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|Commodore Auction News
As of 21-Apr-1995 @ 07:00:00 EDT
This document will not be updated again until around 18:00:00 EDT as I
will be working all day. Please email me (root@wizard.hip.cam.org) the
latest information regarding the auction and I will update this document
when I return.
Current Information:
Up to the minute information can be obtained from IRC on the #Auction
channel. An IRC conference is scheduled for Apr 21, 1995 at 23:00:00
EDT on IRC. Join the #Amiga channel to find out the actual name of the
channel.
You can obtain several other log's here from IRC and GENIE conferences.
Commodore UK has pulled out:
Date: Fri, 21 Apr 95 12:31 BST-1
From: John Kennedy
To: mat@darkside.demon.co.uk
Subject: Re: Your mate Marc
Title: Press Release
April 21st 1995
PRESS STATEMENT
---------------
Commodore/Amiga UK Management Buyout
During the last few days leading up to the bidding process it became
clear that ESCOM and their associates or DELL COMPUTERS would have the
financial muscle to overbid our independently financed offer.
In the circumstances the UK Management Team took the decision to
withdraw early and work with the winning bidder.
In this way our ability to achieve our original objective of
re-establishing the Amiga in a prominent position in the marketplace
would be maximised.
ENDS
JohnK
Jason Compton:
The News, as best as I can present it, as of 4-20-1995, about 10:00 PM
Eastern US time.
OK. Today, the only valid bid presented to the liquidators was from
Escom. Two other bids were presented. One, from Creative Computers
(NOT CEI, a California-based dealer) was rejected because they could not
put up the necessary deposit.
The second, from Dell (PC-clone manufacturer) was rejected because it
dictated a 7-day investigation period on patents.
The liquidators ruled that any and all conditions were unacceptable,
which is why Alex Amor and presumably David Pleasance did not bid.
So, Escom's standing bid of $5 million was accepted.
NOW-Tommorow Judge Garrity will be ruling on the objections to the sale.
In addition to the objections from the C= US creditors, the liquidators
of Commodore BV/Philippines/Netherlands/UK, and IBM...
He will ALSO have objections from Alex Amor, very probably from Dell,
and possibly from David Pleasance.
Essentially, Dell and Amor are both willing to offer more than the Escom
$5 million and can't fathom why their bids have been rejected or
invalidated. Amor told me he hopes to get the judge to open the
courtroom floor for bidding right there and then. How likely this is, I
have no idea.
That's all I know.
Jason Compton
Editor-in-Chief, Amiga Report Magazine
jcompton@xnet.com
Amazing Computing Managing Editor (Older News):
From: donhicks@aol.com (DonHicks)
Newsgroups: comp.sys.amiga.misc
Subject: >>ESCOM Wins first round in CBM Auction<<
Date: 20 Apr 1995 16:45:08 -0400
Organization: America Online, Inc. (1-800-827-6364)
Lines: 27
To: All 4/20/95
From Amazing Computing For The Commodore Amiga
According to our source at the Commodore Auction in New York today,
initial bidding was made by only two companies, ESCOM of Germany and
DELL Computer.
There were sixty attendees at the auction. Most of the attendees were
previous stockholders, creditors, and other interested parties.
No one else offered the required $1 million deposit, although one CA
dealer did express interest and attempted to bid but they were unable to
show an ability to pay the $1 million.
Although the Dell Computer bid offered more money, the Dell bid required
additional time to study the patents. This request was declined and
ESCOM's lower bid was accepted.
The ESCOM bid will be presented to the Bankruptcy court in New York on
4/21/95 but there is expected to be strong opposition. In any event,
the court presentation tomorrow should be the final act in this
continung saga.
Don Hicks
Managing Editor
Amazing Computing