on behalf of Steven Hansman, the company’s treasurer who left in December 1999, $200,463, and Danenberg and her husband, Charles Helm, the company’s chief executive, $80,262; Fashion Clothing Services, $124,000; Internal Revenue Service, $57,773; Lucci, Bayside, Queens, $55,000.
Danenberg’s firm said it had received $611,668 so far in sales, design and licensing fees. The amount for 1999 was $3.1 million compared with $2.7 million in 1998.
The filing noted a legal dispute with Sankyo Seiko Co. Ltd., its Japanese distributor but did not elaborate.
According to court documents, the licensing agreement runs through Dec. 31, 2015, and the minimum annual royalty is $26,000. Sankyo paid $279,800 in November 1999 to buy 10 shares of stock in RDNYC.