Mal Dunn repurchased by Steve Dunn

Share this article:

Winning a bidding war against database giant infoUSA, Stephen T. Dunn, president/CEO of Mal Dunn, has secured the assets of the company for more than $4 million. Dunn, under the company name Dunn Data Co., has agreed to a $3.6 million mortgage, a $250,000 cash payment, the forgiving of a $600,000 loan to Mal Dunn and various other considerations.

The decision was made in a Putnam County, NY court case yesterday.

"It's been a real cliff-hanger," Dunn told DM News. "Everyone's really pleased that we're able to get out of bankruptcy and move on from here."

Dunn is the son of company founder Mal Dunn, who opened the business in 1973. He filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code on August 24. Chapter 11 allows for a reorganization of a company.

According to court documents, Mal Dunn's unsecured debt included $7,895,999 in accounts payable to trade clients; $386,307 in accounts payable to production clients; and $168,965 in commissions payable.

In his affidavit to the court, Dunn said that the deterioration of his business can be attributed to multiple causes: the advent of the Internet; changes in postal rate and ailing size structures; and rapid consolidation, which left his competitors much larger and better capitalized.

The original offer submitted on the part of Mal Dunn included a cash consideration of $200,000, assumption of payables in the amount of $840,000.

Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Data/Analytics

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

Featured Listings

More in Data/Analytics

Epicor to Acquire Analytics Provider QuantiSense

Epicor to Acquire Analytics Provider QuantiSense

Retail solutions provider seeks to up its data analytics game for large and midsized retailers.

One Third of Companies Fail to Measure Data Quality ROI

One Third of Companies Fail to Measure Data ...

Twenty percent of companies assume their data quality tools pay off, while another 10% doesn't monitor ROI at all.

Ensighten and Anametrix Unite in an Open Relationship

Ensighten and Anametrix Unite in an Open Relationship

Ensighten's purchase of the analytics company is about giving ultimate ownership of data to marketers, says CEO Josh Manion.