Home

Quick Links

Legal

navigation
Home > Services > Consulting > Outsourced Finance & Accounting > Restructuring Services > Case Study – PartMiner Worldwide, Inc. (electronics)

Case Study – PartMiner Worldwide, Inc. (electronics)

Case Study – PartMiner Worldwide, Inc. (electronics)


PartMiner Worldwide (PMWW) was a large global distributor of electronic components incorporated in New York and headquartered in Denver. The board and shareholders approved an asset sale to a competing distributor and retained Armanino to manage the asset sale transition, escrow, and to perform an orderly wind down.

The Armanino team took on officer and director roles, and became the Shareholder Rep. After the successful transition of assets and operations in which the company recovered 100% of the escrow amount, Armanino completed the wind down of the remaining corporate shell.

The process took several years as PMWW had legal entities in multiple U.S. and international jurisdictions, each requiring individual wind down attention. The long poles in the tent were India and China, where the company had WOFEs (wholly owned foreign entity), and their orderly shutdown proved extremely difficult due to the unpredictability of local authorities.