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Post by it2012 on Sept 13, 2012 8:12:28 GMT -5
Let's check the detailed rules. I can't recall the details.
Anyone remembers the document number?
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Post by razmataz2003 on Sept 13, 2012 8:24:56 GMT -5
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Post by it2012 on Sept 13, 2012 8:26:31 GMT -5
"The Debtors may solicit bids on all or any portion of the Digital Imaging Patent Assets and may group or exclude Digital Imaging Patent Assets as the Debtors determine is in the best interests of their estates after consultation with the Reviewing Creditors."
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Post by it2012 on Sept 13, 2012 8:27:14 GMT -5
Yes, thanks, as you pulled so did I
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Post by it2012 on Sept 13, 2012 8:28:32 GMT -5
also: " The Debtors may designate separate Successful Bidders for separate portions of the Digital Imaging Patent Assets, including for each of the DC Portfolio and the KISS Portfolio, or may designate one (or a combination of) Successful Bidder(s) for all of the Digital Imaging Patent Assets. For the avoidance of doubt, the Debtors shall not accept any bid (whether or not such bid is a Qualified Bid) for any of the Digital Imaging Patent Assets after the close of the Auction (if any)."
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Post by it2012 on Sept 13, 2012 8:29:45 GMT -5
and:
" Within five days after the entry of the Conditional Sale Order, the Debtors intend to serve the proposed sale notice, substantially in the form attached hereto as Exhibit D (the “Notice of Sale”), together with the Conditional Sale Order, upon the Sale Notice Parties (as defined below) and publish the Notice of Sale in The Wall Street Journal (U.S. Edition and Asia Edition) and The Financial Times (U.S. Edition and Asia Edition)."
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Post by mikewestveer on Sept 13, 2012 8:29:47 GMT -5
It said the FINAL date for disclosing winner was at 5:00 PM a WEEK BEFORE the final sale hearing.
They DID NOT DO THIS AND GROPPER'S CALENDAR HAS NOT CHANGED!!!
They threw away their (legally bound to) playbook because the rules of the game have changed....
Buyout BABY!!!!!
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Post by it2012 on Sept 13, 2012 8:30:34 GMT -5
" Within two Business Days 4 after the Debtors enter into the Sale Agreement(s) with the Successful Bidder(s), or in the event the Debtors wish to enter into one or more transactions with a bidder or bidders that have not been unanimously approved by the 4 “Business Day” means any day of the year on which national banking institutions in New York are open to the public for conducting business and are not required or authorized to close. 12-10202-alg Doc 1361 Filed 06/11/12 Entered 06/11/12 20:22:52 Main Document Pg 29 of 160- 18 - SC1:3196555.5 Reviewing Creditors, the Debtors intend to serve the proposed sale hearing notice, substantially in the form attached hereto as Exhibit E (the “Notice of Final Sale Hearing”), together with the proposed Final Sale Order and a copy of the final version of the sale agreement(s) (with any redactions as the Debtors deem appropriate in accordance with Bankruptcy Rule 9018), upon all Sale Notice Parties (as defined below)."
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Post by it2012 on Sept 13, 2012 8:31:24 GMT -5
" Objections to Final Sale Order 25. The Debtors propose that the deadline for objecting to the relief proposed to be granted by the Final Sale Order shall be 4:00 p.m. (Eastern Time) on the day that is four days prior to the Final Sale Hearing (the “Final Sale Objection Deadline”). The Debtors propose that at the Final Sale Hearing, only the following objections shall be considered by the Court: (a) the Debtors‟ failure to comply with the Bidding Procedures or the Conditional Sale Order, (b) the right of any secured creditor to credit bid for the Digital Imaging Patent Assets, (c) allegations of collusion or bad faith by the Successful Bidder(s) with respect to the bidding process or the entry into the Sale Agreement(s), (d) objections concerning the proposed Final Sale Order, (e) those objections permitted to be heard at the Final Sale Hearing pursuant to the Bidding Procedures and (f) objections to terms and conditions in the Sale Agreement(s) that 12-10202-alg Doc 1361 Filed 06/11/12 Entered 06/11/12 20:22:52 Main Document Pg 30 of 160- 19 - SC1:3196555.5 constitute “Extraordinary Provisions” under the Amended Guidelines for the Conduct of Asset Sales (General Order M-383) (the “Sale Guidelines”) and are not otherwise disclosed in this Motion. 