Bankrupt and Distressed (BAD) Research and Due Diligence

[ankitgu]

MBRKQ - Lease Question

Reference this: http://www.kccllc.net/Docket/SearchResults.asp?T=2180

Docket #127 is this: Order Approving the Debtor's Omnibus Motion to Reject Certain Leases and Executory Contracts of Enterprise Leasing Company, Ikon Financial Services, Mailroom Finance, Inc., Neopost, Inc., Seneca Meadows Corporate Center II LLC, Seneca Meadows Corporate Center III LLLP, and Spectrum Water Coolers Nunc Pro Tunc to April 30, 2010

and the Court being satisfied that rejection of the Real Property Leases and
Executory contracts effective April 30, 2010 (the "Rejection Date"), is appropriate under the
circumstances

Does this mean that the leases mentioned in the title were simply rejected and are no longer valid? They didn't have to pay anything to terminate the lease?

FWIW, I'm probably going to do a writeup on this entire situation later this week just to get some activity going and see if any competitors notice it that hadn't seen it before. If Victory Pharma was able to put together $17.1M for this so quickly, I'd be surprised if others are not taking a look at it. They raised $45M last year and so a $17.1M offer is a significant chunk, although they are getting inventory with that and probably believe it's a steal. These VC-backed guys really have to show a large IRR for anything to be worth it, their investors and partners want a large multiple of their investment back. What could they see here that isn't so clear yet?