SOURCE: Accredited Business Consolidators Corp.

December 10, 2009 08:48 ET

Accredited Business Consolidators Corp. Announces Restructuring of Lehman Brothers Debt Assets

DOYLESTOWN, PA--(Marketwire - December 10, 2009) - Accredited Business Consolidators Corp., trading as the Italian Oven (PINKSHEETS: IOVE), today announced it has restructured its Lehman Brothers debt assets.

Specifically, the company controls 80% of Bankruptcy Claims Fund, Inc., which owns in excess of $8,000,000.00 of the face value of Lehman Brothers claims in the bankruptcy proceeding. The majority of the claims will be administered by the Bank of New York without the need for IOVE to file any formal documents. IOVE did not and does not expect to receive 100% payout on the Capital Trust notes at LEHKQ, LEHLQ, LHHMQ, and LEHNQ. However, IOVE continues to be excited about the prospect of a fair distribution for Capital Trust shareholders.

To respond to shareholder inquiries, IOVE states it does not own any Lehman Brothers common stock as it does not believe that those shareholders will receive value or anything other than de minimus payout in the bankruptcy proceeding.

IOVE took possession of the share assignments from BCF and transferred them to the Company's treasury. Therefore, the rights and claims will now be held directly by IOVE rather than a subsidiary.

Similarly, the 77634 shares of Southeast Banking Corporation stock held by the Company as nominee for Bankruptcy Claims Fund will instead be retained by IOVE. This small investment was made while Bankruptcy Claims Fund negotiated an assignment of claims in the Southeast Banking bankruptcy case; however, the purchase of the prospective additional claims never came to fruition due to certain delays in the Southeast Banking case.

This leaves Bankruptcy Claims Fund without any assets. IOVE has not determined whether it will place future bankruptcy claims investments into the subsidiary or just hold them in its treasury directly for the parent.


Accredited Business Consolidators Corp., is a diversified holding corporation that owns various businesses, parts thereof, or joint ventures which it will assist grow. Visit our website (under construction) at for information on our affiliated companies.

IOVE's authorized common stock is 450,000,000, of which 436,399,500 shares are issued and outstanding. A share issuance moratorium until June 30, 2010, exists that prohibits the company from issuing any additional common shares. 328,018,200 shares are in the public float, and the remaining shares are on file with the transfer agent, with 70,546,600 restricted.

This is not an offer to buy or sell securities. Any statements made are forward-looking statements subject to risks and uncertainties. The statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

Contact Information

  • Contact:

    Investor Relations
    Accredited Business Consolidators Corp.
    Fax: 267-371-5168
    Twitter: accreditedbiz