#Bid Deadline Extended?
7 messages in this thread
To All, I heard a rumor that the trustees extended the deadline for bids for
Commodore's assets. Possibly due to Commodore-UK's late entry into the race
with a potential management buyout offer. Anybody else hear anything about
this?
Jim Plant Video Toaster User
Given some of the management salaries, that sounds plausible. 🙂
Dale L. Larson Intangible Assets Manufacturing (info@iam.com)
"That's the best part about being crazy. You see things no one else can see."
I heard Samsung requested the extension after seeing that there were
indeed many other interested parties. This is particularly annoying to
the people who good-faith tendered their offers by 7/15. Now we all have
to wait again…meanwhile, the platform is dying…
Grant Boucher – Amblin Imaging
"It's hard to believe grown-ups do this for a living."
Grant, I spoke with the trustees today and learned that there never was a bid
deadline of July 15th. That date was given by the trustees as the date they
would meet to update the creditors (which happened on the 15th, as scheduled.)
The trustee I spoke with said they had "several" qualified bids for Commodore's
assets (he would not give specific numbers or names.) He also said that the
trustees and the creditors were very aware of the fact that they were dealing
with a very perishable product, and expected a decision "very soon." He would
not elaborate on what "very soon" actually meant, but after additional
conversation I got the distinct impression that he was talking about a matter
of days. We'll see.
See you at Siggraph. I hope to sit in on your class.
Jim Plant
" That date was given by the trustees as the date they would meet to update the
creditors (which happened on the 15th, as scheduled.)"
So, what's the gist of the update to the creditors?
Jerry
Incredible. Even Commodore's liquidation is inept. If this state of
affairs continues much longer many Amiga developers, magazines, and other
interested third parties are going to be so severely damaged they will no
longer be viable.
Doug
"Even Commodore's liquidation is inept."
Guess it depends on your point of view.
The trustees are under a legal obligation to realize as much money as
possible from the sale of Commodore's assets.
So if a new bidder comes on the scene – as is the case here – and promises to
submit a bid within a matter of days, it really is a responsible action on the
part of the trustees and the court to permit an extension.
Frankly, I'm surprised that the process is moving this fast.
But here's something to worry about: if the creditors are successful in
moving the proceedings to an American bankruptcy court, things may slow way
down. The major creditors have already made it clear that they want to
challenge certain asset transfers that Commodore has made in the past three to
twelve months.
Bahamian law allows transfers made within the three months proceeding the
declaration to be voided – American law allows twelve.
You may see some legal squabbling here that will delay the proceedings
further. It is also possible, incidentally, that the creditors can agree to
allow a sale of the assets and still fight it out over the other stuff.
But realistically, considering the list of disclosed bidders, I don't think
you can entertain much hope of the Amiga continuing as a mass market machine.
But I still think it could survive quite nicely in niche markets.
Jerry