Samson Manufacturing files for bankruptcy
Rail and mount maker Samson Manufacturing has filed for bankruptcy in order to avoid paying a $933,000 court judgement awarded to their competitor Troy. Troy had sued Samson for using trade secrets covered by a confidentiality agreement to make competing products. Union Leader reports …
Troy Industries Inc. of Massachusetts filed suit against Samson after both companies filed for a patent. Samson got there first and won in patent court.
However, Troy filed suit and won in a federal court in Boston.
After Samson moved operations to New Hampshire, the judgment was filed in Cheshire Court Superior Court last December in which a judge upheld the judgment for $933,000.
Not having the cash on hand, Samson requested to make payments over a period of time, but Troy filed a motion in Cheshire County Superior Court to seize the company’s property.
“This is very much just a result of an overaggressive competitor,” Tamposi said. “I don’t expect any long term ramifications from the filing.”
After the bankruptcy filing is complete, all of Samson’s creditors will be paid, but Troy, Tamposi said.
“Since the filing, we’ve received overwhelming support from our creditors,” Tamposi said.
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I hope Samson goes out of business.
Tamposi is talking out his ass. SECURED CREDITORS, and since Troy filed its claim in NH and got an attachment they're a secured creditor, are paid in full BEFORE all other creditors.