Amiga Commodore UK hotline.........
Jason gave them a call...

I kind of object to "up-to-date"...the message on there now is dated January
26th, and isn't anything I couldn't have told you.

1. The UK MBO expects to sign a purchase contract "very soon."

2. This would start the bidding process, expected to take a month.

3. After that, we'll know who really has the Amiga.

4. They think it'll be them.

Jason Compton 

10th Febuary 1995 

Two more weeks, at least.... 

[ Will Commodore miss Xmas '96? ... zim ]

The major points of Mr. Stets' article in this morning's Inquirer are
as follows:

"At Commodore, Taking Care of No. 1"
Philadelphia Inquirer, Friday, Feb 10, 1995
by Dan Stets, Inquirer Staff Writer

a.  "Less than a week before beginning the liquidation of Commodore
    Computer last May, the company's directors paid $2.6 million to
    extend their liability insurance for three years...".

b.  This policy "shields their personal assets from negative legal
    judgments".

c.  "Chief beneficiaries [...] are Irving Gould and Mehdi R. Ali".

d.  The $2.6 million premium "came out of company assets, so it is
    money denied Commodore creditors and stockholders".

e.  Two new potential suitors for Commodore emerged.  "One of the
    potential bidders is Escom AG, the largest distributor and
    marketer of computers in Germany. [...] Another individual, Louis
    Ulysses of Seattle, also appeared, saying he represented a major
    American technology company, the name of which he declined to
    disclose."

f.  Last September, Escom was willing to pay $12 million for Commodore.
    "Escom is still interested, but would probably no longer be willing
    to pay that amount, because the sale has been delayed so long".

g.  Neither CEI nor the Commodore UK management buyout team have
    made their bids public.  "[S]ources have said their initial
    proposals were higher than Escom's."

h.  Both Gould and Ali intend "to oppose the agreement, which would
    allow the sale of Commodore's assets to proceed."

i.  "The hearing was delayed: The judge scheduled to take the case
    went on emergency leave because of a death in the family.  Lawyers
    expect the hearing to be rescheduled within two weeks".
-- 
Bill Zimmer - zim@ibx.com


THE COMMODORE PROBLEM SHOULD BE SORTED BY END OF THE MONTH. According to
the UK hotline.
Press return...




            "Commodore Sale Could be Delayed by Legal Question"

Philadelphia Inquirer, Monday, February 6, 1995 by Dan Stets, Inquirer Staff Wri
ter

1.  The Bahamian liquidators fear that Msrs. Gould and Ali (former top
    Commodore executives) "may try to block a legal agreement that cleared
    the way for the company's assets to be sold."

2.  CEI and Commodore UK are the two key suitors for Commodore's assets.

3.  "... it is unclear whether the sale could be finalized until the new
    controversy involving Gould and Ali is resolved."

4.  Under the terms reached between the liquidators and the U.S. creditors,
    Commodore executives "could be held legally accountable for any actions
    they took 12 months prior to the liquidation filing in May 1994.
    The protocal reached between the liquidators and the U.S. creditors
    is 13 pages long.

5.  An attorney for the liquidators "doubts whether Ali and Gould would
    have legal standing to file an objection to the agreement."

6.  "Under the terms of the agreement, the liquidator will be allowed to
    use whichever provisions of U.S. or Bahamian law that 'are in the
    best interest of the estate'".

7.  The accord has been approved by a U.S. bankruptcy judge "and is
    scheduled for a hearing before the Bahamian Supreme Court on Thursday."

8.  "Under the agreement, it would be possible for the liquidators to
    sue Gould, Ali or other officers of Commodore for any responsibility
    they bore for the company's bankruptcy or the manipulation of its
    assets 12 months prior to the sale.  Bahamian law would allow a
    review of their actions for only three months prior to liquidation."

9.  "The protocol does not spell out what suspicions the liquidators
    have about Gould and Ali's conduct."

10. Gould and Ali's Bahamian attorney "has not filed a formal objection
    to the protocol and does not have plans to do so".  "He intends
    to appear before the Bahamian Supreme Court on Thursday to make
    known his client's concerns..."
              
11. CEI's Alex Amor, stated that he doesn't think that it will hold up
    the sale.  "This is something that is going to benefit the creditors,
    Amor said.  "It is not going to affect the sale of the assets."
-- 
Bill Zimmer - zim@ibx.com