WELLESLEY HILLS, Mass., June 19 Joseph F. Finn, Jr.,C.P.A. ("Finn") the Assignee for the Benefit of Creditors of ActivBiotics,Inc. ("ActivBiotics") announced today the first distribution of cash to thecreditors of ActivBiotics. The distribution signifies the substantialcompletion of the asset liquidation process and the allowance of creditors'claims. The assignment, which began the liquidation process, was a transferof all the assets of ActivBiotics to Finn on December 7, 2007, under a commonlaw procedure. The process was complex because ActivBiotics was a biotechstart-up company with sophisticated intellectual property and fixed assets.
Finn pointed out that the assignment process allowed him to move quicklyand that the distribution of cash to creditors six and a half months after theprocess began highlights one of the major benefits of the assignment legalprocess for liquidating defunct enterprises.
Finn praised the law firm he retained to assist him, Bingham McCutchenLLP, to include, but not be limited to, Edwin Smith, Meerie Joung and JenniferCleary.
About Joseph F. Finn, Jr., C.P.A.
Joseph F. Finn, Jr. is the founding partner of the firm Finn, Warnke &Gayton, Certified Public Accountants of Wellesley Hills, Massachusetts. Heworks primarily in the area of management consulting for distressedenterprises, bankruptcy accounting and related matters, such as assignee forthe benefit of creditors and liquidating agent for a corporation. He has beeninvolved in a number of loan workouts and bankruptcy cases for thirty-four(34) years.
SOURCE ActivBiotics, Inc.