Crumb's Bake Shop, Inc. (CRMBQ)

[ilenes]

The judge approved their request to fast track this SALE, which means two things: one, there will be no Plan of Reorganization, since they aren't reorging. Two, it will happen quickly. The auction is set for August 21, with a hearing to approve the sale to happen fairly quickly thereafter.

Lemonis already has a track record of buying a bankrupt company and taking it private. That's what he did with Dippin' Dots. You can draw the erroneous (IMO) parallel between this and American Airlines, but the two are nothing alike. AAL had tangible assets, an ongoing business which they reorged and merged. They are wildly profitable, at this point. CRMBQ has no real assets...they own no equipment, since all of their goods were baked off premise, and no real estate. Lemonis wants to capitalize on the name, the locations (some of which he'll re-open) and the recipes.

Will this provide trading opportunities between now and when the sale is finalized? Sure. But ultimately, this one goes to zero.

All in my opinion, of course :)