Jan. 12 at 8:07 PM
$CLSD This has a really bad smell. 2.7 mil. Really?
Limited designated as stalking horse bidder at
$2.7 million. The Ad Hoc Group of Equity Holders argues that with no funded debt and no trade debt, sale proceeds after administrative expenses should benefit equity holders. The group has challenged the sale process, arguing the company is worth
$10.3 million to
$20.3 million and alleging management waived a contingent
$12.5 million payment from HealthCare Royalty Partners—nearly five times the stalking horse bid.