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Matters

Credit Provider Forecloses on Retail Supplier, Acquires Company

March 10, 2015

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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

Vantage Commodities Financial Services II, LLC has foreclosed on retail supplier Bluco Energy, LLC, and has acquired the company, Vantage said in a FERC filing.

Bluco and Vantage are parties to certain credit agreements, pursuant to which Vantage extends financing and credit support to Bluco.

"Following the occurrence of numerous events of default under the Credit Agreements and the Pledge Agreement, on February 6, 2015, Vantage served notice of a foreclosure sale under Article 9 of the Uniform Commercial Code of the LLC Interests on the Shareholders and other parties that may have an interest in the LLC Interests," Vantage said.

An auction occurred on February 26, 2015 and as a result, Vantage purchased all of the limited liability company membership interests in Bluco

Vantage said that at the time of the transaction, Michael Proscia, Diane Proscia, and Sal Rusi, Jr. were the sole owners of Bluco, and wholly owned and controlled Bluco.

Vantage alleged that, prior to the auction, on February 12, 2015, "Bluco (under its alleged prior owners) filed a Section 203 Application under Docket ECI5-75, regarding an unlawful transfer of the LLC Interests to GoCOM Corporation."

"The alleged equity transfer occurred on November 12, 2014 and is not valid because any such transfer is prohibited by the Credit Agreements and Vantage possessed the only true certificates representing the LLC Interests as pledgee under the Pledge Agreement. Vantage intends to file a protest to the February 12 Section 203 Application," Vantage alleged.

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