DPS has entered into a sale agreement ("APA") with Atomic Lighting LLC ("Stalking Horse Purchaser") and is soliciting overbid
offers for the purchase of substantially all of its assets consistent with the bidding procedures ("Bidding Procedures") approved by the Bankruptcy Court at a hearing held on December 8, 2015 at 1:30 p.
must be in the same form as the initial bid to avoid comparing apples and oranges.
According to Kent Laber, senior managing director of Barrier Advisors, competing bids must exceed the stalking horse bid by a $500,000 breakup fee in addition to expenses, plus a minimum initial overbid
That sale is subject to overbid
at auction in the event one or more qualified bids are received by the Bid Deadline.
must exceed the PSE proposal by $5 million and must be fully funded at closing without a financing contingency.
We have seen healthy activity in all price ranges--apartments are being snapped up and overbids
are coming once again.
Bob Kellar, manager of Town Center Realty, agreed that multiple bids and overbids
are becoming more common.
The Company stated that it will file a motion with the Bankruptcy Court to obtain approval for procedures by which the agreement would be approved or overbids
accepted by about January 22, 2004.
Most other decisions regarding false bidding have involved collusive overbids
for fixed-price contracts.
, multiple bids and bidding wars, while perhaps less common than last year, are still very much with us.
The Company is negotiating a sale of its assets and expects, subject to overbids
in Bankruptcy Court, to conclude a sale, recapitalization, or merger in the next 30-45 days.
resulted in additional value of $90 million to the Farmland bankruptcy estate.
Bidding wars and overbids
have been commonplace as highly compensated members of New York's corporate and high-tech elite vied for the few properties which fit their needs.
The initial hearing has been set for February 9, 2001, for the Court to consider the motions presented by Athey, and possible overbids
were received and on August 7, 2003, the Bankruptcy Court approved the sale.