Asset sales being completed.
They are even conducting auctions of personal property like computers, etc. They made over 900K yesterday, and have today and maybe more of those. That is peanuts, but it shows that they are liquidating the assets, which is good.
They sold the Tembo rights, yet nobody has published the amount. I believe they put it under seal.
Today, bids are due for the IN Three Patents, and if there is more than one bid there will be an auction. This could lead to a pleasant surprise, as they are valuable assets, and Disney lost a ruling this week that makes the assets even more valuable, because it gives the owners of the patents the right to sue Disney and others.
Within the next few weeks it is likely that most of the assets will have been sold. Then, it is on to recovering tens of millions from the D&O Insurance policies (Directors and Officers).
The question will be how they divide the assets when the estate is wound down, or on the slim chance that some entity goes forward. That question will be easier decided when the trial between Palm Beach Capital and the Senior Lenders either renders a verdict or settlement.
3 cents is a great price, as this BK cannot be settled within 9 months, as there are actually dates right now that go out near July of 2013.
The price will hit at least 10 cents and likely more between now and mid 2013, and it could happen any day. If Palm Beach Capital wins their suit, the price could easily go over 50 cents.
Very little risk at 3 cents. Almost none, in fact.
