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IdeaSphere Terminates Agreement with Metabolife

By: Rebecca Wright

Editor/Associate Publisher

IdeaSphere, Inc. (ISI), Hauppauge, NY, decided on September 19th to terminate the asset purchase agreement filed earlier this year to acquire certain assets of Metabolife International Inc., San Diego, CA. ISI signed an asset purchase agreement on July 1st to acquire assets of Metabolife, which is in Chapter 11 bankruptcy. However, the asset purchase agreement included provisions requiring Metabolife to operate the business in the ordinary course during the bankruptcy. ISI claims Metabolife did not meet its obligations under the agreement, despite several good faith attempts to negotiate with Metabolife to restructure the agreement to reflect the current state of the business. Because Metabolife consistently refused to open any such discussions, ISI invoked its contractual right to terminate the agreement.

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