The amount for the Tembo Rights was published
in one of the court docs and not sealed but it was not in the tens of millions as some would expect. Ended up "The Art Project" was sold separately from the Tembo Rights.
939K is peanuts in comparison to the value that most of the equipment were bought for... but that's time and liquidation for ya. That and they are selling everything not just personal property. So expect the total to go past $1 million.
After the liquidation, there's the D&O and Patents. Can't see anywhere else the estate can get money, but they'll find out even for just pennies.
There should be more than one bid for an auction. It'll be a surprise, if there's only one bid.
Given the way the BK has been handled and the results thus far, I can't see some entity going forward. None at all. Who and what is left to go forward for the estate to rebuild after the auctions are over, (if it ever rebuilds). The Senior Lenders and Katzenstein? Rather, "IF" How?
Correct me if I'm wrong, with the auction results and the unsecured creditor agreement with the lenders, unsecured creditors right now are looking at a very low percentage of the results, if any. Definitely not 50/50. Unless the patent auction yields a very nice amount, which it still could, especially after Disney lost the ruling.
I am more looking forward to the PBC vs Senior Lenders Verdict/Settlement. If PBC wins, price will spike and that will be the best time to sell.
AI
