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+++18/04/95
It is confirmed from the liquiators and US courts that the final bids
must be in by 10am, 20th April. Anyone with large quantities of cash
welcome... If you're really interested, why not have a look at the the
official text of the Court document relating to the sale of Commodore?
------------------------------------------------------------------------
|Commodore - the latest news
What follows is the official text of the Court document relating to the
sale of Commodore:
Commodore Auction Report
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK
---------------------------------------------------------------
In re :
Petition of FRANKLYN R. WILSON and : In a Case Ancillary
MACGREGOR N. ROBERTSON, Liquidators : to a Foreign Proceeding
of Commodore Electronics Limited : Under 11 U.S.C. 304
in a foreign Proceeding. : Case No. 94 B 42602 (JLG)
:
---------------------------------------------------------------
In re : Involuntary
: Chapter 7
COMMODORE ELECTRONICS LIMITED, : Case No. 94 B 42186 (JLG)
:
Debtor. :
:
---------------------------------------------------------------:
:
In re : In Proceedings For A
: Reorganization Under
COMMODORE BUSINESS MACHINES, INC., : Chapter 11
: Case No. 94 B 42187 (JLG)
Debtor.
----------------------------------------------------------------:
NOTICE OF HEARING TO APPROVE SALE OF ASSETS AND SOLICITATION OF HIGHER
OR BETTER OFFERS
TO ALL CREDITORS, SECURITY HOLDERS, PARTIES IN INTEREST AND INTERESTED
PURCHASERS:
NOTICE IS HEREBY GIVEN of the joint motion ( the "Motion") filed in the
United States Bankruptcy Court by Franklyn R. Wilson and Macgregor N.
Robertson (collectively the "Liquidators"), as liquidators of Commodore
International Ltd. ("CIL") and Commodore Electronics Ltd. ("CEL"), and
by Commodore Business Machines, Inc., as debtor and debtor in possession
("CBM"), for an order approving the sale of substantially all assets of
CEL, CBM and certain of their affiliates (the "Commodore Entities") to
ESCOM AG ("Escom") or to whomever may submit the highest or best offer
at the Auction described below in this notice.
PLEASE TAKE FURTHER NOTICE THAT the sale to Escom is pursuant to a
contract (the "Contract") dated March 13, 1995 providing for the
conveyance of specified assets (collectively referred to herein as the
"Assets"), including all the right, title and interest of the Commodore
Entities to substantially all of their intellectual property, including
technology, trademarks (including Commodore's logo and the names "Amiga"
and "Commodore"), patents copyrights, and know-how, and tooling,
inventory, components, spare parts, microchips, and microchip test and
design equipment, for a gross price of approximately $5 million in cash.
The technology being offered for sale incudes all technology and patents
developed in connection with Commodore's products, including the Amiga
1200, the Amiga 4000, and the Amiga CD32.
PLEASE TAKE FURTHER NOTICE that the sale pursuant to the Contract allows
CEL and CBM to receive higher or better offers for the Assets at the
Auction described below. Pursuant to an order of the Hon. James L.
Garrity, Jr., United States Bankruptcy Court for the Southern District
of New York (the "Bankruptcy Court"), offers of third parties submitting
bids for the purchase of the Assets shall meet the following
requirements: (1) any offer by a third party shall be made pursuant to
the terms of sale established by the liquidators; (2) any offer by a
third party must provide for an aggregate value at least $1,000,000
greater than the purchase price provided for in the contract , which
value would be at least $7,300,000 for the assets covered by the
contract with Escom ; and (3) at the time of submitting a bid , any
third party bidder must deposit not less than $ 1 million with the
Liquidators to be held pending closing of the acquisition of the Assets
by the bidder if its bid is accepted and to be refundable in full if its
bid is rejected by the Liquidators or the Court. Details concerning the
deposit are contained in the terms of sale.
PLEASE TAKE FURTHER NOTICE that the Bankruptcy Court has issued an order
providing that any person interested in submitting a higher or better
offer must submit its offer to the liquidators at 10:00 a.m. on April
20, 1995, at an auction (the "Auction") to be held at the offices of
Fulbright & Jaworski, L.L.P., 666 Fifth Avenue, 31st Floor, New York,
New York 10103. Any potential purchaser, creditor or party in interest
amy obtain a copy of the Motion, the Contract, the terms of sale of the
Auction, and other pertinent information on request from Fulbright &
Jaworski, L.L.P., U.S. counsel for the Liquidators, by telephone or
written request as set forth at the foot of this notice.
PLEASE TAKE FURTHER NOTICE that April 21, 1995 at 10:00 a.m., or as soon
thereafter as counsel can be heard, in Room 610-2 of the United States
Bankruptcy Court, The Old Customs House, One Bowling Green, New York,
New York, is fixed as the date , time ,and place of the hearing (the
"Hearing") on the Motion, at which time the Bankruptcy Court will be
asked to approve the sale of the Assets to Escom pursuant to the to the
Contract or to whomever may have submitted the highest or best offer at
the Auction.
PLEASE TAKE FURTHER NOTICE that by order of the Bankruptcy Court, all
offers for the Assets must be submitted at the Auction. Any offers not
submitted at the Auction will not be considered by the court or by the
Liquidators, CEL, or CBM at the Hearing or at any later time.
PLEASE TAKE FURTHER NOTICE that, pursuant to an order of the Bankruptcy
Court, any objections to the sale or the Motion must be made in writing
and must be filed with the Clerk of the Bankruptcy Court at the address
above. Objections must also be served upon Paul L. Adderly, Bahamian
counsel for the Liquidators, 41 Frederick Street, P.O. Box N-4, Nassau,
Bahamas, upon Fulbright & Jaworski, L.L.P., United States counsel for
the Liquidators, at 666 Fifth Avenue, 31st Floor, New York, New York
10103, Attention: William J. Rochelle III, Esq., and upon Kaye,
Scholer, Fierman, Hays, &Handler, attorneys for CBM, 425 Park Avenue,
New York, New York 10022, Attention Brian E. Kriger, Esq., and upon
Skadden, Arps, Slate, Meagher & Flom, counsel for Escom, 919 Third
Avenue, New York, New York 10022, Attention Carlene J. Gatting, Esq.,
with a copy to be received by the Chambers of the Honorable James L.
Garrity, Jr., so as to be filed and received by counsel and Chambers no
later than April 13, 1995 at 5:00 p.m., provided, however, that
objections to the determination of the Liquidators as to who made the
highest or best offer at the Auction may be made orally at the Hearing.
Dated: New York, New York Fulbright & Jaworski, L.L.P.
March 23, 1995 U.S. counsel for the Liquidators of
Commodore International Limited
and Commodore Electronics Limited
By William J. Rochelle, III
A Member of the Firm
666 Fifth Avenue
New York, New York 10103
(212) 318-3000
Facsimile: (212) 752-5958