GMTDQ with the stalking horse bidders, this could see .20-.30 imo:
On February 8, 2012, the Companies filed their proposed plan of reorganization and motion to establish bidding procedures for and sale of substantially all of the Companies’ assets (the “Sale and Bid Procedures Motion”). Pursuant to the Sale and Bid Procedures Motion, the Companies seek to sell, subject to higher and better offers and Bankruptcy Court approval, substantially all of their assets (the “Sale”) to two stalking horse bidders, DK Trading Partners, LLC and Mantomi Sales, LLC, respectively. Mantomi Sales, LLC is 100% owned by Mr. Hays. Pursuant to the Mantomi Sales, LLC asset purchase agreement (the “Mantomi APA”), (i) Mr. Hays was required to resign as President and Chief Executive Officer of the Companies on or before the execution of the Mantomi APA; (ii) the Companies’ Chief Restructuring Officer may employ Mr. Hays as an independent consultant to the Companies in matters unrelated to the Sale; and (iii) nothing in the Mantomi APA constitutes or shall be deemed a breach of the employment agreement between Mr. Hays and the Companies.
