AVCT Court Case Docket 74-75
Docket 74: (3/2/2023)
Order Establishing Procedures for Interim Compensation and Reimbursement of Expenses of Professionals (Related Doc # 53, 68) Signed on 2/3/2023.
(Key points:
COMPENSATION AND REIMBURSEMENT OF EXPENSES OF PROFESSIONALS)
(Key points:
COMPENSATION AND REIMBURSEMENT OF EXPENSES OF PROFESSIONALS)
Docket 75: (3/2/2023)
Order (A) Extending the Time to File Schedules of Assets and Liabilities and Statements of Financial Affairs and (B) Granting Related Relief (Related Doc # 54, 69) Signed on 2/3/2023.
(Key points: Confirmation of the deadline for the Debtors to file their Schedules and Statements is extended through and including February 15, 2023.)
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“Dad, can I grow taller?” Well, it’s your greed talking “But mum says I cant grow any shorter” *looks at shoe pad*
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71241072 : beautiful Due Dilligence from you Mr Penguin. we all thank you very much for sharing.
Xiaoxi_penguinOP 71241072:
Appley : @Xiaoxi_penguinThanks for sharing with us. When will we know how much is the buyout price? Or the results?
Xiaoxi_penguinOP Appley: Welcome ^-^ As reference from the compilation key dates in one of my posts, there are a few dates which need to keep an eye on. 7 Feb Bidding procedures hearing, 14 Feb Deadline of designation of stalking horse bidder, 21 Feb meeting of creditors, 22 Feb Omnibus Hearing, 3 Mar Bid Deadline, 6 Mar Baseline Bid, 7 Mar Live Auction, 13 Mar Sale Hearing. So the process is Designate a stalking horse -> a minimum price will be determined by stalking horse -> Auction -> sales approval. Sales approval is 13 Mar but sales closure is 27 Mar (target close date), so 27 Mar is when terms of assets purchase are agreed on. Usually investors are excited when stalking horse is designated on 14 Feb because it gives a few insights on what to expect depending on who the stalking horse is. Bid deadline (3 Mar) and Baseline bid (6 Mar) could provide the minimum price before an auction. That’s the initial rise of the stock price to that bid price. In regards to your question, the answer would be Live Auction on 7 Mar where we could see the bidders bid on the buyout price. Usually this price won’t change and proceed to sales approval and target close but with a minimal change, if there is any objection, there might be some changes :)
Appley Xiaoxi_penguinOP: Okok thanks so much for your patience to explain to me… so by when will our shares being bought over? I still think should I add on some more ?
Xiaoxi_penguinOP Appley: It will depend on the company buying it and until the 7th March, we have no clue about who will be the one with the highest bid. So after the auction, we would need to wait for an official documentation released from the relevant company to know about it ^-^ In regards to your second question, it depends on your financial risk management because we have no idea what the buyout price is. It’s a 'zero or moon’ situation and retailers are paid last so if the buyout price is low, we might not get anything in return but if the buyout price is high, we get quite an amount of cash in return :)
Appley Xiaoxi_penguinOP: Okok thanks so much again for your patience in replying me.
Xiaoxi_penguinOP Appley:
Highlyfavoured : Thanks for the detailed explanations!
Xiaoxi_penguinOP Highlyfavoured: