CompuServe Messages

Well, the complex Commodore story gets a little more complicated. Escom agreed today to buy the remnants of Commodore from the Bahamian liquidators. They agreed to pay up to $6 million, in addition to the $1.4 million already paid for the German trademark to the liquidator in Germany. The liquidator now will try to schedule an auction at which others will have a chance to bid. CEI is still interested. I assume C=UK is as well. The key part of the new agreement is that the liquidator says that Escom agreed to surrrender the German trademark to any buyer who bids it at the auction. Without this part of the agreement, CEI and probably others would not be interested in bidding. Presumably, to outbid Escom, the bidders will have to throw in $1.4 million to repay Escom for the trademark, but I am not absolutely sure how this would work. The liquidator, meanwhile, is still going to go after the German liquidator for that cash. The Bahamians still say that the trademark really belonged to CEL rather than the German subsidiary. Hope that is clear to all. Any questions, just message. This thing shifted faster than I expected. The liquidator says that Escom backed off a bit because of the threat of legal action from New York. By backing off, I mean agreeing to surrender the trademark to a higher bidder. — Dan