A federal bankruptcy judge has approved the sale of Interlogic Outsourcing Inc. (IOI), the Elkhart, Ind.-based payroll company under fire for alleged fraud by its former CEO, to a Pennsylvania firm, the South Bend (Ind.) Tribune reported. PrimePay, based in West Chester, Pa., is set to purchase IOI for $3.5 million, with additional payments if payroll revenues exceed certain monthly amounts, according to court documents in IOI’s bankruptcy case. It’s unclear if the sale has closed, but the court previously set a deadline of Oct. 11. On PrimePay’s website, however, a banner welcomed IOI clients and directed them to contact IOI Client Services for questions. According to sale documents, PrimePay would take over ownership of the customer lists, intellectual property and the names and trademarks of IOI and its other subsidiary companies, including Lakeview Holdings, TimePlus Systems, IOI West and Modearn.
