This story has been updated since its original publication to clarify that Thinkstream Acquisition purchased Thinkstream’s assets.
Sold to the only bidder: Given that no other prospective buyers came forward to bid on Thinkstream as of yesterday’s deadline, federal bankruptcy Judge Douglas Dodd has given a trustee the go-ahead to move forward with the sale of the law enforcement software firm’s assets to a Baton Rouge tech firm. The newly formed Thinkstream Acquisition is owned by J. Smith Thomas, owner/operator of BIG Networks. Under the deal, Thinkstream Acquisition will purchase all First NBC of New Orleans claims, and TSB Ventures will assign its judgment to the new company in return for a minority equity interest. First NBC and TSB were Thinkstream’s two largest creditors. Assets excluded from the sale will be distributed to unsecured creditors. Thinkstream, founded by Baton Rouge businessman Barry Bellue, was forced into bankruptcy in May, with an estimated $21 million in debt.
It’s decision time: Officials with Nurcor Louisiana Steel have until the end of the year to make a final decision on whether or not the company will pursue four additional phases of a planned $3.4 billion iron and steel plant in St. James Parish. In a quarterly filing Wednesday, Nucor announced it would not reopen the plant following a maintenance shutdown due to poor market conditions. When announced in September 2010, the project was hailed as one of the largest industrial projects in state history, to be built in five phases. But just one of those phases has been built thus far. Louisiana Economic Development says the state has provided Nucor $30 million in incentives for the $750 million first phase. If all five phases are built, total incentives from the state would reach as high as $160 million, LED says. Nucor says it does not plan to lay off any of the more than 150 employees at the plant.
For the future: As it celebrates 35 years in business, Boudreax’s has redesigned its logo and is considering several upgrades to the catering hall at 2647 Government St. Jeanne Boudreaux, the company’s director of development and public relations, says in a press release that she is looking to create more relevance with young professionals. “Our clients have told us what they need and want,” she says. “We’ve never been more convinced that south Louisiana needs a full-service catering venue like ours.” Along with the new logo—which is a stylized B wrapped around a champagne glass—the catering hall intends “to provide some new features to the well-known venue to inspire guests and capture more wedding receptions, corporate events and private gatherings,” reads the press release. “There’s even discussion of a café opening for lunch during the week.”
