Well, here were the offers presented by the Monitor (and of course the Monitor has no ability to not report offers, particularly higher offers):
1. Visolis/LCY - 4.34M
2. GFive - 3.5M CAD + 1-2M CAD potential earnout
3. International Processing Plant - 2.11M CAD
4. Arzeda - Lab Equipment - 139K, IP - 126K
5. Cargil - 325K
6. Corporate Assets Inc - 2.12M CAD
7. GMI Inc - 70K
8. Gordon Brothers - 335K
9. Infinity Assets Solutions - Auction process 80/20 split with 1.5M guarantee
10. iSurtec - 1.236M
11. - Lygos - 150K
So, which of these options was in the "best interests of all stakeholders" to accept?
More than half of these offers would provide insufficient cash to even pay the Monitor for its services in liquidating this business, which would have created a giant mess and "hardship" beyond what was necessary because their were bids that could cover such expenses.
Please also note, that there was a $335K down payment on the 4.34M, and the 4.34M was NOT a down payment. There are not alternative interpretations.
