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                    by Don Hicks - Amazing Computing

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subj: Auction News: Objections and Conference
from: Jason - Compton  (jcompton@shell.portal.com)
orgz: Portal Communications Company 
on  : Thu 20-Apr-1995  5:45p

(My apologies to those who will get this twice...but xnet.com seems to
be slow in getting news articles out right now, and this can't wait.)

The auction for Commodore's assets is underway as of 10:00 AM Eastern US
time this morning.

In addition to the special issue of Amiga Report that will be released
as soon as solid word is available on the outcome of Friday's hearing,
there will be a special IRC conference to explain and discuss the
results held on IRC channel #auction at 23:00 Eastern US time Friday
night.

------------------------------------------------------------------------

This is the list of objectors to the sale of Commodore International's
assets.  Their objections will be ruled on Friday morning.

: #1: The trustees of Commodore's various manufacturing companies

Actually, this is the party known as the "Netherlands Trustees", who
hold Commodore BV, Commodore Philippines BV, Commodore Manufacturing
Contractor BV, and >Commodore UK<.

They object to the terms of the sale that allow the assets of their
companies to be transferred to the bidder in the Commodore International
sale.  In other words, they want to keep the Philippines assets and
Commodore UK to themselves.  They also have some problems with how the
C= International liquidator has behaved and the requirements the sale
has on Commodore subsidiaries.

: #2: (Limited objection) The creditors of Commodore Business Machines,
: Inc. (US)

They object to the terms that specify what the liquidator will do with
the funds received:  as it stands now, they feel that only the $1.75 M
specified to be held in the US will ever get to them in any fraction,
while the rest will be used by the C= International liquidator to pay
his bills, etc.  In looking over the details, they have a point...

They do not object to the sale itself, just the destination of the
proceeds.

: #3: International Business Machines Corp.

On July 1, 1991, IBM and Commodore signed a rather broad-based agreement
licensing their patents out to each other.  Not all of them, but quite a
few.  Commodore's license from IBM ran out in 1993, when they stopped
paying the bills.  IBM's, so they claim, is paid in full.  As such, they
object to the sale of the patents they hold license to without their
permission.

They were NOT listed as licensees of Commodore patents in the sale
papers-something they point out.

IBM claims that their license cannot be dissolved by a liquidation sale.

What does this mean?  Hope and pray that these get thrown out.  In my
interpretation, #2 does not pose a direct threat to the transfer of
Commodore's assets to a successful bidder.  However, #1 and #3 quite
clearly cause problems for the completion of the sale.

--
Jason Compton                                   jcompton@xnet.com
Editor-in-Chief, Amiga Report Magazine          (708) 741-0689 FAX
..there's a future for you in the fire escape trade..come out to town..
AR on Aminet - docs/mags/ar???.lha            AR Mailing list - Mail me
AR on WWW - http://www.cs.cmu.edu/~mjw/Amiga/News/AR/index.html

subj: >>ESCOM Wins first round in CBM Auction<
from: DonHicks  (donhicks@aol.com)
orgz: America Online, Inc. (1-800-82
on  : Thu 20-Apr-1995  4:45p

To: All  4/20/95

From Amazing Computing For The Commodore Amiga

According to our source at the Commodore Auction in New York today,
initial bidding was made by only two companies, ESCOM of Germany and
DELL Computer.

There were sixty attendees at the auction.  Most of the attendees were
previous stockholders, creditors, and other interested parties.

No one else offered the required $1 million deposit, although one CA
dealer did express interest and attempted to bid but they were unable to
show an ability to pay the $1 million.

Although the Dell Computer bid offered more money, the Dell bid required
additional time to study the patents.  This request was declined and
ESCOM's lower bid was accepted.

The ESCOM bid will be presented to the Bankruptcy court in New York on
4/21/95 but there is expected to be strong opposition.  In any event,
the court presentation tomorrow should be the final act in this
continung saga.

Don Hicks
Managing Editor
Amazing Computing

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