The Hunt for the Next 10 Bagger

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this is for Ru and you there bull congrats and this should help a lot

NOTE 18. Subsequent Events.

On October 5, 2010, the Company filed notice with the Bankruptcy Court revising the bid procedures that govern the October 14, 2010 auction that was held to sell the assets of the Company. The revised bid procedures provide for an open auction with no stalking horse bid. The exclusivity period for making a stalking horse bid lapsed.

The Debtors entered into debtor-in-possession financing with a Tranche A Lender that funded $3.0 million of secured financing and a consortium of Tranche B Lenders (comprised of prior secured lenders to the Debtors) who advanced $6.25 million in the aggregate to the Debtors. An affiliate of the Tranche B Lenders, Global Acquisition Newco Corp. (“GAC”), was formed for the purpose of making a stalking horse bid to purchase the assets of the Debtors. With the lapsing of the exclusive period for making the stalking horse bid, GAC requested that the Debtors extend the dates for the critical steps toward the sale of the Debtors’ assets. In response to this request, the Debtors agreed to modify the Bidding Procedures to extend the dates for the following events associated with the upcoming auction of the Debtors’ assets.




Date


Event

October 18, 2010 Outside date for submission of bids to become qualified bidders

October 21, 2010 Auction for assets at offices of Shefsky & Froelich Ltd. In Chicago, Il.

October 28, 2010 Hearing for approval of auction bidders at Bankruptcy Court in Wilmington, De.

November 2, 2010 Confirmation hearing at Bankruptcy Court in Wilmington, De.

On October 21, 2010, the Debtors commenced the auction for the sale of the Debtors’ assets. The bidding process was commenced but not concluded. The auction was reconvened in New York City at the offices of Olshan Grundman Frome Rosenzweig & Wolosky LLP on Monday, October 25, 2010 and concluded on that date.

On November 2, 2010, the Bankruptcy Court deferred the selection of a winning bid until November 19, 2010.


and just a lil bit more

https://www.pscpublicaccess.alabama.gov/pscpublicaccess/ViewFile.aspx?Id=7b759f29-eee6-46f6-8951-47298d24f40e