Labels:text | screenshot | font OCR: The Summary Of Events 'ROM AMIGA REPORT SPECIAL == The Summary Of Events == A quick breakdown, based on the best information available, of how Thursday and Friday transpired- Thursday: Auction Day The liquidators declare that no bids with conditions will be attached will be accepted. Alex Amor of CEI does not submit his bid based on this restriction. Computer Connection of California submits a bid for the assets that is rejected for lack of a $1 M deposit. Dell Computers, a US-based clone manufacturer, submits a bid for the assets that is rejected because a condition is attached. Escom, holding the only valid bid, finds their original signed contract for $5 million accepted. Somewhere Thursday Night : The C= UK MBO issues a statement formally withdrawing for the running, citing the overwhelming resources of Escom and Dell. Alex Amor and Dell form a coalition bid. (It seems that Dell's primary interest is in Commodore's patents, presumably to wage profitable lawsuits with. Alex Amor convinces them to combine bids, allowing him to rein over the Amiga. ) Friday Morning: Court Date The objections against the sale are heards. The IBM and Netherlands Trustees (of Commodore BV/Philippines/UK) ob jections are heard, but very little comes of them. The C= US Creditor's objection is heard. The result of this was unclear. Dell offers $15 million for the assets. The creditors, the liquidator, Dell Computers, and Judge Garrity all seem to agree that, given the unusual circumstances, a new auction should be held, perhaps on Tuesday. Escom is not in agreement. Friday, During Lunch: Escom ups its bid to $10 million. Friday Afternoon: Court The creditors announce that Escom has increased its bid to $10 million, which is acceptable to them. The deal is approved. [My sources indicate that Alex Amor and Dell disappeared fairly quickly after lunch . ] [Contents ] HTML Conversion by AGZHTML.pl V2. 950214, perl $RCSfile: perl.c,v $$Revision: 4.0 1.8 $$Date: 1993/02/05 19:39:30 Patch level: 36 & witbrock@cs. cmu.edu Headlines EARLIER NEWS AS IT CAME OUT Commodore UK withdrew because they did not have enough money. UK hotline confirms this. They plan to work with the winner - escom to re-establish Amiga CEI and Dell had extra conditions so disqualified. It wasnt a cash offer and had extra demands Escom wins the commodore auction. Escom plans building A4000's in Beijing and Commodore Power PC's in Europe. Escom purchased Commodore's assets for $6.6 million yesterday during the auction. A half-dozen or so companies were at the auction but only Escom and Dell Computer Company submitted bids backed by the required $1 million security deposit. C. Dell attached some unspecified conditions to there bid and consequently it was disqualified. d. Escom will resume manufacturing the Amiga and other Commodore products and begin to make Apple-compatible and IBM-compatible clones with the Commodore name on them. The manufacturing will be in a plant near Beijing, China. Escom will attempt to produce a Commodore PowerPC. This will be manufactured in Europe. Escom has no plans to resume any of Commodore's American manufacturing operations . Both the U.S. Bankruptcy Court in New York City and the Supreme Court of the Bahamas must still approve the sale. Both IBM and the trustee for Commodore's assets in the Netherlands, UK, and the Philippines are objecting to the sale. A hearing will be held today, Friday, April 21, in U.S. Bankruptcy Court to consider the proposed sale to Escom and the objections of the above (h) creditors. Since Commodore's creditors are owed more than $100 million and previous estimates of Commodore's auction value were put as high as $20 million, the creditors may have reservations about the low sale price generated by the auction. A standing-room-only crowd of 65 attended the auction. Two creditors, Prudential Insurance and Microsoft were in attendance. from two Chinese electronics companies, New Star and Tietsin Trust & Representatives Investment Company also were in attendance. Escom plans a joint venture with Tietsin to manufacture Commodore's products. Also at the auction were representatives of Computer Connection of Stockton, California. They submitted a bid but did not include the required $1 million deposit. There bid was, therefore, disqualified. n. CEI apparently teamed up with Dell in its unsuccessful bid. The Commodore UK management buyout team withdrew before the bidding began. p. Dell's representative at the auction, Mr. Dalton Kaye, stated that his company had not yet given up its attempt to purchase Commodore. He further stated that he was not aware until two (2) weeks ago about the auction and had insufficient time to evaluate either the bid documents or Commodore's assets. In its latest fiscal year (which ended in January), Dell's sales rose 21 percent to $3.5 billion and profits rose to $149 million. The amount of Dell's bid and the amount of the bid made by Computer connection were not made public. The conditions which Dell attached to their bid were also not made public.
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