Evelyn J. Meltzer Quoted in Law360 Article, 'Kid-Track Firm Gets OK on Sale Plan with Bidder Protections'
Evelyn J. Meltzer, a partner in the Corporate Restructuring and Bankruptcy Practice Group of Pepper Hamilton, was quoted in the October 24, 2016 Law360 article, " Kid-Track Firm Gets OK on Sale Plan with Bidder Protections."
Evelyn J. Meltzer of Pepper Hamilton LLP, representing stalking horse bidder Aricent, told the court that the due diligence out included in the bid protections allows her client to walk away from the bid by Oct. 31 or to lower its
$475,000 offer at that time. Aricent hopes to be able to file its final offer before the deadline.
"There will be a firm bid. We have an asset purchase agreement on file and it provides a roadmap for other bidders and creates a clear benefit to this estate," Meltzer said, explaining that the floor price created by Aricent's
stalking horse bid gives other bidders a number to work with. "If there is a naked auction we don't know if our client will bid and we don't know what that bid might be."
Meltzer said that Aricent is spending much more than the $50,000 expense reimbursement on the investigation ahead of its final bid. If Aricent decides to reduce its stalking horse offer, it will reduce the expense reimbursement
proportionally.
...
Meltzer said those conditions were appropriate since the triggering events would be beyond the control of Aricent.
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