Jesse Beaker bought a convenience store and laundromat. To supply the store, he relied on Imperial Bartering Company (IBC) to provide the BigK brand sodas, all cigarettes, and the paper towels and other personal items that are normally kept in inventory.
On January 1, 2024, IBC made its first delivery to Beaker for his store. They made a delivery of $180,000 of inventory to the store. All inventory was sold on credit supplied by IBC. To protect themselves, IBC filed a UCC financing statement with the Secretary of State on January 3, 2024. The statement included a security interest in: All Cigarettes, BigK Soda, and any after acquired products. By March 1, 2024, Beaker had paid IBC $60,000 on its debt.
On March 3, Guido Traders, Inc. met with Beaker and offered to begin supplying his store with BigL Brand Soda, cigarettes, and most of the generic candy the store was then stocking. They made their first delivery on March 4, 2024, in the amount of $70,000 in inventory on credit from Guido. Guido has its on method of collecting its debts, which involves broken limbs, but they still filed a UCC financing statement on March 25, 2024. The statement said they had a security interest in all "proceeds from the sale of any goods". By March 26, Beaker had paid $35,000 of his debt.
On April 1, 2024, Beaker was starting to have difficulty paying the debts he owed. Neither IBC nor Guido would deliver any more products.
Beaker, in a last-ditch effort to stay in business, approached Crenshaw Resupply and Delivery Company. They agreed to deliver BrandM Soda, Cigarettes, and Coffee. They made deliveries valued at $40,000 on April 3, 2024 and filed a UCC financing statement on the same day. The statement included an interest in: All after acquired property and all proceeds of sales of any product.
On May 1, 2024, Beaker filed for Bankruptcy. Assuming that the only debts owed by Beaker are from these three parties, please give me your estimate of what each creditor can expect to get if this is what is left in the store, including the "why":
$1,000 of BigK Soda
$7,000 of BigL Soda
$1,200 of BigM Soda
$12,000 in cigarettes
$10,000 in other inventory
$35,000 in cash generated from sales of goods.