Commodore Auction Report


UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF NEW YORK

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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)
                                       :
---------------------------------------------------------------:X
                                       :
In re                                  :  Involuntary
                                       :  Chapter 7
COMMODORE ELECTRONICS LIMITED,         :  Case No. 94 B 42186 (JLG)
                                       :
            Debtor.                    :
                                       :
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                                       :
In re                                  :  In Proceedings For A
                                       :  Reorganization Under
COMMODORE BUSINESS MACHINES, INC.,     :  Chapter 11
                                       :  Case No. 94 B 42187 (JLG)
            Debtor.

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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