Trudy's assets acquired by investment firm
By Staff -- Gifts and Dec, 12/21/2009 11:51:00 AM
NORWALK, Conn.—Children’s book and plush toy marketer Trudy Corp. has signed a deal to sell its assets to MMAC, an investment firm of indeterminate origin.
Under the terms of the agreement, MMAC will assume substantially all of the secured and unsecured liabilities of Trudy with the exception of $2.7 million of personal debt owed to William W. Burnham, Trudy’s principal shareholder and chairman.
Holders of Trudy's common stock will not receive any payment or distribution with respect to their shares pursuant to the sale of substantially all the assets to MMAC, according to the company.
Ashley Andersen Zantop, CEO and president of Trudy, Fell Herdeg, CFO, and William W. Burnham, Director of Corporate Development, will be retained as employees by MMAC on substantially the same terms as their current employment with Trudy. Additionally, Burnham and Andersen Zantop will join MMAC’s board of directors.
Trudy Corporation is a publisher of children's educational story and novelty books, audiobooks and plush toys, doing business as Soundprints, Studio Mouse and Music for Little People.com. The company was founded in 1947 as a plush toy manufacturer.
A deal for Trudy to be sold to edutainment producer PCS Edventures! for $2 million fell through in June of last year.
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