26. Objections (other than those objections subject to the dispute resolution provisions of the Bidding Procedures) must be: (a) in writing; (b) signed by counsel or attested to by the objecting party; (c) in conformity with the Bankruptcy Rules, the Local Rules and the Case Management Procedures (the “Case Management Procedures”) annexed as Exhibit 1 to the Order Authorizing the Establishment of Certain Notice, Case Management and Administrative Procedures, dated February 15, 2012 [Docket No. 362]; (d) filed with the Court; and (e) served in accordance with the Case Management Procedures so as to be received on or before the Final Sale Objection Deadline. Sale Free and Clear of Claims and Interests 27. The Debtors propose to sell the Digital Imaging Patent Assets to the Successful Bidder(s) free and clear of (i) all claims (as defined in section 101(5) of the Bankruptcy Code, “Claims”) and all liens (statutory, contractual, or otherwise), pledges, mortgages, deeds of trust, security interests, hypothecations, charges, encumbrances, easements, encroachments, retentions of title, conditional sale arrangements, restrictive covenants, licenses, rights of first offer, rights of first refusal, options or any other limitations, restrictions, or interests of any kind (collectively, “Interests”), except for the following permitted encumbrances (collectively, the “Permitted Encumbrances”): a. the commitments to standards-setting organizations described in Exhibit F attached hereto (the “Scheduled SSO Commitments”); 12-10202-alg Doc 1361 Filed 06/11/12 Entered"
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Post by razmataz2003 on Sept 13, 2012 8:31:38 GMT -5
I try to be helpful to I think this is an important section: Notice of Final Sale Hearing 12. The Debtors’ proposed notice, substantially in the form attached to the Motion as Exhibit E (the “Notice of Final Sale Hearing”), is sufficient to provide effective notice to all interested parties of the Final Sale Hearing (as defined below) and the Sale pursuant to Bankruptcy Rules 2002 and 6004 and the Case Management Procedures, and is hereby approved. 13. A sale hearing (the “Final Sale Hearing”) shall be held in this Court at [●] (ET) on August [20], 2012. The Debtors may schedule an earlier date for the Final Sale Hearing on an expedited basis, provided that such date shall be no later than seven (7) days after service of the Notice of Final Sale Hearing, unless the Sale Agreement(s) provide for a longer period of time. The Final Sale Hearing may be adjourned or rescheduled without further notice by an announcement of the adjourned date at the Final Sale Hearing or by the filing of a hearing agenda. 14. Within two (2) Business Days after the Debtors enter into the Sale Agreements with the Successful Bidder(s), the Debtors shall serve the Notice of Final Sale Hearing, together with the proposed Final Sale Order and a copy of the Sale Agreement(s) (with any redactions as the Debtors deem appropriate in accordance with Bankruptcy Rule 9018), upon the Sale Notice
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Post by razmataz2003 on Sept 13, 2012 8:32:21 GMT -5
beat me to the punch that time! lol
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Post by it2012 on Sept 13, 2012 8:34:48 GMT -5
beat me to the punch that time! lol I need an hour to try to comprehend this
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Post by mikewestveer on Sept 13, 2012 8:36:15 GMT -5
agreed...
Does the doc say to you that they can have a sale 7 days before the final sale hearing, and not announce it to the public until 2 business days later?
This doesn't make any sense as far as informing objectors, and runs counter to everything Pro has posted and I have understood up to this point.
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Post by newyorkled2008 on Sept 13, 2012 9:02:06 GMT -5
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Post by newyorkled2008 on Sept 13, 2012 9:06:46 GMT -5
There is NOTHING specifically indicating that Kodak has to notify the public except here:
Publication Notice
Within five (5) days of entry of the Conditional Sale Order or as soon as practicable thereafter, the Debtors shall publish notice of these Bidding Procedures in The Wall Street Journal (National Edition and Asia Edition) and The Financial Times (Worldwide Edition).
~~~~~~~~~~~~~
Beyond that, it is assumed that the public would know when the final sales notice is served which is 7 days prior to the Final Sale Hearing.
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Post by mikewestveer on Sept 13, 2012 9:11:22 GMT -5
So it will be published within five days from now?
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Post by newyorkled2008 on Sept 13, 2012 9:14:48 GMT -5
Your guess is as good as mine. Open up docket 1610 and do searches...That IS ALWAYS the easiest way to find your way around these documents. www.kccllc.net/documents/1210202/1210202120709000000000005.pdfLook for "Public" Mind you, whether or not a filing has to be made if/when notice is served to all involved is the big question...UNLESS, as IT has stated, it's all under seal...something which Pro disagrees with. Follow?
