The first court dates for the Impower bankruptcy hearing may come as early as Aug. 10, according to Fox Rothschild O’Brien & Frankel, LLP, the Princeton, NJ-based law firm coordinating the Chapter 11 protection filing for the Princeton-based online marketing business. The papers were filed in the United States Bankruptcy Court in New Jersey.
Impower filed for Chapter 11 bankruptcy protection last Friday.
Meanwhile, additional details regarding Impower are emerging as the company’s hearing approaches. In addition those owed money [DIRECT Newsline, Aug 6], for example, the bankruptcy petition contains a list of Impower’s shareholders.
Toronto-based venture capital firm Counsel Corp is the largest shareholder, with 32.6% of the company’s total stock in its portfolio. Donn Rappaport, a founding partner of American List Counsel, Princeton, NJ is the single largest individual shareholder with 21.7%.
Other stakeholders include:
* Harry Brener, chairman of Technology Management & Funding at TMF, a Princeton, NJ-based capital firm, 17.4%.
* Eric Zilling, Impower’s former chief visionary, 4.8%.
* TMF L.P. (Technology Management & Funding), 4.3%.
* Irv Brechner, vice president of marketing technology of American List Counsel, 2.4%.
* MBS Capital Corp., 3.2%.
* Steven Jones, executive vice president of American List Counsel, 2.6%.
* Susan Rice Rappaport, president and chief operating officer of American List Counsel, 2.6%.
Paul Soltoff, CEO of ad agency DirectNetAdvertising.com, 2.4%.
Frederick Victor, chief information officer of American List Counsel, 1.3%.
GE Capital Corp., 1%.
Thirty seven other shareholders own 3.6%, collectively, including American List Counsel Inc. (0.45%), and American List Counsel executive vice president Fran Green (0.45%).
Impower has its roots in ALC Interactive, which was a division of American List Counsel that was founded in 1996 and spun off as an independent company in 1999.
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