Powerwave Tech Inc fka PWAVQ

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Powerwave and Gores Group Reach Deal on Cash
Date : 01/31/2013 @ 4:44PM
Source : Dow Jones News

As part of the deal, Powerwave will maintain the right to try to recover the $5 million Gores Group pulled from its account.... In addition, Powerwave must notify the court and creditors in the case by Feb. 19 whether it plans to sell its business in Chapter 11 or whether it will reorganize without a sale process.

Powerwave bankruptcy attorney Mark Thomas of Proskauer Rose LLP said during the hearing that "there have been many incoming calls" from interested strategic buyers, including competitors and other publicly traded companies."

Hopes of survival depend on cashing in on the company's patent portfolio, according to papers filed by Chief Executive Ronald Buschur. Mr. Thomas called Powerwave's 243 U.S. patents and 517 foreign patents the "key asset in the estate."