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Post by TheBondKid on Sept 13, 2012 9:24:45 GMT -5
If any company were going to decide to sell their business in pieces or as a whole it would take many months. The delays are positive in relation to kodak selling their entire business, but it takes time to weigh all the options. Samsung might want to buy only certain parts and sell others......got a snickers?
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Post by proforkodak on Sept 13, 2012 9:40:27 GMT -5
>>>"Does the doc say to you that they can have a sale 7 days before the final sale hearing, and not announce it to the public until 2 business days later?
This doesn't make any sense as far as informing objectors, and runs counter to everything Pro has posted and I have understood up to this point"<<<
WRONG!
YOU are confusing 2 separate requirements.
1) Once a sale is completed Kodak has 2 days to announce it publicly.
2) A HEARING to APPROVE the sale must take place NO earlier than 7 days after the announcement.
YOU should do a little more thinking before posting.... maybe?
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Post by mikewestveer on Sept 13, 2012 9:42:28 GMT -5
So given that Gropper's calendar hasn't changed...
what is the timeline here? Are we still doing a patent sale or has some other larger deal superceded it?
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Post by newyorkled2008 on Sept 13, 2012 9:47:30 GMT -5
1) Once a sale is completed Kodak has 2 days to announce it publicly. Pro, may I ask where did you see this '2 days to announce it publicly' ? I've scanned the most recent of the Bidding Procedures Filings and see no mention of such an item. Thx
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Post by TheBondKid on Sept 13, 2012 9:52:19 GMT -5
>>>"Does the doc say to you that they can have a sale 7 days before the final sale hearing, and not announce it to the public until 2 business days later? This doesn't make any sense as far as informing objectors, and runs counter to everything Pro has posted and I have understood up to this point"<<< WRONG! YOU are confusing 2 separate requirements. 1) Once a sale is completed Kodak has 2 days to announce it publicly. 2) A HEARING to APPROVE the sale must take place NO earlier than 7 days after the announcement. YOU should do a little more thinking before posting.... maybe? Therefore the final sale approval of the 19 is moot
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Post by newyorkled2008 on Sept 13, 2012 9:58:04 GMT -5
In my mind it's always been an assumption kid.
The question still remains. Is the announcement to the general public via a filing? or simply a matter of serving the Final Sales Notice (under the protection of confidentiality agreements) for the sake of objections to be made?
Officially, Within five (5) days of entry of the Conditional Sale Order it must be published in the WSJ. But that's a whole 'nother story.
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Post by TheBondKid on Sept 13, 2012 10:05:16 GMT -5
I think Kodak is weighing other options......
I say this because all other extensions were filed when the deadlines ran out. Something else is going on
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Post by newyorkled2008 on Sept 13, 2012 10:07:49 GMT -5
What deadline Kid? I asked the same thing of someone else yesterday. What deadline? Kodak DOES NOT have to reschedule until the very very last minute.
From Docket 1610:
<<< The Final Sale Hearing may be adjourned or rescheduled without further notice by an announcement of the adjourned date at the Final Sale Hearing or by the filing of a hearing agenda. >>>
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Post by TheBondKid on Sept 13, 2012 10:13:34 GMT -5
Everytime the window closed to 7 days kodak filed an extension. This past entension was actually filed a day before the 7 day window.
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Post by newyorkled2008 on Sept 13, 2012 10:16:52 GMT -5
Not sure about that kid.
Was that the case in August when they filed on August 17 to adjourn from the August 20th Final Sale Hearing to August 30?
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Post by proforkodak on Sept 13, 2012 10:28:58 GMT -5
>>>"what is the timeline here? Are we still doing a patent sale or has some other larger deal superceded it?"<<<
Its the SAME situation as before!!!
Kodak will CHANGE the hearing date AGAIN!
COULD Kodak sell the DI patents as part of a sale of one of the divisions?
YES!
BOTTOM LINE: FOCUS on the VALUE!!!
WAIT for the VALUE to be realized in the stock price!!!
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Post by mglassma on Sept 13, 2012 10:34:33 GMT -5
Pro,
For starters, I hope you took my advice and had a decent B-day. I think at this point a buyout makes more sense then you give creedence too. Again, I care not how we make money/realize intrinsic value I just want it to happen. The patents have not been sold yet for a reason. Who is to say that a buyout would not be more lucrative? You have said that the BOD will look out for common. If going a different direction then the one initially planned nets us a favorable result then you should be all for it. All I am saying is that nothing is off the table right now.
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