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Joystar Faces Liquidation

June 11, 2009 By: George Dooley

Patrick Scott, Esq., Gray Robinson, Ft. Lauderdale FL, the attorney for the official creditors' committee in the law suit against Travelstar/Joystar reports that the federal Bankruptcy Court in Ft. Lauderdale ruled on June 10 that the case is being re-converted from a Chapter 11 reorganization to a Chapter 7 liquidation. Scott said that a trustee will be appointed to liquidate the company‚Äôs assets and probe any possible recoveries for the benefit of the creditors.  Drew Axelrod, a leading creditor owed commissions by Joystar, called the courts decision a victory for agents owned money by defunct Joystar.

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