---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-028211"
form_type: "8-K"
ticker: null
cik: "0000870826"
company_name: "Legacy IMBDS, Inc."
filed_at: "2024-02-27T23:59:59+00:00"
generated_at: "2026-06-05T13:48:12.713847+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# Bankruptcy Court confirms Chapter 11 liquidation plan; equity canceled, board dissolved

## Summary
- Confirmation order entered Feb 21, 2024 for Legacy IMBDS (f/k/a iMedia Brands) Chapter 11 liquidation.
- All 31,644,860 shares of common stock canceled as of Effective Date; holders receive no distribution.
- Board of directors dissolved and all officers (including CEO James Alt) dismissed on Effective Date.
- Liquidating Trust established with $1.5M cash and retained causes of action for unsecured creditors.
- Effective Date anticipated in first calendar quarter of 2024; company will cease operations.

## SEC filing metadata
- accession: 0001104659-24-028211
- form_type: 8-K
- cik: 0000870826
- company_name: Legacy IMBDS, Inc.
- filed_at: 2024-02-27T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.03, 3.03, 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/tm247274d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-028211
- JSON: https://secwatch.observer/filing/0001104659-24-028211.json
- Plain text: https://secwatch.observer/filing/0001104659-24-028211.txt

## Key facts
- Distress & Bankruptcy
  Legacy IMBDS, Inc. entered chapter 11 in United States Bankruptcy Court for the District of Delaware (petition 2023-06-28).
  - Proceeding: chapter 11
  - Court: United States Bankruptcy Court for the District of Delaware
  - Petition: 2023-06-28
  source text: As previously disclosed, on June 28, 2023, Legacy IMBDS, Inc. (f/k/a iMedia Brands, Inc.) (“ Company ”) and certain of its subsidiaries (collectively, the “ Debtors ”) filed voluntary petitions (the “ Chapter 11 Cases ”) in the United States Bankruptcy Court for the District of Delaware (the “ Bankruptcy Court ”) seeking relief under Chapter 11 of Title 11 of the United States Code.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Darryl Porter departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Jill Krueger departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Jill Frizzley departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  James Alt departed as Chief Executive Officer at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Chief Executive Officer
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Michael Friedman departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Aaron Reitkopf departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Landel Hobbs departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Alan Aldworth departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Eyal Lalo departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Executive change
  Steve Panagos departed as Director at Legacy IMBDS, Inc..
  - Action: ceased to be
  - Role: Director
  source text: Each of the Company’s directors (Darryl Porter, Landel Hobbs, Jill Krueger, Alan Aldworth, Aaron Reitkopf, Michael Friedman, Eyal Lalo, Steve Panagos, and Jill Frizzley), and the Company’s remaining officer, James Alt, will cease to be directors and officers of the Company on the Effective Date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm
- Governance Changes
  Legacy IMBDS, Inc.: Company's fiscal year end changed to the Effective Date of the Plan.
  - Change: fiscal year change
  source text: on the Effective Date the Company’s fiscal year end will be changed to the Effective Date
  evidence_url: https://www.sec.gov/Archives/edgar/data/870826/000110465924028211/0001104659-24-028211-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.