Statewide clientele but with emphasis on the Front Range communities of Greenwood Village, Boulder, Aurora, Centennial, Lakewood, Englewood, Avada, Westminster, Broomfield, Thornton, Golden, Littleton, Castle Rock, Monument, Colorado Springs, Highlands Ranch, Aurora, Parker, Centennial and Pueblo as well as other cities throughout Arapahoe County, Boulder County, Douglas County, City & County of Denver, Elbert County and Jefferson County.
Bankruptcy Judge Approves $26M Sale of RadioShack Name, Intellectual Property
May 31, 2015
A proposed sale of RadioShack’s name and intellectual property has just been approved a U.S. bankruptcy judge. According to the terms of the deal, the bankrupt RadioShack will sell its brand name and customer data to General Wireless for approximately $26 million.
General Wireless, an affiliate of Standard General, reportedly acquired more than 1,700 RadioShack stores this past March for about $160 million.
Sale, Auction Generated Some Controversy
Although the sale of RadioShack’s name and property is clear to move forward, some bidders that had hoped to compete for the RadioShack property at auction have claimed that the auction process was unfair. Namely, these bidders pointed out that RadioShack had:
- Put a stop to incremental bidding during the auction
- Gave the bidders only 30 minutes to present their final bids (under seal).
These bidders had been hoping to get the judge to reopen the auction (and negate the sale to General Wireless); however, the judge overseeing this case rejected that bid, noting that RadioShack had the right to change the bidding procedures at auction.
This underscores how bankruptcy judges are generally disinclined to reopen auctions, as it could present the opportunity for bidders to come forward after the fact, presenting new bids only after a business’ assets have been evaluated/appraised.
General Wireless Will Keep RadioShack Open
While there are still various logistics to wrapping up the RadioShack Chapter 11 bankruptcy case, General Standard will reportedly be keeping the RadioShack stores open, hoping to turn the brand and business around. One of the plans for doing this reportedly includes co-branding RadioShack with Sprint.
What do you think about the progress of RadioShack’s bankruptcy case? Do you think the brand can be turned around via co-branding with Sprint? Share your comments & opinions with us on Facebook and Google+.
Denver Bankruptcy Attorney Jon B. Clarke Can Help You
If you are overwhelmed by seemingly insurmountable debt and are looking for a financial fresh start, contact the trusted Denver Bankruptcy Attorney Jon B. Clarke for experienced help pursuing your best debt relief option.
For more than 35 years, Mr. Clarke and his diligent support staff have been successfully helping our clients resolve even the most complex bankruptcy cases for individuals and businesses alike. Our experienced legal professionals are committed to providing each of our clients with the personalized debt relief assistance they need, and we will work tirelessly to ensure that our clients’ cases are resolved as favorably and efficiently as possible.
Contact Us Today
To get answers from an experienced and esteemed lawyer, contact us today. We encourage you to complete our Business or Consumer Debtor Analysis Form. You can also get answers from Denver Bankruptcy Attorney Jon B. Clarke by calling our firm at (866) 916-3950 or by emailing us using the contact form on this page.
From our offices based in Denver, Castle Rock and Greenwood village, we take pride in providing people throughout the state of Colorado with the highest quality debt relief legal services.
Categories: Chapter 11 Bankruptcy