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Global Authentication Holdings, the parent company of Global Authentication Inc., filed for Chapter 11 bankruptcy last month in a U.S. Bankruptcy court.
The filing lets the Tustin, Calif.-based card grading and memorabilia authentication company reorganize and also could result in a discharge of debts. The company’s assets are listed between $50,000 and $100,000, while its creditors are owed somewhere between $1 million and $10 million.
Among its top creditors are the Internal Revenue Service, Global employees Steven Rocchi, Mike Baker and Steve Sipe, as well as several memorabilia dealers and other companies. GAI will continue to grade and authenticate memorabilia during the filing, while a meeting of creditors has been scheduled for Jan. 28.
Last May, Ault Glazer & Co. Inc. announced that it had finalized the complete purchase of Global after investing and lending to the company for two years.