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Firestar Diamond – Court Approves Sale of Navy Exchange Inventory for 48% of Cost Value

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August 10, 2018 – The Court hearing the Firestar Diamond (“Firestar”) case approved the request of the Chapter 11 Trustee to sell inventory (the “Inventory”) held by Navy Exchange, a Firestar customer which operates retail outlets at various US military bases [Docket No. 359]. As previously reported [Docket No. 297], “The Trustee intends to market and sell Firestar’s interests in the Inventory to the best and highest bidder. In connection with the sale of the Inventory, the Trustee also intends to sell certain related intellectual property assets (the ‘IP, together with the Inventory, the ‘Transferred Assets’). Navy Exchange has advised the Trustee that it does not object to the Trustee’s selling Firestar’s interests in the Transferred Assets to a third party. Consequently, the Trustee and his professionals have been in discussions with prospective buyers for the Inventory. Of these, Unique Designs, Inc. (‘UDI’) has submitted the highest and best offer to date. Accordingly, on July 18, 2018, the Trustee agreed, subject to any potential overbids and the Court’s approval, to the terms for the sale of Firestar’s interest in the Transferred Assets…to UDI for consideration in an amount equal to 48% of the aggregate Cost Value of the Inventory as of July 1, 2018.”

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The post Firestar Diamond – Court Approves Sale of Navy Exchange Inventory for 48% of Cost Value appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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