"Concerns about the market test are further amplified by the Debtors’ use of the $3 million due diligence fee approved by this Court. The Debtors have argued that the fee was absolutely necessary for the Debtors to help generate interest in their assets due to the distressed retail market reeling from the effects of the Covid-19 pandemic. As a result, the Debtors explain that their professionals reached out to over one hundred (100) different parties to kick the tires. Yet somehow, the entire $3 million was paid to a single potential bidder. The AHEC submits that this does not constitute sufficient evidence to support a finding that the Debtors have passed the business judgment test. The reality is that these Transactions are so intertwined and air-tight, that no other bidder could possibly insert themselves into the place of these cherry-picked OpCo
Purchasers and PropCo Purchasers. Accordingly, the Court should deny the Sale Motion to prevent these parties from hijacking the chapter 11 process."
Paragraph 54
For Ye shall know the truth, and the truth shall set you free
