Atlas Biologicals Inc., a Fort Collins, Colo.-based company that produces fetal bovine serum, has filed an adversarial action in the Thomas Kutrubes personal bankruptcy, seeking to prevent the discharge of a court-ordered penalty in Kutrubes’ bankruptcy, the Loveland (Colo.) Reporter-Herald reported. Kutrubes is the founder of Peak Serum Inc., a company formed in 2014 to compete against Atlas, where Kutrubes began his career in 2005. Fetal bovine serum is a byproduct of meatpacking and is derived from cow fetuses; it is used worldwide in biological research and cell generation. In 2016, Atlas determined that Kutrubes had stolen customer information and had misrepresented his relationship with Atlas to customers. Atlas sued and won a $2.05 million judgment. Kutrubes appealed and lost. Kutrubes and Peak Serum filed for chapter 11 protection — Peak Serum in 2019 and Kutrubes in 2020. The personal bankruptcy filing showed assets of $904,109 and liabilities of $3.6 million, including the judgment that he listed as disputed. The chapter 11 action was converted to chapter 7 liquidation Sept. 20, 2023. In chapter 7, a trustee sells eligible property and pays whatever debts can be covered by it.
