VEND proposes to sell all its assets in an auction to be conducted on March 12. So far, there is only one bidder, a bottom-feeder out of Florida.
The winning bidder will have the right to designate which contracts he wants to assume and honor and which he wants VEND to reject. I suppose he'll be assuming all the franchise deals with the exception of any that are money losers (I'm looking at you, Phil Mickelson), and that probably includes deals where kiosks have not yet been delivered. I suppose that's a tricky decision, since it doesn't look as though VEND will be in a position to resume deliveries in any volume for a few more months thereafter.
I don't know whether the formal announcement of the auction is tied to the decline in the stock price, but it's highly likely the sale will move forward and it's next to impossible that it will raise enough to pay off creditors to any significant degree, much less shareholders. So, maybe reality is setting in for the shareholders.
