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Auction News 1
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1995-04-21
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Subject: Auction News: Objections and Conference
From: jcompton@shell.portal.com (Jason - Compton)
Date: 20 Apr 1995 17:45:38 GMT
Message-ID: <3n66k3$bas@news1.shell>
(My apologies to those who will get this twice...but xnet.com seems to be
slow in getting news articles out right now, and this can't wait.)
The auction for Commodore's assets is underway as of 10:00 AM Eastern US
time this morning.
In addition to the special issue of Amiga Report that will be released as
soon as solid word is available on the outcome of Friday's hearing, there
will be a special IRC conference to explain and discuss the results held
on IRC channel #auction at 23:00 Eastern US time Friday night.
------------------------------------------------------------------------
This is the list of objectors to the sale of Commodore International's
assets. Their objections will be ruled on Friday morning.
: #1: The trustees of Commodore's various manufacturing companies
Actually, this is the party known as the "Netherlands Trustees", who hold
Commodore BV, Commodore Philippines BV, Commodore Manufacturing
Contractor BV, and >Commodore UK<.
They object to the terms of the sale that allow the assets of their
companies to be transferred to the bidder in the Commodore International
sale. In other words, they want to keep the Philippines assets and
Commodore UK to themselves. They also have some problems with how the C=
International liquidator has behaved and the requirements the sale has on
Commodore subsidiaries.
: #2: (Limited objection) The creditors of Commodore Business Machines,
: Inc. (US)
They object to the terms that specify what the liquidator will do with
the funds received: as it stands now, they feel that only the $1.75 M
specified to be held in the US will ever get to them in any fraction,
while the rest will be used by the C= International liquidator to pay his
bills, etc. In looking over the details, they have a point...
They do not object to the sale itself, just the destination of the proceeds.
: #3: International Business Machines Corp.
On July 1, 1991, IBM and Commodore signed a rather broad-based agreement
licensing their patents out to each other. Not all of them, but quite a few.
Commodore's license from IBM ran out in 1993, when they stopped paying
the bills. IBM's, so they claim, is paid in full. As such, they object
to the sale of the patents they hold license to without their permission.
They were NOT listed as licensees of Commodore patents in the sale
papers-something they point out.
IBM claims that their license cannot be dissolved by a liquidation sale.
What does this mean? Hope and pray that these get thrown out. In my
interpretation, #2 does not pose a direct threat to the transfer of
Commodore's assets to a successful bidder. However, #1 and #3 quite
clearly cause problems for the completion of the sale.
--
Jason Compton jcompton@xnet.com
Editor-in-Chief, Amiga Report Magazine (708) 741-0689 FAX
...there's a future for you in the fire escape trade...come out to town...
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AR on WWW - http://www.cs.cmu.edu/~mjw/Amiga/News/AR/index.html