Completion of Acquisition or Disposition of Assets
Item 1.01 Completion of Acquisition or Disposition of Assets.
On October 8, 2010, SunRise Bidders, Inc., a Delaware corporation, conducted a public sale for the assets of Enable Holdings, Inc. (the "Company") pursuant to
Section 9.610 of the Illinois Uniform Commercial Code. SunRise Bidders, Inc. was the senior, secured lender to the Company, with a first-priority lien on substantially all of the Company's assets.
At the public sale of the Company, only a single bid was received, which was the $1,900,000 credit bid from SunRise Bidders, Inc. With no competing bids, SunRise Bidders, Inc. concluded the auction and declared its own credit bid as the highest and best bid.
On October 8, 2010, SunRise Bidders, Inc. executed a Bill of Sale and Transfer Statement, pursuant to which the Company's assets were transferred to SunRise Bidders, Inc.
The Company will continue to exist as a corporate entity, but it now has no recognizable assets. The Company will commence an orderly liquidation of any remaining assets under applicable state or federal law.
Had to do some DD on my own, almost bought in to the hype.
